New Grads New to Tough Economic Times

Now that you are done with school and in the work force, it is time to shift into cruise control?

 

Unfortunately this statement could have been true during an economic boom, but the recent economic bust proves the statement wrong. The volatile economic state right now will have many new faces in the work force scratching their heads because life is not as good as they expected it to be post school. Your quality of life should not deteriorate nor should your mental state, but you will find yourself working hard only to have to cut back on some purchases you may have been looking forward to. This article is specifically aimed at anyone that is in the work force and experiencing an economic bust (dare I say recession?) for the first time in their life. 6 key ways to survive an economic downturn are listed below.

1. Decrease your subscription costs. Most people need to own a cell phone for a variety of reasons, so the most logical method to save money is to get the most basic plan, without the very amusing video messaging of course. Do not join any fancy gyms that will cost you over $50 a month. Do not subscribe to any celebrity gossip magazines or any magazines that will not directly improve your life. Unfortunately, hearing about Britney Spears’ new boyfriend will not improve your life. Pretty much do not join anything that charges you a monthly fee unless you absolutely have to.

2. Watch your food costs. It is important to eat healthy, but it is not important to eat at a fancy restaurant a couple of times a week. The best solution is to go grocery shopping at the beginning of every week with a clear list of what you will need to eat for the whole week.

3. Ditch the plastic. There is nothing wrong with holding one solid credit card that offers rebates, low rates, and low yearly fees. The killer tends to be the credit cards with high interest fees and with annual fees. On top of that, the more credit you have available the greater are the chances you will spend money carelessly.

4. Avoid purchasing a new car. If you live in a city with an exceptional public transit system and you work on an easily accessibly bus route then by all means avoid purchasing any vehicle. If you must purchase a vehicle then search around through the various automobile trading websites until you find the right car at the right price.

5. Live at home. Once again the most valuable advice I could give anyone, milk living at home as long as possible. If you truly insist on moving out then make sure you have enough money to survive in an emergency, in the event that you should be out of employment. Ensure you make a wise decision in terms of whether you will rent or buy and that you have the proper amount of money saved for the option you choose.

6. Stay in school. This may seem like a total contradiction but it makes absolute sense. If you cannot handle the pressures of having to work for your money and worrying about budgeting your income, then simply stay in school until you are ready. Not only will you hopefully mature but you will also boost up your resume.

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