I'm Worried,please give advice?

Question

Iam worried that when I get out of college, I won't have enough money to "get started"in life (like a house, new car, stuff like that) What can I do to save money in college
despite the ridiculous fees?

Answer 1

Firstly, I am sure you have career counselor in your college, why not use his services to find your ideal career path after college?
If he is of no help to you then, you need to do some soul searching. You will be amazed how most of the answers may be found if you apply your mind to finding solutions.

Secondly, unless you have a good chance of qualifying for scholarship, I think saving is out of question. Maybe you should get part time job to get cash and experience of having a boss in your life.
Worrying certainly disrupts your thought process therefore be single-minded and focus on solutions. I would recommend reading books like "think and grow rich" by Napoleon Hill.

Answer 2

Don't worry, honey. It is a waste of good time and energy you need to use towards your future. The way to avoid having to worry about money is first and most importantly, spend less than you make, second, have savings, and third, plan and budget.

It sounds boring and hard, but it really isn't, especially if you get those good habits started now. I know it can be tough to hold back if your friends are whipping out the credit cards and buying crap all the time, but developing that self discipline now will set you on the path to wealth sooner than later.

You don't need a house, new car, or the heavy responsibilities that come with them right out of college. You work your way up by renting apartments and driving a reliable used car for cash instead of going in debt for a shiny new one.

Also, in the "real world," employers don't really care what college you went to, so if you're in some big bucks/big name school, you might want to consider transferring to a state school or somewhere less expensive. You could also begin working now and take your classes online around your work hours.

As for savings, start an account and start putting money into it regularly, even if it's $5/month at first. Pay it to yourself like any other monthly bill. Don't skip it and don't touch that money. As you earn more, you can gradually increase your deposits, but if you start that habit now, it'll profit you for a lifetime.

Ask your parents or a trusted teacher/counselor for help, or take a "lifeskills" class that teaches financial planning and budgeting. You have plenty of options, and taking time to look at all of them and make informed choices is the best thing you can do.

Take care and best of luck! :-)

Answer 3

First of all, you don't need to start out with a new car. Either find a cheap place to live, something like a studio apartment or get roommates to help share the cost. You can also consider moving back in with your parents until you've save up the money to move out on your own. Not everything that goes in a house/apartment needs to be new. Shop at second hand stores and see if your parents have extras of anything they would let you use. As for saving money, if you can do it get a first, or second job, if you already have one.

Answer 4

Getting Started out of college is not that difficult. What you need to do is just learn to live within you means. Don't go out and buy a brand new car your first year out of college. Everyone does that and it is not the best use of that money. Get your bills under control. Live in a modest apt. Don't eat out every day for lunch and dinner.

While in college also live within your means. Do not run up your credit cards. Get good grades. The higher your grades the better your job will be coming out of school.

Also try to get some experience. Interships and Co-ops are good experience to help you land that good job and some also pay you over the summer.

You will be in debt coming out of college but try to minimize it buy not wasting money on crap that you don't need. Put a budget together. It helps a lot, gives you the information you need to put a plan together.

Best of luck.

Answer 5

You may not want to jump into high debt right after college. The important thing is that you establish good credit so when you are able to make big investments like buying a house you will have the ability to do it. As far as saving money in college try a roomate and minimize what you spend on entertainment. That is hard I know.

Answer 6

You may have to do what many before you have done: return to the nest. I know, I know...not the most pleasant thought, but it may be necessary. First of all, for many, it is difficult to find a job in your chosen field right out of the gate. And remember, you do not need 'new'...settle for a good used car, an apartment - or roommates to share either a large apartment or a house, worry about the necessities at first, not what you want. It will likely take time to get yourself established, just be patient.

Answer 7

Don't automatically assume you will be able to afford all those things immediately. That's when problems with debt pop up. Your parents didn't get all their stuff...BOOM..all at once; they worked up to it, and so should you.

Always pay yourself first, as though you were a creditor. In your budget, the top 10% of your takehome pay gets put into a savings account, or invested in mutual funds, something safe. Then you go after the things you need to live: housing, utilities, food, insurance. Then the niceities. Once you get a handle on a workable budget, then you can look at upgrading the car, buying property, etc etc. it takes time, years even.

Answer 8

get at a really good paying job. I work for fedex after school five days a week and is a part time job. The pay is really good. I live at home and try to only spend money on things I need so I can save my money. In the summer you will have to get 2 or more jobs.

Answer 9

try to put little bits aside in savings. they say that even 10 dollars a week is huge, thousands after 5 years if in the right account. while your in school just try to stay out of debt. try to limit your student loans and any other credit cards, because if you could start off without that burden you would already be far ahead. once out of school i would by a nice house, but one that you can afford and still be able to have money left over to either pay off debt or save for a nicer home.

Answer 10

I can say that if you open up a savings account and just put 100 dollars per month for 4 years then you will have 4800 dollars plus interest. You can get a good paying job and try to put in more.