Don’t Want to Move Back in with Parents after Graduation? Here’s How.

On the road to graduation? Good! Worried that once you’re out on your own, you won’t have enough money to cover all of your bills, student loans, and credit card payments? Not so good.The Wall Street Journal wrote, “One thing is clear: Millennials and debt go hand-in-hand.” However, you’re not alone.  Many young people don't want to move back in with parents after graduation. 

That’s why we’re here — to help you with managing money during college.

The Reality

If you want to hit the ground running after you graduate as a fiscally responsible member of society, you need to begin preparing for success while you’re still in college.

Why?

• More than four out of five college-educated millennials have at least one source of long-term debt. | Wall Street Journal
• Fifty-four percent of millennials over age 30 who have student loans are still worried about repaying them. | Wall Street Journal
• Thirty-six percent of millennials depend on their families for financial support. | U.S. Chamber Of Commerce Foundation
• Millennials average $25,000 in student loan debt. | U.S. Chamber Of Commerce Foundation
• Over a third of 25–29-year-olds have moved back into their parents’ homes. | U.S. Chamber Of Commerce Foundation

Although these facts can be alarming, if you develop good habits for managing money during college, you will be much better prepared for balancing all of the financial obligations present after your time in school.  

Tips for Managing Money during College

1) Food:

There are many ways to save money while in school, and it starts with your food choices. We all love going out to eat, but it’s best to keep that practice as an occasional treat. Stick with campus dining plans or grocery shopping (and learn to love leftovers). Another great way to save is downloading grocery stores’ discount shopping apps.

2) Shopping:

Shopping is a part of life, but look for your wallet weaknesses. What is something you know you don’t need to be spending extra money on but can’t seem to help buying on impulse? Work to discipline yourself and eliminate those unnecessary expenditures.

3) Housing:

Shop around! It might be cheaper for you to live off campus than on campus. You can compare apartments and houses to rent on Apartment Finder, Craigslist, Apartments.com, Realtor.com, and more.

4) Entertainment:

It’s important to socialize and decompress from class — just be careful not to overspend for entertainment. Instead of paying full price for new movies in the regular theater, go to the Venue Cinemas discount theater. When possible, choose free activities, such as hiking, biking, or playing music or sports with friends.  

5) College and Work:

Most importantly, borrow as little as possible from student loans and credit cards while in school. The cost of convenience is extremely high. If you can, work your way through college. It will make a huge difference in jump-starting your life after graduation.

Resources for Saving

Begin cutting down your expenses, and we’ll assist you with the rest. We can help you set long-term goals and stay on the path to eliminating debt. Start by developing a budget today.