Tuesday, Jan 16 2018 | Updated at 04:30 PM EST

Stay Connected With Us F T R

Feb 06, 2017 09:34 AM EST

After college, many millennials choose to live in large or mid-sized cities because there are more opportunities there to make their dreams come true. The reality, however, is that along with the opportunities, it also requires them to spend more if they are to live comfortably. On the other hand, the cost of living for large and mid-sized cities is also increasing. In order to maximize their budget, they need to find more creative ways with their finances and here are some ways how to do that.

Start with the apartment

The biggest eater of the pie cart when it comes to budget is the apartment; thus, it is only logical to start there. One of the most common solution to apartment rent woes is to find a roommate to split the cost. Another method that is often overlooked is location - stop looking at the most trendiest places where rent is high. Instead, look for places which fit your budget. You might not like it but remember that the place is just temporary until you get past the entry-level job.

Monitor your credit

Your credit score is very important because you will use it in every major transactions as a reference, such as renting an apartment or buying a car. Some employers also use it as an indicator whether to hire you or not. Therefore, it is very important that you have a good grasp of how credit works and monitor your credit card spending. Be careful not to get overwhelmed by 'opportunities' to spend your money in the new city you're in.

Be a wise shopper

Thinking outside the box does not only apply when you're looking for a house but also when you shop for your home items. When shopping, look for items that have multiple functions because it will save you both money and space. Also try to look for places where you can buy things on a bargain.

Shop at warehouse clubs

Warehouse clubs are cheaper and you can find more things there. Buying in bulk will also save you money. If you have a roommate, go together and split the cost together in order to save more.

Live within your means

Living according to your means does not only mean staying within your budget. It also means having a lifestyle that matters most to you. It means putting premium on what you really want in life. For example, if you want to travel, put more on your travel money and less on the other areas of your life, such as coffee from Starbucks or dinner at an expensive restaurant.

Follows Financial hacks, Financial Planning, financial hacks in expensive city
© 2017 University Herald, All rights reserved. Do not reproduce without permission.

Must Read

Here is NASA’s Take On Anonymous Hackers Alien Claims [VIDEO]

Jun 28, 2017 AM EDTNASA official says no alien has been found until today.

International Cyber Attack Strikes Again: Ransomware Hits Companies Worldwide [VIDEO]

Jun 28, 2017 AM EDTOver 2,000 computers in about a dozen countries were affected.

The Magic of Celebrity Involvement: How Projects and Concepts Get Public Nod When Icons Get Involved [VIDEO]

Jun 28, 2017 AM EDTDo celebrities really affect marketing?

Student Loans In Focus: How Much Do Students Really Borrow To Attend The Top 10 Schools [VIDEO]

Jun 26, 2017 AM EDTFor most students, going into the Top 10 schools is a dream come true. But is the expense in studying in these schools worth it?