5 Needs to Know tips for Saving Money in the Technology world

Posted on Dec 3 2014 - 3:16pm by Admin

world of technologyAlmost everyone entering the technology world right out of college is pretty broke. That’s why the first thing to teach yourself is how to manage your money so you can pay your bills and still have a social life. Here are some important tips to help you save money in the technology world.

1. Don’t Take on More Than You can Afford

Moving out on your own and landing your first job in the real world can be a bit overwhelming. Naturally, you don’t want to take on a bunch of bills that you can’t really afford. Your salary, which is most likely not that much for those just starting out, should cover important expenses such as rent, grocery bills, gas, the phone bill, and extra cash for emergencies. So choose wisely when you’re deciding where to live, don’t go out to eat a lot, and pick a phone plan that is affordable and reliable. T-mobile offers its customers a BYOD (bring your own device) option that allows you to bring in an AT&T device or a phone from Wal-Mart and start a plan with them. That would definitely help save money!

2. Make Sure You Have Some Form of Income

The most important thing to realize after you graduate is that your dream job is probably not out there just waiting for you to apply so they can hire you. Don’t wait for your dream job by turning down everything else. You can always look for another job while working one at the same time. A job that you don’t exactly want or love now is still better than no job at all. You have to have some form of income to take care of your responsibilities. Unemployment should not be an option. Take anything you can get, and keep searching for “the one” until you find it.

3. Make a Budget and Keep It

Now, this is probably the most important thing to remember if you want to save any amount of money. Even people who have lived on their own for years and earn a decent salary should or do have a well-established budget that they follow. A budget that isn’t kept is worthless. If you’re not making a lot of money then you obviously can’t be overspending. You might not be able to go out every night of the week, but at least you have the money to pay your bills. So before moving out into the real world, make a budget and follow through with it. You’ll be guaranteed to save some money.

4. Put Away Money Left and Right

Even though money will be tight when you’re first starting out in the technology world, you still have to work hard to save whatever money you can. If an emergency arises and you need money, you don’t want to have to take it out of your month’s bill-paying allowance and in turn be late on those payments. That is why saving is so important. Emergencies can happen to anyone at any time, and it’s good practice to prepare for the worst by setting aside a nice chunk of money.

5. Download a Financial App

This one is simple, but could help a lot. There are so many apps out there today to help you monitor your spending and keep tabs on the money flowing in and out of your bank accounts. So download an app and watch your spending where ever you are right on your smartphone. Most of today’s apps are free to download as well, so right away there’s no drain on your budget.

These are all important tips when it comes to monitoring your funds and working to save money when you first start out in the technology world after college. A lot of these tips are very simply executed if you can discipline yourself to do so. It is not fun to be in financial trouble, so be smart and you’ll save yourself the extra stress when it’s time to pay those monthly bills.

A review from New Scitech.

Image credits to : Beth Hoffman

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