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Ah, graduation! You've passed your final finals, slept through those way-too-long commencement speeches, partied like a rock star and can now enjoy the rest of adult life: paying for everything yourself. Just like the rest of us!
There, there. It's not so bad. In fact, when compared to some of the REAL expenses you'll face one day (paying for soccer uniforms and summer camp), the startup costs of life after college aren't that scary.
Or they won't be, as long as you squash your hopes for the high life right now -- and memorize this post-college survival guide, fueled by advice from hardened veterans who know the real meaning of the phrase "secondhand futon."
There are reasons to plan this next move carefully -- and frugally. These days, many young people leaving campus face an uphill financial battle. According to Tamara Draut, author of "Strapped: Why America's 20- and 30-somethings Can't Get Ahead," the average student-loan debt is about $20,000. "That's a huge financial burden," she says.
But even if you were one of the lucky ones whose college costs were covered by Mom, Dad and a work-study job, the fact is that now the lion's share of your living expenses will fall to you.
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First, a paycheck
I know you want to buy a car and a nice stereo for your new pad. But let's not get ahead of ourselves. In order to afford the wheels and a place to park your head, you need . . . a job! That's right! Good answer!Brian Krueger, president of CollegeGrad.com, an employment-resource site for new grads, warns that job-hunting comes with some unexpected expenses.
He recommends budgeting for the following:
A decent cell-phone plan. "It's a requirement so employers can reach you at all times," Krueger says. Also, whatever plan you have may not cover the sudden hike in calls you'll be making.
- $200 for a nice interview suit. "The one you've been wearing to weddings won't cut it in the working world."
- $60 for good shoes. "Not the kind you wear to a club," he notes.
- A 9x12 binder for carrying extra copies of your resume.
- $20-plus for "the long-overdue haircut."
- At least $10 "for a pen that says 'serious job-seeker,' not starving college student."
Krueger adds that there's no need to shell out money for an expensive resume kit. The Internet is chock-a-block with resume tutorials, and you can find more than 200 entry-level resume templates on CollegeGrad.com, he says.
Once you've landed a job, says Abby Wilner, co-author of "The Quarterlife Crisis" and "The Quarterlifer's Companion," you'll also need wardrobe updates.
"Recent grads may have nothing but sweats and jeans from the casual days of campus life," she says, "but even a business-casual environment requires trading up a bit, from the outfits to the shoes and accessories."
Where to get the cash -- especially while you're unemployed? If you didn't spend your senior year saving (you can stop laughing now), Krueger suggests asking the 'rents, pointing out that if they've helped you get this far, it would be a shame to have it all go to waste now for the lack of a few hundred bucks.
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How to save more moneyCounting pennies? Here are tips to beef up that bank account.
Nix the Crate & Barrel lifestyle
You may dream of living in your own stylish apartment, and someday you will. Just not now.The cost of finding and then furnishing your own domicile is pretty steep, as readers on the Women In Red message board would like to remind you.
It's not just the obvious expenses -- rent, security deposit, utilities, etc. It's all the "invisibles," as a reader named Olga put it.
She describes the first time she and her roommates went grocery shopping, each putting $30 into a shared shopping fund.
But when they cooked dinner, Olga writes, "we finally noticed that we had bought bread, but no butter. Eggs, but no pepper. Potatoes, but no salt. Cold cuts, but no ketchup, mustard, mayo or tomatoes. We had pots and pans, but no cooking oil or spray."
It cost them another $100 (and advice from one of their moms) to get everything they really needed, she writes.
Continued: Household basics you'll need
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