Saving for Graduate School

While you are in undergraduate school, you may be thinking about moving onto graduate school.   After all, the hard truth in today's world is that sometimes that undergraduate degree isn't enough. Again, starting from scratch, it took me a few years to save up for that graduate degree.  But this time, I did it without any help whatsoever, including no school loans.

Here are some tips on how I did it:

1.  Get a Mint account.  It's a trustworthy site where you can receive up to date information regarding all of your accounts, including savings, checking, credit cards, loans, etc.  It's also a great way to track your expenses and net worth. 

2.  Use credit cards the right way.  Having credit cards is a great way to not only build some credit, but also rack up some extra cash back rewards when used correctly. Two that I have found very good are Discover and Chase Rewards.  Both offer great 5% cash back offers and the ability to also earn additional points buy purchasing goods via their partnered websites.

3.  Start being responsible and stock up on things when they are on sale. You'll probably have a better idea of your routine and will know about how often you'll need that extra batch of toilet paper.
   
4.  Get used to bargain shopping at the grocery store. Save some money by clipping coupons from your local newspaper.  Or if that isn't your thing, some stores offer coupons that you can load to your card and automatically receive the discounts when you're at the register.  I'm particular about this especially when I shop at Vons, Safeway, or Pavilions.  All owned by the same company, they have a great rewards program that even sometimes provides free goods. Target, CVS, and Walgreens also have great ways to save at their stores through their website or mobile app. 

5.  Once you have those groceries or goods, plan ahead. Chop and freeze veggies when you can to prevent spoiling, cook or prep meals in advance. Don't be afraid to step in the kitchen!

6.  Give yourself a break and work a bit before you go back to school to build a savings.  If this is possible, do it!  By being very strict about my spending regime, I was able to payback my undergraduate loan in no time and was able to build a strong enough savings to pay off for graduate school. It's better to spend money that you do have rather than what you don't.

7.  Throw as much as you can into a savings or 401K. The only thing that possibly should not be earning interest because it can't is your emergency checking. And, if you are brave or knowledgeable enough, try investing in the stock market.  Your early 20's is a great time to start building that portfolio.  

There you have it.  My basic advice for saving toward that graduate degree.  If you have any further advice, feel free to chime in!