Frugal Guru Guide
by Jenny

If a graduated with flying colors, is this an assurance to become wealthy?

For a new graduate, there are four critical factors that influence your likelihood to get a good-paying job. The first is your major. There are majors with one - year unemployment rates in their fields of 25% and more.

Others have unemployment rates below 10%. Your GPA and any work experience in your field is also very important. Young people have limited experience, so their grades and internships are are the only indication of employability that employers have.

The third important element is interviewing skills. While the ability to impress someone in an interview is very poorly related to your ability to do your job, it is crucial for landing a job. Finally, connections matter more than ever. Make connections with upperclassmen during your freshman and sophomore years, and you will be at an advantage later.

It is necessary to have a weekly, daily, monthly and yearly budget? Any money saving tips?

Each person should have a budget that works for them. People who struggle with living below their means should start with a weekly budget. Over time, you may be able to transition to a monthly or even season budget.

Take out the money for your retirement first, through automatic deductions. Next, put the rest of your account into saving and only move your spending money into checking. Pretend that you don't even have the money in savings and retirement.

I attained a high income salary, I’m tempted to spend it all but I want to save for my future, what should I do?

You should take a route for saving and spending that balances risk with gain. Don't try to time markets perfectly. Don't put things on credit that you can't pay for with cash. And don't take money out of your home to find your lifestyle. It's not so much about not repeating mistakes as having a lifestyle that's not likely to lead to a bunch of financial mistakes.

How can I stop overspending in my groceries? What is the difference of a need and want?

I'm sort of a grocery expert!  This year, I've been averaging $65 per week to feed my family of 5. To save money, you should cook your meals from scratch, buy less expensive cuts of meat, shop season produce, stack coupons with sales, and not let food go to waste.