Financial transition
The final transition from high school to college that I want to discuss with you is the financial transition. Once again, I'm borrowing today from journalist and speaker Harlan Cohen, and adding some of my own thoughts. Here are some things to consider about the financial transition:
1. If you're entering college later this month, hopefully you've already done this, but develop a realistic plan for paying for college. This means discussing with your parents what they are able and willing to contribute financially to your college education, and it means figuring out what your own contribution will be. As a general guide, I recommend not taking out more in student loans over four years than you'd guess your salary will be your first year out of college. If you have no clue what you might be doing then, make your estimate conservative.
2. Make a budget of your expenses. I suggest using a spreadsheet like Google Sheets or Microsoft Excel. Track your spending habits and make sure these align with the money you have in your bank account. Have budget lines for food, academic supplies, entertainment (including alcohol), gas, recreation, and any other regular expenses you can think of. Aim to keep your spending within a pre-set limit.
3. Consider getting a job. This could be either an on-campus job (perhaps part of a work-study problem) or off campus. Consider doing something that aligns with your life and career goals, or something that you're naturally curious about. When I was an undergraduate student, I worked off campus at an independent record store owned by a recent graduate of my college. It was a great experience for me: it turned me on to all kinds of music I'd never heard before and enabled me to pay for my music collecting habit.
5. Take advantage of free things, or things included with your tuition, that are happening on campus. These include free food, intercollegiate sports, intramural sports, lectures, readings, plays, concerts, dance recitals, art exhibitions, movies, and more.
To learn more about the financial transition from high school to college, use the contact for m on my website to reach out.
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