Budget Tips for new Graduates

Students who have recently graduated from a post-secondary institution have on average approximately $20,000 in student loan debt – some as high as $100,000.  Unfortunately, with a tough job market, students are having a difficult time looking for work.

Many fresh graduates are forced to find work in minimum wage jobs, fields they did not study and living back home with their parents.  With not enough money in their pocket, they have a tough time trying to live.

What can the new college graduates do in order to make ends meet and live off of credit, loans or their parents?  Follow some simple steps until you land that job that will help you live and pay off your debt.


As with any financial structure, you must first establish a budget.  This is absolutely crucial with anyone.  Whether you are someone who has a full-time job, nearly entering the retirement age or a university graduate, budgets are essential.

Figure out how much you need to spend for essentials, such as food, shelter and transportation.  Next, examine how much you earn (if applicable).  Finally, calculate your student loans and how much you are required to pay each month.

Always spend your money wisely.  Budget accordingly.  Never use your credit card.  If you don’t have the money to buy something, like a new gadget, do not purchase it, which leads to the next point.


As with any other finance article, you must live within your means in order to obtain prosperity.  To avoid further debt and reliance on credit, loans and the government, you must live within your means.

Even for essentials, such as groceries, if you can find efficiencies in what you purchase at your local grocery store, you are on the right track.  Do you really need those granola bars?  Is pop even worth it? Will chips feed your appetite?

Reducing the cost of certain bills, eliminating other means of debt and attempting to find any efficiencies – no matter how small – will go a long way.


Yes, you have spent several years in school trying to find the meaning to life or why Marxism is so great, but now it’s time to educate yourself on more important matters: finance.

Personal finance is very important in your adult life – if you are taught at a young age, even more so.  Understanding money will help you become financially independent.

There are a variety of resources to learn about issues related to economics and personal finance.  If you do a simple Google search, hundreds and hundreds of articles will come up.  Researching how to budget, how to save money and how to become less dependent on credit will lead to prosperity.

Staying In vs. Going Out

We understand that a lot of kids want to go out on a Friday night to party at the club or hang out with friends at a bar.  But how much does this cost in the end?  Quite a lot.  Next time a friend text messages you about heading out to the local Cineplex, think twice about going.

A movie ticket (average $12) + food and drink (average $10) + a snack afterwards (average $5) + miscellaneous spending = more than $30.

Staying in is much more economically viable.  You have the food in your fridge, various means of entertainment and in the comfort of your own stuff.  Leaving your apartment will just force you to waste your money.

If you need to be with company, invite them over or try to convince them of hosting a little get together.  Not only will you save money, but they will as well – promise them a bag of unsalted pretzels, though.

Research Bargains

For those who are on a tight budget, it’s important to find the best deals.  Shopping online for items is great for someone who wants to save some bucks.  If you have to buy a book, consider buying a used one from Amazon.  If you have to replace your watch, browse on Ebay.  If you’re interested in purchasing a DVD, rent one on YouTube.

Although it’s better not to buy anything at all, purchasing things on the Internet will help towards you learning how to save and budget and to be a conscious consumer.