Four ways for grad students to keep expenses down

[Ed. note: This belongs to our series of posts featuring tips for recent grads from LinkedIn users. Jos Willard is a financial strategist who specializes in personal finance education for families and corporate employees, with a focus on debt repayment and retirement strategies. He’s been with Canada Loyal Financial since 2007.  He’s also been a broke student with loans to repay and a family to support]

There are many ways for recent grads to keep expenses down, without giving up the fun. Here are four quick and easy ideas:

1.) Rent, don’t buy. Movies, Games, Skis, anything you don’t plan to use more than once or twice, or that you don’t need to use more than once a month.  This can include cars if you live in a city with good public transit.  Libraries are even cheaper.  If you ski every weekend, on the other hand, buying can be more economical.

2.) Buy used. With the exception of electronics, the newest, cutting-edge models aren’t that different from last year, except for the higher price tag.  You don’t have to drive your dad’s 1983 Datsun, or buy all your clothes at Value Village, but getting your skates used, or buying a 3-year-old vehicle still under warranty will get you by without sacrificing much style or performance.

3.) Streamline. You don’t need a land-line and a cell.  You also don’t need the full “bells and whistles” phone plan.  You don’t need a laptop and desktop at home, and one TV is plenty – and no, there’s nothing good on the 300 extra channels that come with the HD package, either.

4.) Have Fun in Groups. Find clubs or associations to join in your area.  Often they get good deals on things you like to do, and can be a good source of second-hand equipment and free (or low-cost) training.