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May 07, 2007


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I think the most important thing to do is to make a budget and be willing to adjust your lifestyle. Many college students don't realize that the "spending money" they have in college provided by their parents or extra loan money is considerably more disposable income than once they are out and having to pay all their own bills. If you try to maintain that lifestyle on a 20 or 30-something thousand salary, you will oftentimes get into debt. Having roommates is the #1 way (IMO) to save money on a low income out of college. It can be tempting to finally live on your own, but it is SO much more expensive, especially because you're not splitting utility bills, etc. Also doing everything you can to avoid a car payment, which is often equal to or close to your rent payment when you're young, is important, even if that means driving an old car, sharing one, or even just riding the bus or a bike for a little while.

Also, when you're young and in a new job, it's often not as demanding as jobs you will have later in life (ie: you really can only work 40 hours a week and be just fine), so now is a great time to pick up a second job to meet new people, have fun and occupy extra time, and of course, make extra cash to save. Even 10 hours a week in a retail store at $7 or $8 per hour will get you an extra $300ish per month - a lot more than your average twenty-something is putting into his/her savings account each month.

another idea will be to compare you salary stats with other. is an option and also the SalaryBase project (

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