Financially surviving college

[Mosiman]

Hello,
I am currently a 17 year old high school senior. I have supported myself for the past year, so I have a decent idea of budgeting. That being said I am graduating in a couple months and will be moving into an apartment (I'm renting a room cheaply from a family friend) and between more expensive rent, food, car insurance and all that other fun stuff I'm trying to figure out as many money saving methods as possible.

So essentially, I would like to hear what problems you encountered and how you handled them when you were in a similar situation. Or if you have any advice to offer in general, it would be much appreciated!

You will be aiding a soon to be starving college student :]

[bjl584]

Well, first you should list your typical monthly income and expenses. Then it will be easier for people to make suggestions.

[Mosiman]

Monthly

Income;
Job- $400
Financial Aide- $100
College Fund- $350

Expenses;
Insurance- $125
Rent- $300
Gas- $80
Utilities- $70
Food is taken care of, I'm sure I'm missing some things. This is just a quick brainstorm.

[disneysteve]

Originally Posted by Mosiman

I am currently a 17 year old high school senior. I have supported myself for the past year

Originally Posted by Mosiman

Income;
Job- $400
Financial Aide- $100
College Fund- $350

Can you clarify your situation. Why are you supporting yourself? Where are your parents?
If you are a high school student, why are you receiving financial aid and money from a college fund?

[Mosiman]

The income and expenses that I listed are estimates for my fall term, which will be september 2011. I come from a slightly troubled home and I decided that it would be best for me to find a more stable environment. I have a part time job at a local cafe, and attend high school very part time. I'm credit efficient so I only have three classes currently. I was accepted into a scholars program at the local community college, in which they pay my tuition for two years. I plan to get a transfer degree and proceed to go to a state university.

[minnie1928]

Originally Posted by Mosiman

Monthly

Income;
Job- $400
Financial Aide- $100
College Fund- $350

Expenses;
Insurance- $125
Rent- $300
Gas- $80
Utilities- $70
Food is taken care of, I'm sure I'm missing some things. This is just a quick brainstorm.

Another question to add to the ones above. Your college situation, would you be able to ditch the car and use public transportation? That's $200/month (minus whatever public trans would cost).

[Mosiman]

Originally Posted by minnie1928

Another question to add to the ones above. Your college situation, would you be able to ditch the car and use public transportation? That's $200/month (minus whatever public trans would cost).

I'm honestly not too familiar with my towns public transit. That's something I will certainly look into, thank you.

[MonkeyMama]

The best advice I can give is work. Work, work, work.

I paid my own way through college, and never borrowed a dime. Working hard was the most important key to this. (I had some help with tuition, but paid my own living expenses - which was far more expensive than the cost of school).

Besides working, just being creative and looking for new ideas, is helpful. Coming here is a great place to start.

The biggest obstacle for me was finding cheap rent. Since rent is likely your biggest expense, I think the situation where you can rent from a friend is GREAT!

There is only so much you can do to whittle down the basic expenses of other necessities (food, gas, insurance) and so the next logical step, to me, is to increase income. Look around, talk to people, and think outside the box. My spouse worked seasonal jobs through college so rarely worked during the school year (but cleared $10k in spring/summer). I am talking mostly minimum wage jobs, but lots of overtime, etc., when school was out.

I actually taught piano in college (could make far more and work less), but added "5 hours per week" type bookkeeping jobs so I could get experience (I majored in accounting). At the end I Was able to get a very high paying internship. I also became a sales rep for a CPA review so I could get a free course. Stuff like that - opportunities abound if you keep your ears open. Networking and talking to people is really important in these type situations.

Good Luck!

[MonkeyMama]

Originally Posted by Mosiman

I'm honestly not too familiar with my towns public transit. That's something I will certainly look into, thank you.

I personally kept my car in college because it was far easier to work more and cover the costs, with a car. (Plus, I suppose, our public transportation is REALLY expensive).

I definitely think it is something worth looking into, though. I just wouldn't be surprised if a car was more cost effective for some college students. It depends - small college town or big city. I went to school in a big city, and a car was really a must. I could not have worked all the jobs that I did or had near the opportunities. Housing close to school was also prohibitively expensive - so a car made more sense in that regard. For most small college towns, I'd think you could do well without a car.

[Mosiman]

Thank you very much for the advice!

And I could probably manage without a car, the college and my work are within a twenty minute walk of the apartment I'm getting.

[Shewillbemine]

One of the best jobs you could have as a college student is to become a tutor or work for a company that hires tutors, such as test preparation. I thrived in college because I was making $15 - $30/hour on part time work versus my friends who worked for minimum wage at much higher stress, higher energy jobs.

The rub, of course, is that you need to be comfortable, educated and driven enough to teach 1-2-1 or classroom groups.

[Frugal]

You don't have to starve when you are in college. For one semester of my five years in college, I was at a very expensive private college, and my roommates were on food stamps - only because they were considered somewhat financially independent from their parents, who made a lot of money as professionals. You can see if you are eligible for any kind of gov't assistance as a student...check Medicaid, food stamps, etc. Some kids survive on food from the food stamps program in college, that would otherwise literally go hungry (I saw how hungry some kids were in school, that were much worse off than me).

The best thing you can do at your age is to work and save up. Every dollar you can put in the bank at seventeen will save you money later, if it accrues interest.

If you are like me, you may not have any reasonable option but taking out student loans. Remember that if you have to, despite what people tell you that don't have any debt because their parents basically paid for their college, it is not the end of the world. Debt isn't fun, but the federal subsidized Stafford loans were one of the best options for me when, despite working, I had no other way to finance my BA. You can survive after taking out loans, it is just somewhat harder when you go out into the world.

Don't do what I did and develop a coffee habit in college that costs you $50-70/month. Save what you can now, by living in a less expensive place, and you will have some savings possibly when you get out that will help you get a start on your own. It goes by really fast. I went through all my savings and had to build them up after I came out of school, but I wish I had cut my spending even more than I already did in college, to help me out when I was 23 and finally done with school.

Hope that helps. It can be done on a budget! Don't feel bad about yourself if you can't stick 100% to a budget; college is a very challenging time for most people financially!

[Frugal]

p.s. You are smart to do without a car. Save yourself the liability, and/or monthly payment, and bike or walk like I did. I got a car when I got out.

[greenskeeper]

Do not use a credit card while going to school unless you pay it off every month.

I have friends that lived like "kings" (relatively speaking!) in college when they had no income at all.

I have been out of college for 12 years now and I have friends who are STILL PAYING OFF the credit card debt they accrued while in school!

Personally I saved since I started working and was able to work between semesters and lived frugally. I took out a student loan on 70% of my tuition (standard 10 year note) but payed it off in 4 years after graduating.

Best of luck....an education is "priceless"

[GREENBACK]

Originally Posted by MonkeyMama

The best advice I can give is work. Work, work, work.

I paid my own way through college, and never borrowed a dime. Working hard was the most important key to this. (I had some help with tuition, but paid my own living expenses - which was far more expensive than the cost of school).

I completely agree here. I worked very hard at sometimes 3 part time jobs going to full time in the summer at a couple. I was very fortunate to find flexible employers that let me work when I could. Very stressful and tough to concentrate on making good grades this way but I graduated with virtually nothing owed to anyone. That was well over 20 yrs ago and things were certainly cheaper then but anything that can cut the costs is a help.

I rented a big house with up to 4 roommates at one point. This is helpful. We took advantage of every program around that was meant to help the poor, which we certainly were. We planned meals as best we could( how much planning does Ramen noodles and Mac & Cheese take!). I bought a cheap K-mart bike with a rack and got around town pretty good Including grocery store trips. I could go on but you get the picture.

[Mosiman]

I appreciate all the feedback, it's very helpful!

The one issue with losing the car is that I live in Oregon, and we get rain all too often. Since I've been on here I put a ad up for my car (1988 Bronco, very inefficient) and am looking for a reliable little Honda or something along those lines.

[kork13]

Where in Oregon? Just curious, I've got alot of family/friends up there, in Medford/Ashland/Grants Pass, Portland, and Eugene.

A good option would be a bicycle. Certainly, it wouldn't be of much use on the nasty weather days, but on decent days, a bike is an excellent option, and Oregon is actually one of the more bike-friendly states (particularly if you're up north towards Portland). If you can use the bike even half the time, it would decrease your auto costs significantly. Less gas, maintenance, and probably lower insurance (most companies cut the price for low-mileage drivers).

As mentioned, a roommate can make living expenses much more manageable. It mostly just depends on finding someone you can get along with living in the same place together.

One thing of note, make sure that you're saving at least part of your income each month. It may seem impossible with a low income, but even just $50/mo builds up over time, and it can be a critical backstop if necessary.

[khosta]

Whatever you do.... try and stay away from student loans (when you go off to a University). I have student loans - not too, too bad - but they are a pain in the butt and really, just unwanted debt! Get a job that is close by - work when you're not in class - and stay away from teh bars!!! Drinking and partying will drain your wallet!!!!

[Frugal]

Bicycles are a really good idea in Oregon. I spent a year or so in Oregon growing up. They can get you around in some downtown areas, and say at the U of O campus in Eugene, when I have visited (about two years ago the last time) everyone was zipping by on bikes! It is definitely trendy. You can save A LOT on gas right now, because I think it will rise in Oregon pretty fast over $4.00 per gallon. My friend was just in Oregon the other day, and gas was up to $3.99 on the Coast.

As a side note, don't be ashamed to ride a bike to school. I had to do it, and so did many kids whose parents either could not or would not help them buy cars. You are in a vast majority of kids at college who are scraping by on very little, so don't worry too much about how it will look. Even if kids don't talk about it that openly, most are struggling to get by.

A Honda is a good car for commuting to college, if biking is not an option. They tend to have good resale value, at least in my area of the West. They can also get good mileage per gallon. I would not go with a brand new one, but also not one with too high of a mileage already put on the car...that is just my opinion, though.

Hope that helps! There are just so many ways you can think of now that will save you money later...you are at a good time to be planning!

[walker.kenny]

There are some online work sites where you can freelance in your spare time and make some quick bucks. Like someone said earlier, tutoring is a great option both online as well as offline. Good luck!