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Sunday, May 13, 2012
Advice for the Recent Grad: Low Salary Genre
Ahhhhh. The recent grad. Time for advice: get a no-fee credit card, contribute to your 401k, get a Roth IRA, blahblahblah. But what about the recent grad of the low salary type? the Vista volunteer who will be making $1000/month at a worthy endeavor? (In the meanwhile studying for MCATS)
I already gave the grad two books.
And I say it's also time to learn basic frugal skills, which are a necessity when you have little and allow you to get more out of your money even if you are a well-paid physician. The grad asked me to help him save money on basic household expenses. To start, I say: buy a big bag of dried beans. Then buy a big bag of rice. Both are investments that will pay off.
What would you advise?
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6 comments:
Send the girls to the Vivienne files, to learn the wardrobe core concept. All students need to know some very basic cooking skills. So maybe a simple cookbook is in order.
Great topic and of interest to me, as my son is graduating this weekend with a BA in classics. There is no high-salary job waiting for him. I would suggest thinking about transportation. Do you need a car? If a car is a must, can you get along with a cheap old beater? I'm always surprised when I hear of kids who buy a brand-new car right after graduation, saddling themselves with car payments in addition to student loan papyments. My son can not afford a car. He will be using public transportation and a bicycle. No car payment, no insurance, no gas.
Learn to cook! Get a library card! (Remember, libraries now carry all kinds of media as well as providing computer and Internet services to their patrons.)
After cooking, I'd say learn some basic sewing - buttons and hems at least. Also ironing; looking well groomed is important. The more things you can do for yourself the better off you'll be.
Find frugal friends - one's you don't feel pressured to spend money to 'keep up with'. If I had to get by on a starting out salary, I'd be looking for room mates.
Learn to cook and then to shop for food with a list, coupons and a calculator in hand.
Get a dumb, cheap hone, no one needs to get baseball scores in real time.
I was a low-income grad. Thinking back on my salary, I'm amazed that I was able to survive on it.
I learned 3-4 basic recipes, mostly soups and stews cooked in a large pot, which would provide 3 or more days' worth of meals. I did as you suggested, bought rice, pasta, and beans in bulk, and then supplemented with whatever fresh produce I could afford.
Another thing which has always saved me money is that I've always lived very close to my work and I have always chosen to live in inexpensive but safe neighborhoods.
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