Ways to Save Money When You Land a New Job

Ways to Save Money When You Land a New Job

Congratulations on your new job! While it may be time to celebrate when you receive your first pay check, budgeting and saving should be on top of your priority list regardless of your position. Here are ten ways to save money when you land a new job.

1. Create a savings account

The bank account where you receive your salary should be separate from your savings account. Separating them can help you to avoid spending all the money you get. It will be easier to see how much you have actually saved. 

2. Set up a budget

Setting up your budget should start with your fixed monthly bills such as your rent/mortgage, credit card and car payments, insurance and utility bills. Then add up your other expenses and estimate how much you spend on groceries, fuel, and leisure activities. Knowing your budget will help you to avoid dipping into your savings.

3. Cut down on your expenses

Do you go out to lunch every day at work? Do you drive to work? Have a gym membership but don’t use it? Try cutting down on some of your expenses. You can bring your own lunch to work. Use public transport instead of taking your car. Exercise for free by using YouTube, downloading fitness apps, or joining free exercise classes. Budgeting and saving will entail a bit of a sacrifice, but remember your future self will thank you for this.

4. Plan your meals

Before you head to the supermarket, your grocery list is not the only thing you need. You also need to plan out your meals so you will only buy what you need. Bulk cooking meals is one of the easiest ways to save money, and this will also relieve stress during the busy week.

5. Pay off or avoid getting into debt

Pay off your debts on time so you can avoid costly late payment fees. Doing so will also help increase your credit score, so you have a better chance of having a car or home loan approved. Paying cash when buying clothes, food, or gadgets is also a better option so you won’t have to pay interest.

6. Make more money

Your daytime job shouldn’t only be your source of income. You can do freelance jobs, sell your excess things online, have a garage sale, or establish a small business.

7. Get a roommate

Ask if a friend or relative is willing to be your roommate. You can also find potential roomies online or in your local paper by posting ads. With a roommate you can split rent and the utility bills, helping you save money.

8. Don’t stop learning

Aside from saving up money, you should also work on your financial literacy. From learning how to invest in the sharemarket, to understanding your taxes. You can do your own research by reading articles online, learning from other people, or seeking out  professional advice.

9. Invest in yourself

Teach yourself new skills that will help your career advancement so you can become a bigger asset to your employer and more desirable on the job market.   

10. Take advantage of your benefits as an employee

Learn all of the benefits you have as an employee at your company such as employee discounts, bonuses, tuition assistance, training programs, and more. 

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