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A New Grad’s Guide to Saving Money

Posted Apr 22nd, 2020 in ADVICE

New Grads Guide To Saving Money, SnapQuote Insurance, Ontario

Congrats! You’ve graduated, landed a job, and you're officially an adult. So, what’s an important (and often overlooked) part of this next stage of “adulting” you ask? Saving your money for your future self!

Your first “real adult” job after you’ve graduated means receiving stable paycheques. Read below for tips on how to manage your money, and start saving and investing as early as possible to set yourself up for success in the future. 

Save Money Now, Thank Yourself Later

1 | Track Your Spending

Thought you left excel assignments in college, didn’t you? Understanding where and how you use your money is the best way to be mindful of unnecessary purchases and really take a better look at your expenses - could you cancel some subscriptions, or spend less at Starbucks? Can you save money on gas? Tracking every purchase can be overwhelming, but dedicating a few hours a week, or even a month to account for your spending can help you stay organized and on top of your money so you have more in the future.

2 | Understand Your Needs

Do you want to buy a home? Need to buy a car and car insurance? Want to put money aside for retirement? How about simply putting aside spending/shopping money? Knowing your short-term and long-term goals for the future and having realistic budgets for these things will give you the motivation to save more money, and do so smartly.

3 | Use Employer Programs

Ask your employer for their savings programs and take advantage of this! Often employers will have retirement savings programs or investment options available for you to use, which are perfect options for planning for the future.

4 | Learn About Investing

Whether you're self-taught, using a Robo-Advisor or an app, being an adult means learning more about the best ways you can negotiate, save, and make money.

Remember, small-dollar amounts can add up quickly! The earlier you start the easier it will be. Your savings strategies will change as your financial needs and goals change over the years but following the tips above is a great place to start. As long as you’re conscious about your money, savings, and the future, you’re ahead of the game.

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