You sense your stress levels will skyrocket:

When you’re weighing the pros and cons of a new, high-paying job and things in the “con” field include “80-hour work week, no support staff, and the boss seems mean,” you might be biting off more than you can chew—and that can take a real toll.

Dr. Stacie Freudenberg, a Colorado-based psychologist, explains that stress releases cortisol, which can lead to adverse health conditions such as difficulty sleeping, memory problems, or even heart issues. “Additionally, consistent stress can contribute to anxiety, depression, and a decrease in overall life satisfaction,” she says.

Remember, too, that time is money. Factor in the hours you are expected to be at work or available at a moment’s notice. “Sometimes people look at the dollar value of the salary without considering time demands,” says Christopher K. Lee, founder of the San Diego–based career coaching company PurposeRedeemed. “If a job pays only slightly more, yet requires 20 hours more a week, that’ll hardly be worth it to you.” Talk about a high price to pay.

You’ll hate your job:

If you’re creative and thrive on thinking of big-picture ideas, you know that those jobs don’t always pay well. You might be tempted to take a more lucrative gig that requires you to spend your days compiling spreadsheets and crunching numbers, which you loathe.

Don’t do it. “While taking a job that has a high salary may sound like it will improve [your] overall quality of life, it actually may do the opposite if you don’t love what you’re doing,” says Freudenberg.

“People who use their strengths in their careers are three times more likely to report having an excellent quality of life, six times more likely to be engaged at work, and 15 percent less likely to quit their jobs,” says Susan Peppercorn, founder of the Boston-based career coaching firm Positive Workplace Partners, citing a 2015 Gallup survey.

Furthermore, research shows that employees who use their strengths outperform those who don’t. So not only will you be miserable, but you’ll also probably be lousy at your job.

“If the position you’re considering doesn’t take advantage of your strengths, you’re likely not to thrive, and money won’t make up for it,” Peppercorn adds.

You’ll feel compromised:

If you only consider jobs that pay well, you may overlook critical elements about the companies themselves. Don’t get hoodwinked by the high salary and end up blindsided when you start work and realize it’s not a culture fit…at all.

“If you’re selling a product you don’t believe in or working for an organization with a culture misaligned to your own values, you may struggle to feel at peace with your work,” says Lee. “Money alone will likely not offset the negative feelings you have from doing work at odds with your own beliefs, priorities, and ethics.”

The post Should You Take a Job Just for the Salary? appeared first on Elana Lyn Gross.

Don’t Call if a Budget:

If you don’t like the idea of a “budget” don’t call it that. Instead, call it a “Spending Plan” because that it is really what it is. It’s a plan for allocating your spending among various categories based on your goals and priorities. When you set a goal, you can then prioritize your spending for the purpose of achieving that goal. Your spending plan should extend out to 12 months and include your projected income and expenses. You will need to account for one-time expenses, like your car registration, and it should include a “cushion” for unexpected expenses. Your goal should be to increase your monthly cash flow through tighter spending so you can apply it to a high-interest savings account or paying down debt. If you are wondering where you should prioritize your monthly cash flow, you should always come back to interest rate. You generally want to pay off high-interest debt, like credit card debt, before redirecting money into lower interest savings accounts.

Go Digital:

The key to managing your budget is to be able to track it effortlessly. With the availability of online personal finance tools, that is not a problem. Most banks offer online account management where you can track your spending in real time. Debit card purchases and ATM cash withdrawals are reported instantly. You can track your spending from your bank account each day. Many online account systems allow you to track your spending by category, giving you a running total for each as you go through the month. If you use a credit card, you can do the same thing through your online account. For the easiest tracking of your spending plan, you should try to use just your debit card and checks when you need them, rather than having to manage several different accounts.

Or, you can download a free budget app, such as Mint.com. In fact, with Mint, you can easily set up your spending plan by category and then allow Mint to track your spending for you. You can link Mint to any of your bank or credit accounts and it will track the data as it is reported to your accounts. You can establish spending limits for each category and Mint will alert you when you are approaching a limit. Or, you can look at your Mint app each day to see what you are able to spend in any given category. Other apps with similar functionality are Level Wallet, Prosper Daily, and Wally. With any of these apps, you will always know precisely where you are in your spending plan with the ability to make quick and painless course corrections so you stay on track.

Pay Yourself First:

The main idea of a spending plan is to prioritize your spending so you can make progress towards your goal. By prioritizing, you pay your most essential expenses first and then adjust your non-essential expenses if necessary to cover your most essential expenses. For instance, eating lunch out every day may be convenient, but it is not essential. If you find yourself coming up short for your essential expenses, you adjust by making bag lunches for the rest of the month.

Your top priority and most essential expense should be you the goal you set for yourself. That should be your very first expenditure every month before you pay any other bill. For example, if you set a goal of paying off your student debt within five years and it requires an extra $300 a month on top of your regular monthly payment, that becomes your spending target. Everything else, including your essential and non-essential expenditures, is planned around achieving that monthly target. Each month, that $300 payment is your very first expenditure, which ensures it remains your top priority. If you fall short in one of your other spending categories, you need to find the money from somewhere other than your debt payment because it is your top priority.

Make a Game Out of It:

On the surface, it doesn’t really seem like managing a budget or spending plan could be any fun at all. But, if you make a game out of it and challenge yourself, it can be very motivating. Whether you use a spreadsheet or an online personal finance tool, you can set benchmarks for yourself, such as 25% of goal, 50% of goal, 75% of goal, etc. As you reach each benchmark, reward yourself with a small splurge (keeping with your spending plan). It becomes much easier to make daily spending decisions when you are motivated by a purpose or a goal.

This is a guest post by Josh Wilson.

The post How to Create a Budget You’ll Actually Follow appeared first on Elana Lyn Gross.

Stop beating yourself up:

Have you ever listened to the way you talk to yourself? If you are beating yourself up, keep reading. Scolding and chastising ourselves is one of the surefire ways to derail our goals. Believe it or not, we are on our own teams. We can work with ourselves toward the things we truly want.

That being said, we all make mistakes. When you do, it’s important to forgive ourselves and move on. Keeping this resolution will make all the others possible!

Open a high yield savings account:

If you are using the savings account connected to your checking account, I can guess with reasonable certainty that you probably don’t have much saved in there. If you do end up saving something, it’s most likely not in there for long. How did I know? You’re not alone!

Check out Parkinson’s Law. It’s important to get your savings out of your account so that it’s completely separate. A high yield or high interest savings account offers higher interest rates than your typical savings account but even more importantly, it separates your accounts so that you can’t transfer money over on a whim.

Keep a money journal:

Writing down everything you spend and earn might sound too simple to be life-changing but it really is! When we write or type out everything we spend and earn, we get extremely conscious about where our money is going. Until we know what’s actually happening with our money, we can’t make honest decisions about where it will best serve us.

Keeping a money journal actually puts us back in control of our spending. We are no longer dazed and confused when the credit card bill comes in. I promise it won’t be as painful as you think.

Create a happiness allocation:

What’s a happiness allocation? It’s my way of saying budget. I think happiness allocation is a better name for a budget because what a budget does is it help us allocate our money in the ways that make us the happiest. While we often think of budgets as restricting, they are actually one of the most liberating and freeing tools out there.

Use the data you gathered from your money journal to estimate your expenses for the next twelve months. If you take your annual expenses minus your income, is there enough money left over to save for your goals by the date that you hope to achieve them? If you’re not sure what your goals cost, read on to the last resolution.

Put a price to your dreams:

If you don’t know how much you need to save in order to live your dreams, how will you know how to get there? List out everything you want to accomplish and the date you’d like to accomplish each goal. Then it’s time to do some research. How much will each goal cost? Don’t be afraid to get creative. One of my dreams is to live in another country for a month each year. If I rent a house or apartment for the month, I’ll be able to save up for this goal a lot more quickly than if I decide to buy a home somewhere else. I could even do an apartment swap with someone in a country I’m interested in visiting. See what I mean? It’s okay to come up with a less expensive way to get there. I call this being fabulously frugal!

Don’t try to take on all your resolutions at once. You have all year! Start with the first to give yourself time to build the new habit. Then you can work your way down the list.

What do you want to accomplish in 2016? What are your personal finance New Year’s resolutions for 2017? We’d love to hear about them!

Ashley Feinstein founded Knowing Your Worth where she works as a certified money coach. Ashley demystifies the world of money and personal finance for her clients whether they are creating a financial plan, negotiating compensation or paying down student loans. 

The post 5 Realistic Financial Goals for the New Year appeared first on Elana Lyn Gross.

Start a retirement account:

When you’re still struggling to get your bearings at your new job, saving for the 50-60 years down the road when you’re finally able to retire is probably your last priority. However, it’s essential to get started on your retirement account as soon as possible. Whether that be through a 401(k) with your employer or an IRA with an institution, it’s important to start putting small amounts away that can appreciate over time and leave you sitting pretty when retirement age finally does roll around.

Cut down on unnecessary expenses:

We throw money away every day on frivolous things. Cue one of the biggest money sucks: “designer” coffee. Going to Starbucks once a day can see you spending upwards of $30 per week, whereas buying a bag of coffee grounds costs a fraction of the cost and lasts much longer.

Pay off any debt:

If you have student loans, car payments, or credit card debt you need to pay off, start today. Whether you use the avalanche method and first pay off those accounts that are accruing the highest interest, or utilize the snowball method and tick off the smallest accounts first to make your debt more psychologically manageable, make a plan and stick to it.

Stick to a budget:

This is one of the most important money moves to make in your 20s. Budgeting will help you live within your means and provide you with enough surplus money to put into emergency savings, pleasure expenses, and retirement all in one fell swoop. Following a fairly strict budget can also help ease monetary stress, and will make you feel more in control of your financial status. If you need a bit of budgeting help, check out online apps that make it easy and convenient to track your spending, like BudgetTracker.com.

Start an emergency fund:

It’s always better to be safe than sorry, and that’s the guiding principle behind starting an emergency fund. Financial experts recommend having at least three to six months’ worth of living expenses, but you can slowly build up to this lofty savings goal by siphoning a bit of your paycheck each month into a separate account.

Get a handle on your taxes:

Taxes can be a complex task to get your head around, but it’s important to get the right grip on what you owe the government each year. It’s a good idea to work with an accountant or tax professional at a company like CTax on your first few go-arounds. They can help you navigate the sometimes tricky wording and forms that come along with tax season, and more importantly, help you determine the credits and deductions that can help you save hundreds to thousands of dollars on your taxes each year.

Get necessary insurance policies:

It’s important to have a fully formed understanding of various forms of insurance in your twenties, from auto, to home, to medical. When it comes to health insurance, look for low-cost versions that will protect you should the worst happen, and keep in mind that new laws mean you’ll pay fines at tax time if you don’t have health insurance. Keeping up with your health insurance may even mean saving a lot of money on medical expenses down the road.

By Alicia Chancellor

The post 7 Smart Financial Moves to Make in Your 20s appeared first on Elana Lyn Gross.

Get Naked With Your Debt:
 
I know, it sounds a lot sexier than it feels. But first and foremost, we want to take inventory of the debt we have. This sounds pretty simple, but listing out the information for each loan can be an extremely liberating exercise. When you do this, write down the loan amount, who the loan is with, the interest rate, the monthly payment amount, and the payment date. Once we know what we have, we can put together a plan and do something about it. We’re back in power.

Decide What Comes First:

Now it’s time to prioritize. We will decide which debt to pay off first while maintaining the monthly payments on the other loans. The pay-down priority will be different for everyone. You may want to pay off the smallest loans first to build momentum, the highest interest rate debt first because it’s costing you the most money, or the debt that makes you the most upset. Write down the priority of each loan on your debt inventory.

Try and Negotiate:

This may sound too good to be true, but negotiating down the interest rate on your debt can actually work. I’ve seen it! Call up a representative and ask to be directed to someone to talk to about the interest rates on your loans. What’s the worst that can happen? They might say no, but they could also say yes and that would save you a lot of money!

Get Smart With Your Payments:

If you are excited to put more money toward your student loans than the monthly payment, beware. Your student loan website might be set up to put any extra payment toward future payments rather than toward paying down the principal.

While you have someone on the phone to negotiate interest rates, bring up your payments. Find out how much of your monthly payment is going towards interest and how much goes toward paying down the principal. If you are mostly paying interest, your loan balance won’t decrease much. If you have some extra cash available to put toward your loans, make sure to confirm where it’s going.

Celebrate and Enjoy the Ride:

Once you make your plan, you will want to decide how to celebrate along the way! How will you celebrate important milestones? Will you treat yourself at each $5,000 increment? Maybe you will have a debt-free party when you pay your loans down completely? This might sound too fun to be helpful, but it’s extremely important to celebrate how far you’ve come. Don’t skip this important step!

Ashley Feinstein Gerstley is a money coach demystifying the world of money and personal finance. Get her exclusive how-to guide “30 Days to Financial Bliss.” It’s free for Elana Lyn readers!

The post How to Pay Off Student Loans More Efficiently appeared first on Elana Lyn Gross.

Do Some Prep:

Whether you file your taxes yourself or hire an accountant to do it for you, you will want to do some prep. Have your social security number handy as well as the account and routing numbers of the bank where you wish to receive your refund. Why not make it easy for the IRS to pay you back?

Gather all of your income documentations, which may include a W-2 Wages and Tax Statement, 1099-MISC forms and any interest, dividends or gains and losses on investment and savings accounts. Having this information ready will save you headaches and time when it’s time to file.

Know What Counts as Taxable Income:

Your taxable income is your total earnings that are going to be taxed. This includes your income from wages such as your nine to five job or side hustle, the income you earn from interest on savings, dividends i.e. payout from companies that you receive as an investor, and realized gains or losses.

What’s a realized gain or loss and why does it matter? When you lose money on an investment this is called a realized loss. It reduces your taxable income and therefore decreases your tax bill. When you make money on an investment, this called a realized gain. It increases your taxable income and therefore increases your tax bill. It’s all addition and subtraction. If you haven’t sold any investments, you haven’t realized any gains or losses.

Minimize Taxes Where Possible:

Now for the fun part! Let’s trim your tax bill.

One way to minimize your taxes is to hold onto an investment for over a year before selling it. If you buy and sell an investment in less than a year, you will be taxed at your ordinary-income tax rate. If you buy or sell an investment a year or more after buying it, you will be taxed at the long-term capital gains rate which was 15% for 2015. This can save you big time!

Tax-deductible expenses are another way to decrease your tax bill. A tax deduction is just a reduction of your taxable income due to qualified expenses.

Here are some items that are tax-deductible: Interest on your mortgage and real estate taxes, qualified donations, interest on student loans, and out-of-pocket medical expenses. There are many more tax-deductible expenses that may apply to you. If you are ever unsure, contact a tax professional or even do some online research to find more information. If you don’t take advantage of tax deductions, you may be overpaying in taxes!

Build Good Year-Round Tax Habits:

Waiting until the last minute to do your taxes causes stress and ends up taking more time. Do you remember what you spent in January of 2015? I know I don’t! Make it easier on yourself and create a system so that you are gathering information monthly or quarterly year-round.

Schedule a money meeting with yourself each month, track deductible expenses, and take photos of important receipts. Don’t be afraid to ask for help or use resources like a tax preparation checklist to help you track what you need.

Ashley Feinstein founded Knowing Your Worth where she works as a certified money coach. Ashley demystifies the world of money and personal finance for her clients whether they are creating a financial plan, negotiating compensation or paying down student loans. Her work has been featured on Real Simple, NBC News, Forbes, Yahoo Finance, DailyWorth and GoGirl Finance. Connect with Ashley on Twitter, Intagram and Facebook and visit her website to learn more.

Image via Classy Girls Wear Pearls.

The post 4 Tax Filing Tips That Make Taxes Less Stressful appeared first on Elana Lyn Gross.

Stop Beating Yourself Up:

Have you ever listened to the way you talk to yourself? If you are beating yourself up, keep reading. Scolding and chastising ourselves is one of the surefire ways to derail our goals. Believe it or not, we are on our own teams. We can work with ourselves toward the things we truly want.

That being said, we all make mistakes. When you do, it’s important to forgive ourselves and move on. Keeping this resolution will make all the others possible!

Open a High-Yield Savings Account:

If you are using the savings account connected to your checking account, I can guess with reasonable certainty that you probably don’t have much saved in there. If you do end up saving something, it’s most likely not in there for long. How did I know? You’re not alone!

Check out Parkinson’s Law. It’s important to get your savings out of your account so that it’s completely separate. A high-yield or high-interest savings account offers higher interest rates than your typical savings account but even more importantly, it separates your accounts so that you can’t transfer money over on a whim.

Keep a Money Journal:

Writing down everything you spend and earn might sound too simple to be life-changing but it really is! When we write or type out everything we spend and earn, we get extremely conscious about where our money is going. Until we know what’s actually happening with our money, we can’t make honest decisions about where it will best serve us.

Keeping a money journal actually puts us back in control of our spending. We are no longer dazed and confused when the credit card bill comes in. I promise it won’t be as painful as you think.

Create a Happiness Allocation:

What’s a happiness allocation? It’s my way of saying a budget. I think happiness allocation is a better name for a budget because what a budget does is it helps us allocate our money in the ways that make us the happiest. While we often think of budgets as restricting, they are actually one of the most liberating and freeing tools out there.

Use the data you gathered from your money journal to estimate your expenses for the next twelve months. If you take your annual expenses minus your income, is there enough money left over to save for your goals by the date that you hope to achieve them? If you’re not sure what your goals cost, read on to the last resolution.

Put a price to your dreams:

If you don’t know how much you need to save in order to live your dreams, how will you know how to get there? List out everything you want to accomplish and the date you’d like to accomplish each goal. Then it’s time to do some research. How much will each goal cost? Don’t be afraid to get creative. One of my dreams is to live in another country for a month each year. If I rent a house or apartment for the month, I’ll be able to save up for this goal a lot more quickly than if I decide to buy a home somewhere else. I could even do an apartment swap with someone in a country I’m interested in visiting. See what I mean? It’s okay to come up with a less expensive way to get there. I call this being fabulously frugal!

Don’t try to take on all your resolutions at once. You have all year! Start with the first to give yourself time to build a new habit. Then you can work your way down the list.

Ashley Feinstein founded Knowing Your Worth where she works as a certified money coach. Ashley demystifies the world of money and personal finance for her clients whether they are creating a financial plan, negotiating compensation or paying down student loans. She offers one-on-one coaching, workshops, and a 30 Day Money Cleanse. Ashley and her work have been featured on Real Simple, NBC News, Forbes, Yahoo Finance, DailyWorth, Learnvest, Levo League and GoGirl Finance, among others. Ashley worked in the financial services industry for more than five years: first as an investment banker and more recently in corporate finance. She graduated with a bachelor’s in finance from the Wharton School at the University of Pennsylvania.

The post 5 Financial Goals That Can Improve Your Life appeared first on Elana Lyn Gross.

So how do you ask for a raise and get it? You need to show how you add value to the organization, show your accomplishments, and do your research. Follow these six tips for how to ask for a raise (and get one)!

1. Set up a meeting:

Maybe it should go without saying, but you should always set up a meeting to discuss a pay raise. As tempting as it can be to bring it up in passing or even shoot a quick chat or email in your boss’s direction, resist the urge.

Talking in a face-to-face meeting is necessary because your boss will be able to give you her full attention. Chances are, she’s not dreaming of giving you a raise. It will be harder for her to dismiss your request in a scheduled meeting with no distractions making it easy to refocus on a more pleasant topic.

Also, your boss is more likely to take your request seriously if you’re in a dedicated meeting. If you bring it up in passing, it may come across as a whim rather than a reasoned argument.

2. Write a list of accomplishments:

Be prepared to discuss your accomplishments. If you’re asking for more, you have to show why you deserve more. It’s especially important to show how your contributions have added value to the company.

Think about how you’ve earned money for the company, for example through sales, upsells, or creating efficiencies. Numbers are very convincing: Include statistics and tangible data wherever possible. Instead of saying you doubled monthly sales, say that you grew monthly sales by 50%, a difference of $130,000. Pretty powerful, isn’t it?

You can also include praise from team members or clients to show that your work is valued internally. But instead of just telling your boss that you’re respected on the team, try quoting team members’ and clients’ praises from emails.

3. Do your research:

Use sites like PayScale, Glassdoor, and Salary.com to find out the market rate for your role. This research will come in handy when your boss asks you for the amount you’d like to make or tells you the amount she’d like to give you.

Researchers at Columbia Business School found that it’s best to give a precise number as opposed to a round number because it makes the person seem well-informed. People who gave a precise number were more likely to get conciliatory counteroffers. For example, instead of saying you want $60,000 or $65,000, ask for $63,500.

And remember, receiving a raise is about demonstrating that you’ve gone above and beyond expectations—not just checked off all of your regular job duties. Statistics are great evidence that you’re rising above your standard job requirements.

It’s also helpful to know that the average raise is between 1% and 5%. You don’t want to ask for too much or too little.

4. Explain what you’ll do in the future:

Volunteer for a project—or create one!— by identifying a problem, and then coming up with and executing a solution. Be proactive and offer to lead the new initiative. For example, when I noticed that there were interdepartmental projects that needed to be completed, and a lot of people asking to intern, I created a proposal for an internship program and offered to lead it.

When leveraging a new project to get a raise, explain the new responsibilities you’d like to take on and how it will help the company grow and generate more money. Maybe you’ve done some research and realized that your company could increase blog engagement by one-third with a more cohesive Pinterest strategy. You also have a hypothesis that increasing blog engagement will lead to more sales. You could share your research and a tentative plan for implementing a new Pinterest project, making sure you articulate WHY the project is valuable and worth a pay raise for you.

Additionally, think about ways you can help your manager and alleviate some of his or her responsibilities. If she is struggling to complete all her work in a certain area, discuss how you might be able to take some of it off her plate. Just make sure to be delicate so she doesn’t feel that you’re encroaching on her space. Frame your proposal in terms of alleviating her stress, not taking over her work.

5. Stay positive and professional:

Remember, before you can convince your boss that you deserve a raise, you need to believe that you’ve earned one (not just that you want one). Don’t bring up personal things like your rent increase, needing to plan an expensive birthday party for your dog, or your vacation to Maui. Only discuss why you deserve a raise—as evident by your professional successes. Get back to the numbers and focus on the value you’re providing for the company.

And stay positive! Don’t get defensive and say that you’ve been there for over a year or haven’t gotten a raise in years. Now isn’t the time to start ticking off all the ways you’re underappreciated at work.

6. The little things matter:

Your body language and tone can convey a lot. Make sure they show that you are confident and poised by being direct and assertive and maintaining good posture. A few tips: Maintain eye contact, sit up straight, and take up space. Instead of letting your shoulders cave in, squeezing your arms tight to your body, or crossing your arms, keep them relaxed to your sides or on the table. You don’t want to look like you’re starting a turf war, but you should look like you feel confident in your surroundings.

And your body language doesn’t just affect the way your boss sees you—it can also change the way you feel about yourself. Watch Amy Cuddy’s Ted Talk and do a power pose before your meeting. “Power posing” means arranging your body in a position proven to chemically alter your body and raise confidence. My favorite pose is “The Wonder Woman” pose: Stand with your legs apart, lean forward slightly, and keep your hands on your hips or above your head. Other power poses include sitting and leaning over a table slightly or leaning back in a chair. The key is to take up space.

I’ve done one before every interview or big meeting and it helps increase my confidence. I always arrive at job interviews a few minutes early. I duck into the bathroom to check my makeup and do a quick power pose. Yes, it may look silly to stand with my arms above my head like I just completed a complicated gymnastics routine at the Olympics, but it works. I leave the bathroom feeling a little more confident and ready to make a good impression at the interview.

Still nervous? That’s normal! Just know that the worst that can happen is that your boss says no—but there’s not much chance you’ll get more money if you don’t ask!

Oh, and even if you don’t get the raise, you could end up with something. Be prepared to ask for other perks like more vacation time or a new title. Follow these six steps and you’ll be closer to having more money in your bank account at the end of each month.

The post How to Ask for a Raise With Confidence appeared first on Elana Lyn Gross.

I’ve been there before. I’ve been that doe-eyed fresh graduate who had way too many bills, not enough money to pay for them, and no idea how to handle it.

Luckily, I managed to get out of my financial rut – but not before learning a few hard lessons along the way. Now, I’m here to share my best tips.

1. Stay on Top of Your Finances

You know that feeling when you take one look at your bank account, and you’re like: “Where did my money go?” That’s why you need to keep track of your cash flow.

Keep your receipts, billing statements, credit card statements, and other money-related documents in a safe place. Organize and record these with expense-tracking apps for your device.

If you have no idea where to start, try following the 50/30/20 rule of budgeting: Allocate 50% of your income for fixed costs, 30% for variable costs, and 20% for your savings account.

2. Cut Down on Unnecessary Expenses

I know: It’s a lot harder than it sounds. When all your girlfriends are wearing the trendiest and most expensive clothes, makeup, and jewelry, it’s hard not to turn green with envy and empty your wallet for the sake of fashion.

Don’t do it, though. Those clothes are not going to look nearly as good when you’re staring at a stack of bills and an empty bank account.

3. Open a Separate Bank Account for Emergencies

Do not, under any circumstances, mix these two up. Otherwise, you’ll accidentally dip into your emergency fund, when you should be using your main bank account instead.

Try to store at least six months’ worth of funds in your emergency account. That way, you won’t be scrambling for cash when your finances suddenly blow up in your face.

4. Invest in Insurance

Think of insurance as a special kind of bank account. Essentially, you’re putting money away today to prepare for a certain event in the future. The more likely that event will happen, the higher the amount of money you need to pay in premiums.

You don’t need to insure everything that can be insured. At the very least, you should insure your home, health, and car.

5. Be Smart About Transportation

If you can, buy a new car. Used cars may seem less expensive at first but, if they turn out to be lemons, they’re actually more expensive because you’ll have to spend more on repairs, maintenance, and insurance. After spending thousands on my old junker, buying a new car was the best thing I ever did.

Whether you end up buying a new or used car, be sure to do your research and be prepared to handle the typical car salesman tricks so you can get a good deal.

6. Negotiate Your Salary

Yes, you can negotiate your salary – even as a fresh graduate. It’s scary, of course, but not negotiating is even scarier when you think about all the money you’re losing (over $500,000 in your lifetime).

If you’ve already accepted your first job offer, don’t worry – it’s not too late. You can even negotiate your salary after you’ve accepted the job offer. If you do well on the job and rank high on almost every performance metric, you can ask for a raise at your performance review or at the end of the year.

7. Take Advantage of Your Benefits

If your employer offers a 401(k), take it. Basically, it allows you to save a portion of your income for retirement. That portion might not seem like much at first, but it does add up over time.

Also, don’t be shy about taking advantage of free lunches, free gym memberships, and free anything. They’re part of your employment package, after all, so you might as well make the most of them.

8. Keep a Good Credit Record

When you’re starting out, you want to have just the right amount of debt. Not so much that you’re collapsing under the weight of all those bills, but not so little that you won’t be able to build a credit history, either.

Before you take on any debt, be 100% sure you’re able to pay it off in the future. If you rationalize your debts with anything like “I’ll probably be able to pay that, when I have the chance,” find something else. Believe me: The heartache from doing otherwise isn’t worth it.

9. Borrow Things From Friends

Is your favorite movie out on DVD? Instead of blowing your hard-earned money on it, you can borrow from a friend who owns that DVD. Offer to watch the movie with her, so you two have something to talk about on your girls’ night out.

10. Stay With Your Parents to Save on Rent

Granted, Mom and Dad probably won’t be pleased with the idea, but if you can’t find a place of your own for any reason, convincing them is worth a try. Tell them: “Mom, Dad, I’ll try to find a place to live by (insert realistic deadline here). If I can’t do that, I’ll have to stay here. I promise to help with chores in the meantime, OK?”

11. Learn About Money in Your Spare Time

I’ll admit it: Personal finance isn’t exactly the most exciting subject under the sun. However, if your eyes glaze over at words like Dow Jones, asset allocation and IOU, you won’t be able to take advantage of set-it-and-forget-it investments. You can learn more about these from CNN Money’s Personal Finance 101 section.

In case you’re looking for specific books to read, here’s a secret: Instead of combing over the same rehashed advice from gurus, read about the people who’ve actually succeeded in what you want to do. Study both their successes and failures, and learn from them.

12. Indulge in Experiences, Not Material Goods

If diets have cheat days, so do money-management systems. Treat yourself to your favorite, decadent dessert every other Saturday. Call up your friends and arrange a trip to a never-before-visited foreign country. Lie down on your sofa and drink your favorite cup of tea.

Whatever you do, don’t deprive yourself. You don’t want to grow old muttering “Bah, humbug!” for the rest of your life, do you?

Keep these money-saving tips in mind, and managing your money won’t be a pain, no matter what your situation may be. In the meantime, good luck with your job hunt, and may the goddesses of wealth be in your favor.

By Sarah Landrum, Her Agenda: Her Agenda is an award-winning media platform dedicated to bridging the gap between ambition and achievement for millennial women. Named a top website for millennial women by Forbes.com our content-driven resource portal attracts driven women and we give them the tools to become accomplished women. We curate and create events, workshops, panels and conferences and we publish articles that feature actionable career advice. Her Agenda also publishes exclusive interviews with powerful, successful women who offer honest advice from their career journeys to our readers. For more visit, www.HerAgenda.com. 

This post was originally published on Her Agenda.

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