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Newbie Professional Money Tips

25 September 2012 6 Comments

Smart Budgeting for a Downtown Lifestyle

A budget can be thought of as a plan to reach your financial goals. It is the way you set your financial objectives to ensure that your finances are not only regulated, but that your money functions in the desired manner for you. Especially when it is the start of your professional life, the importance of financial planning cannot be stressed enough as any efforts made at this point will have implications in the long run.

While it may seem challenging to keep track of your finances and finding out where each and every single penny is going, at the end of the day you will realize that it was worth it. Economic crisis have enveloped the entire globe and the need for budgeting is greater than ever before. That is why you won’t come across a single self-improvement article or finance blog that does not discuss the importance of budgeting.

Making efforts at the initial stages of your career will prove to be fruitful as this is when you can maximize your earnings for a secure financial future. As a fresh graduate or newly employed professional, it is usual to have budgeting as the last thing on your mind. Since saving is not what one is actually focused on, despite the handsome pay and promising benefits, there are a small amount of individuals who are actually able to realize how useful saving at this time can be.

When one starts to earn, most of us are inclined to adopt the professional downtown lifestyle where heavy commuting, expensive lunches and happy hours are all there is to it. However, after a few months, a lot of newly appointed grads realize why budgeting was stressed so much and how much money they have spent over worthless stuff. As they say there is no use of crying over spilled milk, now what you can do is to make some changes to make things work the way you always wanted them to be. In addition to using debt settlement services from consolidated credit, you can take the following effective tips into consideration to continue with your downtown professional lifestyle without breaking your bank.

Commute the Smart Way

Regardless of whether you have to travel a long distance to get to work or if it is a 15-minute drive from your home, a significant amount of your paycheck goes in paying for getting to and from work. While this aspect is often overlooked, one should not forget that the amount spent on traveling can potentially influence an individual’s budget.

It takes a lot of professionals a certain time to realize how much they are spending in the name of commuting. It is recommended that you go for cheaper, more effective ways of commuting as this will reflect positively on your personal budget. Alternatives that can work for you include public transportation, biking, working from home or carpooling etc. This may seem too difficult at first, but soon you will realize that changing the way you travel for even one day of the week can make a big difference. Work things out with colleagues residing in your vicinity. If you are able to split the cost of gas amount between 2 or even 3 people, it will improve your finances beyond expectations. Do not underestimate the ease and usefulness of public transport.

Beware Of Lunch Breaks

When it comes to lunch breaks, new professionals often entirely forget the amount they pay for food and lunches. Obviously with all the money a new professional earns, it is normal to be tempted to try as many delicious options for indulgences as possible. Everyone wants to try them and it is much easier to just go out for lunch instead of taking time to prepare it at home. The other side of the picture is that eating out takes a lot of money and is certainly not very healthy.

A tip to curb your lunch-related expenses is to make larger meals at night so that the leftovers can be taken for lunch the next day. You can also preserve meal sized portions before serving them. This way you can make sure that no food is wasted and that less is spent on eating.

Spend Happy Hours Prudently

Similarly, when it comes to happy hours, it may be the easiest way to feel at home with your employees, but is not necessarily appreciated by your pocket. Curbing your desire to spend with your colleagues around can be tricky. The easy way out is to have a meal so that you can easily avoid purchasing snacks. Also, instead of going for a drink at a bar, inviting people over at your place will cost you less.

With these tips, you can easily go about handling your finances as a new professional with minimal hassle. For all other problems, debt settlement services from consolidated credit can always be sought.

Author Bio:

The author Donna Baxter is a freelance writer and is an acclaimed finance blogger. Her area of expertise is financial planning and debt settlement and her expertise and experience in the area makes her a trusted resource. She strongly recommends the use of debt settlement services from Consolidated Credit.


  • Forum Webmaster said:

    I agree with you and I like most the last part about happy hours

  • Accountant Salary said:

    Parents are going to hate me for suggesting this, but if you want to save money for a home, move back in with mom and dad. Offer to pay for the rent, but what they charge will generally never be as high as a personal apartment.

  • diggy.p said:

    I am 27 and I live at home. It's just what is economically feasible right now for me with trying to save and working as a temporary employee. Once I am a salaried employee I will save a couple of months and then move into a reasonably priced apartment with a decent commute.

  • cc international said:

    I hate to travel long to go find or do work 🙁

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