10. Don’t waste money on long-distance calls- Before you leave for college, shop around for a cheap cell phone plan that covers all long distance calls, or get on a family plan. Or, if you’re looking for something even cheaper, you can use an online site like Skype, instead of a cell phone! You can also consider using a free instant messaging service to keep in contact with people.

9. Find free events near your college or university- There’s a lot going on, you just might not be looking for it! Most campuses have movie nights, concerts, game nights, etc. These events are usually free, and you may even win free prizes for going.

8. Pack your lunch- This can save you quite a bit of money in the long run. If you’re going to be on a meal plan, which one you choose is just as important. It may take a semester or so to find out how often you take advantage of the cafeteria, so you should remember to find out how many meals you used, and how many you had left, so you can possibly adjust to a cheaper plan for the next semester.

7. Don’t go bar-hopping- Buying drinks out at a bar or restaurant is ridiculously expensive. If you must go out, either drink when you get back or before you go out (this is obvious, but always have a designated driver). If you’re at the liquor store, go with friends and split the cost of the alcohol, or just buy something cheap.

6. Apply, apply, apply- For scholarships and grants, I mean. Believe me, in 4 years you will be so happy that you did. Don’t worry; if you’re already in school it’s not too late! Ask your financial aid office or a professor in your department about scholarship opportunities, or do some research of your own. Fastweb is a great place to search for scholarship opportunities. Remember, every little bit helps!

5. Don’t (over) use credit cards- The only time it’s okay to use a credit card is when you’re paying off the balance in full every month. I would suggest keeping a credit card only for minor purchases, just to build your credit. Use it once or twice a month to buy your groceries, then pay it off.

Also, if you have a credit card, never use them at the ATM. The interest rates for “cash advances” on credit cards are outrageous; usually between 20% to 25%. What’s even worse, if you have a balance on your credit card to pay off, they can save that cash advance so it’s the last amount that gets paid off, so they are charging you the highest interest rate on the cash advance amount for as long as they possibly can.

4. Open an online savings account- They get much better interest rates than regular savings accounts. Most of the highest interest rates can be found at online banks such as Emigrant Direct, E*Trade or ING Direct. Another good thing about these sites is that they have no account minimum, so you can start your account with as much money as you have, even if it’s only $25 or so.

3. Do NOT use your college bookstore- EVER! I cannot emphasize this enough. College bookstores will charge you an arm and a leg for a book that you could easily find somewhere else for much less. There are so many places where you can easily find your required texts for much cheaper. Some of these sites include:

Amazon

Half.com

eBay.com

Facebook Marketplace

And once you’re done with the class, resell any books you don’t want to keep using these same sites! Odds are you will make more money back then just selling them back to your bookstore at the end of the semester.

2. Go without a car- This is another important one. It will save you (or mom and dad) the cost of insurance, parking costs, and any payments you have left on the vehicle. It will also save you the hassle of oil changes and general maintenance.

Need to go to the grocery store? Walk, take the bus, or hitch a ride with a friend.

1. Avoid impulse buys- This is the one thing that really put me under during my freshman year. My $1000 in savings for “food and necessities” was wiped out before the year was over. Just remember: If you don’t need it, don’t buy it!

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Remember to check out your local Craigslist or Freecycle site today for garage sales or cheap furniture. Odds are you’ll be able to find decent furniture for a low price, maybe even free.

I’m moving at the end of this month, and we will have furnished much of our house for a very low price. This will include two free couches from the previous renter! And I’m getting a really nice big framed mirror from my boyfriend’s roommate; he was going to throw it away!

One of the best ways to score free stuff is to just ask. You would be surprised to find how much people actually throw away because they don’t want to haul it. I remember seeing a leather couch in the dumpster one year at my college!

*Note* For those of you that are grossed out by used furniture, just pick up some upholstery cleaner. It might take you 30 minutes or so to clean it, but hey, it’s better than paying $500 or more for one that probably won’t last that long anyways.

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It’s that time of year again; the class of 2008 will be getting their degrees and going out into the “real world.” To the graduates, congratulations!

After years of hard work and anticipation, you’ve finally made it! Some of you will go right into the workforce, others may take time off to travel. Whatever you’re doing now is completely up to you! Isn’t the freedom exhilarating?

I graduated just over a year ago, and it hasn’t been easy. I would love to tell all of you that once you’ve graduated, life’s a breeze. But alas, that isn’t so. Let’s face it, the majority of us never had anyone to teach us about personal finance and budgeting in the “real world.”

That’s the main reason that I started this site. I had no clue as to what I should do once I graduated, and it cost me a LOT of money. I didn’t have a good paying job lined up, and had no idea where I stood with my student loans. I ended up living off of credit cards for 9 months, and I’m still trying to pay them off. If I can help others my age avoid this type of situation, then I will consider this site to be a success.

So if you’re a recent graduate, go ahead and take a week or two to gather your marbles. But have a plan. If you don’t already have one, make one! I prefer writing my plan out on paper, but if you prefer an electronic budget then Mint is an excellent tool. (Best of all, it’s free!)

Now I want to hear from you. What is your situation? your plan? your worry? You get the point; I want to make this site as active as possible.

Thanks for reading, and welcome to Money After College!

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