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After College Preperations - July 17th 2010, 09:32 PM

I've recently finished my first year of college and am starting to pay for the housing while my parents will pay for my education. I'm not worried about this, but more along what I will have to pay for after my education is completed.

I was wondering if any of you could help add to my list of what I can expect to pay for after I graduate, so I can establish a scenario of what I will need to make to do what I want. I plan to live in a 1 bedroom 1 bath apartment right out of college with a rent from $600-800 a month.

Car Insurance
Health Insurance
Insurance for Apartment (needed?)
Gas
Food
Cable/Internet if not included with Apartment

Anything else to add to the list on what I'll need to pay for?

Also I'm not sure what category of the forum this was supposed to go in but I just put it here.
   
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Re: After College Preperations - July 20th 2010, 02:27 AM

I forgot to add that I have to pay taxes on the income on my salary.
   
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Re: After College Preperations - July 20th 2010, 03:31 AM

Most leases will require you to have insurance, but few require proof of insurance. I would say it is needed because if there is a fire, your stuff won't be covered otherwise. I would really consider learning to live without cable or fluff till you have a job and start saving now.


- I would add in a 401k plan.
- Savings to fall back on. Generally you want three to six months to cover all your expenses in case you lose your job or become very sick.
- Phone bill.
- Extra money for clothing. Maybe not every month, but now and then.
- Other necessities such as deodorant, tooth paste, so on. Not every month will you be buying them.
- Car payment (possibility)
- Save some money for car upkeep. Things will break on them and they need regular work which can run from 20 to 30 dollars.
- Utilities.
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Re: After College Preperations - July 20th 2010, 02:47 PM

Alright. Well now I'm just looking for the monthly/yearly payments that I might have to do, then I'd figure out how much I have left to cover for things I use daily and what I'll need ready to have for an emergency.

My car is payed for and will probably need some work when I get out of college but right now it'll be fine.
   
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Re: After College Preperations - July 21st 2010, 02:41 AM

Well, it's usually better to stick to a budget instead of assuming there will be some left over for what you want. Usually there won't be some left over. Also, is the rent actually what you would have to pay or could you find rent cheaper? I know it varies depending on the city and state where you live. If you budget 20 dollars a month for clothing and save the 20 dollars each month till you can afford the shopping trip, then you would do better because you can limit yourself rather than just going on a shopping spree and assuming you can cover it.

Also, cars love to break and they are never cheap to fix so you should be saving up money in the meantime. Adding in labor, it could be several hundred to a thousand to fix a part breaking in your car. I know mechanics who can work on my car, but most people don't. Plus it needs regular work anyway and very few people can do the simple stuff like oil changes themselves (which it costs me about 19 dollars every three to six months depending on how much I drive to do it myself. It would cost about 30 with conventional oil instead of synthetic to pay someone to do it two to three months because I drive a lot.)

Plus the three months to six months plan is strongly recommended, especially with the economy the way it is. It can take a college grad a year to find a job.

Plus utilities are something that are variable but they can cost a lot depending on your personal preference. '

If you don't plan on saving, then you probably won't save.

Another thing to keep in mind is what kind of salary are you thinking you will make? I would look up what your profession's salary range is and then figure you will be making the lower end of it, if not lower than that by a few thousand as you're fresh meat. Then figure out how much you would make per month and figure taxes would take about 20% of what you'd make per paycheck. I know in the USA, the BLS gives some general idea for salary ranges. It may depress you, but it's something that would give you an edge in budgeting now till you have a job that would offer more money.

Like I have looked at hourly pay for EMTs to be about 12 dollars an hour starting out. I will probably be working as a nurse on a contingent basis (on call) to supplement my income as I want to be a paramedic first and then go into nursing. It would keep my nursing license current. I'd work 36 hours a week as an EMT and times .8, so I'd make about 17,000 a year so about 325 per week. Not much, but it's something.

However, if I can't afford to do that, I'll probably go to nursing and volunteer as a paramedic at a fire station. I'll ignore any earnings I'd make from the fire station as that's per call system and it's only ten dollars per run. Average hourly wage for a nurse here is 20-25 starting out so I'll go 19 dollars. Once again, only 36 hours per week and ignoring the possibility of overtime (which some nurses work a lot of.) I'd make about 540 dollars a week after taxes.

My earnings will be higher than what I budgeted out and that can go into a rain day fund. It is better to underspend than to overspend.

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Re: After College Preperations - July 21st 2010, 03:21 AM

Alright this sounds great, but I go to a college where there is a major history of job placements due to internships, of which the starting salary for my job medians out at 75k. I don't think that I'll have to worry about that, but I could be wrong, I'm just hoping for the best at this point. I know the first year-5 years will be a very big learning experience and I'm just trying to get some of it out of the way.
   
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Re: After College Preperations - July 21st 2010, 04:07 AM

I'd still go off of something like the BLS and not what a college tells you. My sister's college was rated with one of the best job placements and return on her investment in a national survey, but a lot of her graduating class is struggling with part-time jobs. It's better to plan for the worst.
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Re: After College Preperations - July 21st 2010, 06:38 PM

Good point, thanks.
   
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Re: After College Preperations - July 24th 2010, 04:41 PM

Quote:
Originally Posted by MisplacedDreamer View Post
Most leases will require you to have insurance, but few require proof of insurance. I would say it is needed because if there is a fire, your stuff won't be covered otherwise. I would really consider learning to live without cable or fluff till you have a job and start saving now.


- I would add in a 401k plan.
- Savings to fall back on. Generally you want three to six months to cover all your expenses in case you lose your job or become very sick.
- Phone bill.
- Extra money for clothing. Maybe not every month, but now and then.
- Other necessities such as deodorant, tooth paste, so on. Not every month will you be buying them.
- Car payment (possibility)
- Save some money for car upkeep. Things will break on them and they need regular work which can run from 20 to 30 dollars.
- Utilities.
LOL you dont need a retirement fund... unless you make alot of money. You should use ur money to expand your lifes oppurtunities. And not on pointless travel trips and parties ect...

If your poor, and your hometown is large enough to suport jobs. the best way is to move in with your family. Alot of young people waste their time living on their own.. which would ultimately limit their career perfromance because they are stressed over things that does need to be pay for. Once you land a good paying job... move outif you want to. Dont move out for the sake of moving out. Thats just plain childish. especially if its for "Relationship", partying ect...

You better off saving 30 grand for a down payment on a house... rather than renting. Renting is a waste of money.
   
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Re: After College Preperations - July 24th 2010, 09:10 PM

My hometown is not within 2 hours of where I go to college, and where the job opportunities are. I'd have to get my own place.
   
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