For the next several years, Murtfeldt recommends that Lisa not have a credit card. Try to save 15 percent of the money you make, he says. A penny saved is equal to one penny, and a penny earned is less than a penny because you pay income taxes on this penny. Murtfeldt also gave Lisa a floppy disk that included an income and expense spreadsheet for her to use to do her budget planning. From this kind of exercise, you can develop a good yearlong plan for running your life from a financial standpoint.
Cars are the worst money sponge around.
It would be much better for you to live close to work and ride public transportation during your year than to sink relatively huge dollars into a car. Do this no matter who is selling you the car. Buy a used mid-size car that has a good safety record and an air bag. Use the Internet to shop for a car. A good warranty might come with it as well, he notes.