(This post is part of a MBN Group Writing Project on “Finances at Graduation.”)
When I entered graduate school I remember being absolutely shocked how much stuff cost. I was in a dorm my first year and remember that I had $60 left every two weeks after paying for the dorm room. Just the dorm room. And I hadn't eaten yet! And forget a car. I remember telling this to my parents and they said something to the effect of “Welcome to what things cost!”
The following year was much better on my finances. I found an apartment that gave me an extra $300 every two weeks. Much better. I could eat again! Woohoo!
This was pretty shocking to me, and I had very little idea that it was coming when I graduated from a very sheltered life at college. I'm sure those of you who had (or maybe still have) student loans are just laughing at me. I wished that I had looked for housing earlier than I did that first year, and I probably would have been motivated by how much it cost. But I was pretty naive and had no idea.
A lot of my shock came from not planning ahead. I got the dorm room I did because I came late in the game and all of the less expensive rooms were taken. Looking ahead to what expenses will present themselves isn't terribly time-consuming but there are almost always more entertaining things to do than search for an apartment, research expenses, etc. This was an important part of growing up that I had apparently missed.
If you already knew this, then congratulations! I'm really happy for you. You'll save a lot of pain for yourself. If this got you thinking, then that's great too. Maybe the shock of the real world won't hurt as badly.
Persona finance success is all about planning ahead.
Ugh, even with planning it's a shock. I think the biggest shock is whenever you have to start paying your own way, whether it's in high school, college, grad school, or when you're first on your own. Planning ahead just makes you much better able to deal with the shock and move on from there.
I'm going back to graduate school and I'm in shock that I can't afford anything! I've had years of planning after college…I'm going to be homeless and poor….