Should I take some time off school to sort myself out financially?

[masxed]

I am a student about to graduate with my Associate's at the end of this semester (in a little less than a month) and I am working very hard at trying to get in a good place financially. I don't have any major debt to speak of, but I also have bad credit because of some mistakes I made a few years back. I am in desperate need of a vehicle, but I don't want to finance (can't, either, because of bad credit, unless I want outrageous interest rates) and I would love to just save up a few thousand for a good, reliable car. I would also love to reestablish my credit and focus on financially stabilizing myself for the future (which includes getting a fair amount saved up). However, I can't do that while in school, as I have quickly learned. It is near impossible to find a job that pays decent (or just more than minimum wage) while in school because part time, well-paying jobs are practically unheard of where I'm from. I currently have a part-time (24-29 hours/week) minimum wage job but it's just not cutting it since I have rent, electric, groceries, etc. to pay for. My paychecks are nowhere near enough for me to save for a vehicle.

Other things I should mention is that I am going to have quite a time paying for school next semester, since an actual university is much more expensive than the community college I am currently attending. I have already had to take out a small ($2000) federal student loan to help pay for school here. I can only imagine how it will be there.

So what I'm considering doing is taking some time (maybe a year) off school to get some money saved for myself. I really don't want to do this, since I already took a year and a half off after I graduated high school, and I already feel like I'm getting such a late start, but I feel like I'm running out of options. I see all my friends already getting bachelor's and I know I'm disappointingly late in the running, and this really worries me. However, I don't know what else to do at this point.

Honestly, the more I consider it, the more I feel like it is my best option to take a year off, get a job (or two) and start saving.

[bjl584]

Nothing wrong with taking time off school to get other aspects of your life in order. Education is important, but it's not the end all be all. There are other things that need to take center stage sometimes. I wouldn't worry about getting a late start. A few years isn't going to put you at an disadvantage whatsoever when it comes time to interview for jobs. It may even help you because you will be a little older, a little more experienced, and a little more mature than the people you will be competing for jobs against.

My only advice is to make sure that you have a plan to go back and finish school and actually execute that plan. I know several people that took time off school for one reason or another and just never got around to going back. They got a little to used to getting that paycheck every Friday.

[MonkeyMama]

Agreed with bjl.

That said, I would consider working full-time and consider taking night classes (keeping head in the game) or taking more full-time/higher paying jobs in the summers and during breaks, to hoard up cash. I am not a big believer in "all or nothing" overall. But, only you know what your true options are.

The thing is you don't need much of a car - just one to get you through a couple of more years of college? I'd see if any friends or family are planning to get rid of their cars. I have bought two cars from family in the $1,000-ish range. They maybe cut me a little slack, but not much. (I once found a similar deal through a private party - it was a great car for the price). That's all you should need to get through college. Just hope you aren't saving up for a $20,000+ vehicle or whatever the average American pays these days.

I'd also very seriously consider if you even need a car. Lots of great car share programs these days. (I personally can't imagine life without a car, and was able to take much better paying jobs in college with a car. Felt like a must for me. But, my price limit was about $1,000 or so until I graduated college. Maybe $2,000 in today's dollars. Rent and tuition were significantly higher financial priorities, and part-time minimum wage only stretches so far).

[Eagle]

I am a student about to graduate with my Associate's at the end of this semester (in a little less than a month) and I am working very hard at trying to get in a good place financially. I don't have any major debt to speak of, but I also have bad credit because of some mistakes I made a few years back. I am in desperate need of a vehicle, but I don't want to finance (can't, either, because of bad credit, unless I want outrageous interest rates) and I would love to just save up a few thousand for a good, reliable car. I would also love to reestablish my credit and focus on financially stabilizing myself for the future (which includes getting a fair amount saved up). However, I can't do that while in school, as I have quickly learned. It is near impossible to find a job that pays decent (or just more than minimum wage) while in school because part time, well-paying jobs are practically unheard of where I'm from. I currently have a part-time (24-29 hours/week) minimum wage job but it's just not cutting it since I have rent, electric, groceries, etc. to pay for. My paychecks are nowhere near enough for me to save for a vehicle.

Other things I should mention is that I am going to have quite a time paying for school next semester, since an actual university is much more expensive than the community college I am currently attending. I have already had to take out a small ($2000) federal student loan to help pay for school here. I can only imagine how it will be there.

So what I'm considering doing is taking some time (maybe a year) off school to get some money saved for myself. I really don't want to do this, since I already took a year and a half off after I graduated high school, and I already feel like I'm getting such a late start, but I feel like I'm running out of options. I see all my friends already getting bachelor's and I know I'm disappointingly late in the running, and this really worries me. However, I don't know what else to do at this point.

Honestly, the more I consider it, the more I feel like it is my best option to take a year off, get a job (or two) and start saving.

Welcome to the forums!

Between my college and MBA I took 1.5 years off to just work. Nothing wrong with that.

Some questions for you to consider.

1. Have you considered alternatives to supplement your income? Here are a few suggestions to consider for making extra money (particularly could be helpful for those in debt, for high school students, and college students): http://www.savingadvice.com/forums/w...tra-money.html

2. Have you considered moving back with your parents/family and (hopefully) living rent free after finishing up your associate's degree? What does their financial health look like?

3. What can you slash from your expenses? Perhaps your cell phone data plan? Or when was the last time you got a car insurance quote?

Hang in there. You can do this!

[snafu]

Ive 2 DSs about to graduate from university. They both had several PT jobs during the school year and more earning projects during May - late Sept. break. The nice restaurants pay minimum wages but even with tip-out, earning from tips is astounding particularly if you are willing to up sell a tiny bit. I know the college students in my community charge $ 65. per session to clean house and most do a house nearly every other day. No benefits but cash straight up. Our guys do landscaping and work at a financial institution every summer.

I add my voice to others who say working a year is not a significant factor so long as you make the commitment to return by fall 2016 at the latest. MM's suggestion to sign on for at least one course is terrific.

If you are willing to set out your budget/spending, there are likely suggestions that could help stretch your dollars and improve your credit score.