After graduating from college there is a reality that one must face, especially if there are student loans that must be paid off in the days ahead. It may be easier for a young college student with no other responsibilities such as raising a family, but what about moms or dads? Let’s face it we have bills to pay, mouths to feed, etc. Having children is expensive and gets more expensive the older they get: sports, dance, etc. This little word we call a budget must become a big part of a family’s routine to live wisely and within a means especially when balancing money in so many different directions.
Here are a few tips according to R Slager regarding money management, budget, etc.
Budgeting Tips
- Get a bank account that has no fees. If you have a college bank account through the credit union it is advised to just keep it due to the many benefits including avoiding any of those extra fees. This is great advice too if you are a parent of a child that graduated from college.
- Consolidate! When it comes to student loans you will most definitely want to consolidate to make it easier to pay off in time and with a lower monthly payment. “If you want to see a lower interest rate it is suggested to consolidate your loans through the federal government, especially if you received a Stafford or Plus loan through the federal government.”
- Great your budget and stick with it. One of the mistakes that families and individuals make is they make a budget but don’t take it too seriously. The key is discipline. Check out Dave Ramsey’s website on money and budgeting. Dave Ramsey has absolutely amazing tips on how to manage your money. I recommend this site to anyone learning how to live and work with a budget. This takes discipline but trust me; it is so worth the effort even if you end up ditching all of your credit cards to make it work.
- Create an emergency fund. This is the best money advice I have ever received in my life. Let me tell you, it works. How can this be done? Create a separate bank account like PayPal etc. Just put a certain amount of money into it every week and watch it grow, especially with interest. The key is to pretend that money is not really there. You know it’s there but don’t use it unless you have a major emergency like car issues, hospital bills, home improvements, etc. My family started this over a year ago and it truly has made a big difference. I highly recommend an emergency fund.
- Got credit card debt? Get out ASAP. This means paying them off through consolidation if you have to. You can find many programs that will help you get out of credit card debt. One I like to refer to is Freedom Financial Network-Debt Relief. They have set programs to get you back on your feet.
- Invest in some sort of retirement like 401K or 403B plans. It’s never too early or too late to start planning and budgeting for retirement.
One of the many things I have learned about budgeting money is you are not alone. There are resources available to help you budget and manage your money wisely. Dave Ramsey, previously mentioned in the post, offers courses and seminars. He even has books worth looking into. His words of motivation will most definitely change your way of thinking.
Are you ready to budget and manage your money properly especially after college graduation? Have you started a plan of how you will go about this? I would love to hear from you. Please share any thoughts or advice you may have with those ready to make a commitment to money management.
Are you still trying to graduate college or about to take that leap? Check out our list of online schools here on classesandcareers.com.
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Students all over the country are facing tough economic times as tuition and school fees are increasing nationwide. With budgets being cut and schools being forced to take drastic measures, many students are turning to online education.
There are many reasons to switch to online education including the following:
- Get your degree faster
- Online classes are less expensive than traditional classes
- Save on gasoline costs
- No high housing costs
- Attend a cheaper college in a different state
Online degree programs are designed to be accelerated. Working on your personal schedule and only taking the classes that help you graduate will help you get a traditional 4 year degree in 2 or 3 years. With the average tuition rate at $7,000 a year, you can potentially save yourself $14,000.
The best part about online classes is that many colleges and universities actually charge less for the same courses online instead of in classes.
St. Leo University in Florida is one of the many universities that is offering these cuts. The school gives 10 percent off to online students.
If you are a working person with a family, you probably already spend more in gasoline per month than you’d like. Going to a brick and mortar university only increases that expense. Consider this: If you have to travel 25 miles to get to school and 25 miles to get home and you go to class four days a week, you’ve already added 200 miles to your weekly commute. At the end of a semester, you’ve added 3,200 miles to your average commute. At $2.50 a gallon, you’re looking at an additional $320 per semester. That adds up to almost $3,000 extra for the average undergraduate.
Dorm fees and expensive college area apartments add up quickly, with the average student paying $5,000 for room and board per semester, according to the National Center for Education Statistics. By the end of an average 9-semester bachelor’s program, living at home could save $45,000.
The California State university system raised tuition 32% in 2010, to try and recover from almost $1 billion in budget cuts. Instead of paying the average extra $20,000 due to tuition increases, students now have the option to take online programs from schools all over the country, and pay a much lower rate.
Classes and Careers.com has been helping millions of students find universities, degree programs and financial aid information for the last 8 years. They can help you connect with experts who can show you how to save money and get the most out of your education.
]]>The awful truth that should be dawning on us right now is that the institutions we trust to provide us with stability and prosperity are flawed and frail. When it comes down to it, we cannot rely on government, companies, banks, or markets to save us, as much as we've come to depend on them. Who can we rely on? Ourselves.
This recession should be a wake-up call to all of us to return to self-reliance. If you think about it, who's really in charge of making sure you have food, water, shelter, and safety? Is it really some group of rich guys in a big shiny building thousands of miles away who don't know you from Adam and really could care less about your needs? Are they really the guys you should be trusting with your life? The answers are you, no, and no.
Just to remind those who may not know what self-reliance is, the best way to understand it is to imagine what would happen if all of the systems you currently rely on for the necessities of life suddenly disappeared. What if water no longer came out of the tap? What if there were no more grocery stores stocked with food? What if you couldn't buy new clothes at the store?
The next question is: how would you make sure you and your loved ones had all the necessities of life in that situation? Dedicated practitioners of self-reliance grow their own gardens, sew and mend clothes, learn carpentry and minor repair skills, and store a little extra food for emergencies. Some even learn wilderness survival and purchase durable, long-term camping gear.
Although you may not want to go as far as these individuals, a little self-reliance is a great way to buffer your household against the effects of recession. For instance, put away a little food storage- you never know when food prices might skyrocket again. Also, keep first aid supplies on hand and know how to use them, in case you have an emergency to which 911 can't respond.
Bottom line: learn to cover your back. Learn a trade. Put a little money, food, and supplies away for a rainy day. Hope for the best. But be prepared for the worst.
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