Originally published April 7 2005
Life after college is scary but manageable if certain guidelines are followed, says money expert
by Mike Adams, the Health Ranger, NaturalNews Editor
If you're a recent college grad, keep these tips in mind when you embark on your new life in the real world: 1. Your gross income is not your net income, so spend accordingly. You can calculate what your net, or take home earnings are, at www.paycheckcity.com. 2. Make a budget so that you don't have any surprise bills at the end of the month. 3. Cars are expensive. If you live in a city with public transportation, use it for a few months until you are sure you can afford a car and all the expenses that go with it. 4. Credit card debt adds up fast, so keep your debt to a minimum from the very beginning. 5. Start saving for retirement early. It will teach you to be a disciplined saver from the very beginning.
Are you ready to deal with credit, insurance, student loan payments and the jolt from your first electric bill?
The summer after I graduated from high school, I expressed my enthusiasm for starting college to a co-worker, who was a student at the university I would attend.
For most young people, college is the last phase in life in which someone else is paying the bills.
From negotiating a lease to the heart attack of auto insurance rates, there's a host of new experiences awaiting them, and some situations for which they're totally unprepared.
Bankrate.com asked financial experts for their lists of the top 10 financial surprises faced by college graduates and suggestions on navigating in the real world.
Groceries, the cable bill, Internet access, car maintenance, commuting costs -- it all adds up.
"Everybody thinks they will have a big apartment, beautifully furnished.
One significant resource that many students don't take advantage of is the alumni in the city in which they will live.
They don't realize the cost of insuring that car.
Nellie Mae, a student loan provider, reports on its 2002 survey that undergraduate college students who used credit cards to pay for part of their education have a median balance of $3,400 on their credit card.
Student loans don't go away Sherri Williams, assistant director of career services at Texas Women's University in Denton, Texas, says students often are surprised by how soon six months passes and they have to start paying on the loans they have taken out.
Another item to remember is that if finances get totally out of control and a graduate decides to declare bankruptcy, everything will be forgiven except student loans.
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