Alumni Survey: Tips for Managing Money During Your Year of Service

A City Year year of service comes with professional development opportunities, deeply rooted camaraderie, and a rich opportunity to change the lives of young learners. What isn’t quite as easy, however, is balancing a budget on a volunteer stipend in a big city, especially in Silicon Valley. The team at City Year San Jose/Silicon Valley decided to reach out to over 20 stellar alumni for their advice on how to manage money and even contribute to your savings while serving. Check out the results below and if YOU have any advice to share, please send us your feedback here!

• 56% alumni say rent is the hardest expense to contain, followed by transportation at 17%, and entertainment at 13%
• While nearly 70% did find it somewhat challenging to manage money during their year of service, 43% of alumni were able to save money during their year of service
• The most helpful things our alumni listed to help them manage their money included: tracking expenses, serving near their family home so they could have free housing, and remembering/reminding themselves that a year might seem long, but it’s temporary and it flies by. Others recommended planning and saving money in advance to provide a little more budgetary wiggle room.
• Saving on Food: Most alumni noted that a combination of food stamps and limited eating out helped them manage their money more effectively.
• Saving on Entertainment: Several alumni noted the abundance of free / low cost entertainment options from movie nights in the park to free museum days. Lists of low cost events and activities abound across travel sites and blogs. Reddit posts can also provide helpful insights.
• General Advice:
  • “Apply to CalFresh, live with roommates or family members.”
  • “Practice the 50-30-20 rule (50% needs, 30% wants, 20% savings or debt payments).”
  • “Put any student loans in forbearance!! This will make it worth it, allow you to save a little bit, and let you reassess how you smart you are with your finances and what areas you can improve on.”