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.
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