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What is the best way to maintain your money usage in college? After College Graduation Where should I start applying for jobs?

After College I want to be able to get a job that starts at a decent annual salary and start paying off my college debt. My Parents Recent House Hold Income is about $34 to $35,000. I want to be smart at stabilizing my money usage during college so when I graduate college I want to be able to start paying my college debt as fast as possible. I'm just a 17 year old senior that lives in Visalia, CA that wants to be better prepared on what lies ahead in the future, and what's the best route on becoming a Registered Nurse. #nursing #registered-nurses #nurse-practitioner #pediatric-nursing #nurse-management #financial-planning


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Kim’s Answer

Joshua,


College debt is a big burden. As a registered nurse, you will make good money. But when it comes to money management, there is a lot to learn. Don't be in such a rush to pay off the loan. Why? Because you want to first work on building up an "Emergency Fund." That will contain enough money to cover your living expenses for 3-6 months. That way, when your car needs work, you will be able to pay for it, rather than putting it on a credit card or taking out yet another loan. Once you have that, you want to start your retirement fund, or start saving for other goals: buying a house, for example.


It is easy to put expenses on credit cards. Try not to do it! Try to live within your means. But, don't always buy the least expensive stuff. For example, furniture for your apartment will last longer if you buy a decent quality product.


When it comes to paying back loans, you want to get rid of the most expensive ones first. Look at the interest rate. If your car loan has a higher interest rate than your student loan, get it paid off first. Also, there are programs that will help you pay off your student loan, usually through your employer or the gov't. Look into those. If you can go work in an area that has a nursing shortage, and get help paying back your loan, go for it! Also, if your employer offers a "401 match," make sure to take it. This means that if you set aside X number of dollars from your paycheck for retirement, they will contribute an equal amount. The amount is limited, sometimes around 3% of your salary. This is like getting a larger paycheck!


It is good that you are thinking about money management at such a young age! You will do well in life!


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Amy’s Answer

Hi Joshua,

As a recent grad myself I can tell you that trying to save money during school and post-grad can be challenging. The best advice I can give you is to start saving now. It's never too early to open a savings account. Anything extra you can put in it each week really helps out. I also started investing some of my extra money into stocks.

I use an excel budget tracker. Luckily, I travel Monday - Thursday and a lot of my daily food expenses are covered. I set a limit for each category and track against a budget. Taking public transportation is also a big help. I don't have a car so I don't have any expenses towards insurance, gas, or unexpected potential fixes.

It's also important to remember that you're just starting out! If you're smart with how you spend your money and where you invest, your wealth will grow over time. Hope this helps!

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Hannah’s Answer

An easy way to learn some money managing tips is YouTube - there are tons of financial advisors. Personally, I like listening to Dave Ramsey.

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Sharon’s Answer

Hi Joshua,

I'd suggest keeping all your monthly expenses in an excel sheet. That way, you can categorize and analyze them to see visually where you spend more money and what items you could avoid.

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