Newbie Professional Money Tips: Smart Budgeting for a Downtown Lifestyle

Budget, budget, budget—that's all anyone ever talks about these days. You can't get through a single finance blog or self-improvement post without hearing the term used at least once. Ugh, or at least that's what how I used to feel about budgeting. As a fresh college grad and newbie fully employed individual, the last (and I mean last) thing on my mind was a "household" budget. But (and of course there's a "but"), I soon learned my lesson. I was very fortunate to have landed a job out of college (after several months of searching) that not only gave me pay and benefits, but was also related to my field of interest and located in the heart of downtown. This downtown position was wonderful and a soon became accustom to my professional downtown life. But after a few months of heavy commuting, pricy lunch breaks, and 5 pm company happy hours, I began to see what that budget thing was all about. For all you newbie college grads entering the professional world, try out these budgeting tips to better manage your new-found professional lifestyle.

The Commute

Whether you live 15 minutes from your office or you are making a major commute to work each and every day, a significant chunk of your beloved paycheck goes directly to getting you to and from work. This is an important aspect of employment to consider when you are planning out your new financial situation. In my situation, it took me about four full months before I truly realized how much money I was spending on just my simple (20 minute) commute. Committing to cheaper more effective ways of commuting can be extremely beneficial to an individual's personal budget. Think of things like carpooling, public transportation, biking, or working from home (if possible). While it can sound like a daunting task to embark on in the beginning, just changing the way you get to work one day a week can make a big difference. Work with people in your office to construct a carpool. If you can split the cost of gas between two or more people, you will definitely see improvement in your finances. Many people overlook the usefulness and ease of public transport. With busses and metro rails, people have a lot of options. For those living in the suburbs and making longer commutes, things like the park and ride can save you money and time during your drive.

Lunch Breaks

Another thing that is often overlooked by a new professional in the downtown (or anywhere really) area is the cost of lunch and food. When I started working downtown, I was overwhelmed with all these interesting and new options for meals. I wanted to try them all. On top of that, it is simply so much easier to go out to eat for your lunch break. Escaping the office for that hour (or whatever you are allotted) and eating out can be a relief from the daily grind. However, as we all know, eating out can cost a lot (A LOT) of money. I found myself eating out for every single lunch. Not only was this not the healthiest option, but I was also spending way more money than I realized. For me, I felt like there was no time to prepare lunches or meals in the mornings before work. Try making larger meals at night so that you can take leftover in the morning. You can put away meal sized portions in to go containers the night before when you are cleaning up. This is a wonderful way to cut food waste at home, save time preparing meals, and spend less money.

Professional Hang Outs

Happy hours—this is one of the most challenging areas I've had with regards to my personal budget. While not all companies have regular happy hours after work, most companies have at least occasional get-togethers outside of work. The company I joined was full of young and fun loving people. We would have a five pm happy hour every other week or so, that usually involved buying food and grabbing a few drinks. I wanted to get to know my coworkers better and I wanted to become a part of the company culture, so I gladly joined in. While these happy hours were a lot of fun and I quickly felt more at home with my coworkers, my finances did not necessarily appreciate them. I was spending a lot of money on just a beer or two and a greasy appetizer. Finding ways to limit your spending in these types of situations can be tricky. You can have one fewer drink or eat a meal before you go so you're not tempted to purchase bar snacks. Another option is inviting the "happy hour crew" somewhere else. I have had some of my coworkers to my house for drinks and dinner, which is less expensive.

Maria Rainier is a freelance writer and blog junkie. She is currently a resident blogger at First in Education where she writes about education, online colleges, online degrees etc. In her spare time, she enjoys square-foot gardening, swimming, and avoiding her laptop.