4 answers
sarah
Student
Wappapello, MO
1
Question
Updated
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what is the best techniques for being financially stable while working full time and going to college full time>?
what is the best techniques for being financially stable while working full time and going to college full time>
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4 answers
Laura Welch
Change Management in M&A
15
Answers
Austin, Texas
Updated
Laura’s Answer
Love all these answers! I'll just add quickly - being rich simply means spending less than you earn. Some of the richest people I know don't make a lot of money, but they are free because they have little to no debt and are living the way they want to. And some of the poorest people I know make a ton of money but have so much debt that they are constantly stressed and overwhelmed.
Jeff Zellmer
CFO Consultant
3
Answers
Morgan Hill, California
Updated
Jeff’s Answer
Wow, full time at school and work is significant load to carry. I did same for a few semesters, but for most I worked part-time (25-30 hours per week) while school was full time. The good news is you dont have too much free time to spend money! Keeping a budget each month is very straightforward, just write down all of your fixed expense (rent, utilities, insurance, groceries) and make sure you have enough $ to cover those and still have discretionary $ available. You especially want to have savings for unexpected expenses that come up in life. If your employer has a 401k retirement plan, it is a great opportunity to build your savings starting from early in your career, Just keeping a log of what you spend every dollar on for a couple of months can be very enlightening. Sometime a bunch of little things really add up toa significant amount. With that knowledge you can make choices going forward. Good luck!
Hunter Sealy, MBA
Finance Professional
4
Answers
Las Vegas, Nevada
Updated
Hunter’s Answer
Hi Sarah,
1. Take a cash inventory. Before you can develop good financial habits, you need to assess your basic income and expenses. Some questions to consider, How much do you have in student loans if anything? Are your parents pitching in financially or not? How many accounts and credit cards do you have? What are the balances in each?
2. Measure and Manage. (Set a Budget, Stick to it, Track Expenses)
3. Open a savings account in addition to a checking account if you haven't already. You could go with a student-designated checking account that sometimes carries features like no overdraft fees and unlimited ATM transactions. On the savings account side, look into a student high yield savings account so that you can earn interest on your deposits. Some student savings accounts even offer the option for you to get paid early. For example, your paycheck hits your bank account 2 days earlier, allowing you to both budget for future goals and plan what you're doing next.
4. Automate your finances. For example, set up direct deposits that automatically pull funds from your checks to savings account each month automatically. You can also automate recurring bills. Just be aware and go back to #2 if needed. You don't want to overdraft your account.
5. Take advantage of student discounts. Looks for discounts on things like food, movies, transportation, etc.
6. Watch out for recurring expenses and fees. Be particularly mindful of the small, recurring expenses and fees that add up over time. For example, do you have multiple streaming services that could be narrowed down to a few? Do you pay for small subscriptions that aren't necessary? Are they bringing value into your life? if not, ditch them! Can you take advantage of promotional discounts on your cell phone bill? Simply calling customer service and asking if you're receiving the lowest rate possible can cut a few dollars off your total.
7. Educate yourself on investing and saving for retirement. Even if you don't plan to get an MBA or go into a business field, it will impact you regardless of which career choice you choose. These things matter, especially in todays competitive marketplace. The sooner you get started, the better. You want the most amount of time to save up toward your future goals. Save your bonus if you're in a position that offers bonus potential. Consider a 401(K) if you're in a spot to do so financially.
8. Build your credit. It will matter in the adult world. Everything from renting a place to buying a car to purchasing a home. If you have great credit, you'll open up possibilities that you didn't even know existed.
9. Have a debt payoff plan if you took out loans to get your college education.
I hope these topics benefits you and I wish you much success in your future endeavors!
1. Take a cash inventory. Before you can develop good financial habits, you need to assess your basic income and expenses. Some questions to consider, How much do you have in student loans if anything? Are your parents pitching in financially or not? How many accounts and credit cards do you have? What are the balances in each?
2. Measure and Manage. (Set a Budget, Stick to it, Track Expenses)
3. Open a savings account in addition to a checking account if you haven't already. You could go with a student-designated checking account that sometimes carries features like no overdraft fees and unlimited ATM transactions. On the savings account side, look into a student high yield savings account so that you can earn interest on your deposits. Some student savings accounts even offer the option for you to get paid early. For example, your paycheck hits your bank account 2 days earlier, allowing you to both budget for future goals and plan what you're doing next.
4. Automate your finances. For example, set up direct deposits that automatically pull funds from your checks to savings account each month automatically. You can also automate recurring bills. Just be aware and go back to #2 if needed. You don't want to overdraft your account.
5. Take advantage of student discounts. Looks for discounts on things like food, movies, transportation, etc.
6. Watch out for recurring expenses and fees. Be particularly mindful of the small, recurring expenses and fees that add up over time. For example, do you have multiple streaming services that could be narrowed down to a few? Do you pay for small subscriptions that aren't necessary? Are they bringing value into your life? if not, ditch them! Can you take advantage of promotional discounts on your cell phone bill? Simply calling customer service and asking if you're receiving the lowest rate possible can cut a few dollars off your total.
7. Educate yourself on investing and saving for retirement. Even if you don't plan to get an MBA or go into a business field, it will impact you regardless of which career choice you choose. These things matter, especially in todays competitive marketplace. The sooner you get started, the better. You want the most amount of time to save up toward your future goals. Save your bonus if you're in a position that offers bonus potential. Consider a 401(K) if you're in a spot to do so financially.
8. Build your credit. It will matter in the adult world. Everything from renting a place to buying a car to purchasing a home. If you have great credit, you'll open up possibilities that you didn't even know existed.
9. Have a debt payoff plan if you took out loans to get your college education.
I hope these topics benefits you and I wish you much success in your future endeavors!
Jennifer Philogene
Physician Assistant
2
Answers
West Palm Beach, Florida
Updated
Jennifer’s Answer
The best techniques for remaining financially stable as a full-time student and employee : (1) well for starters, you’re already off to a great start. Having a steady income while working towards a degree is important. (2) Next, I would say be clear on your goals and your why. Juggling both work & school in addition to one’s personal life is NOT easy. Having clarity on what & why you are doing this is a key motivator to keep you going. (3) You’ll also want to keep track of your money with a budget. Knowing where your money is coming from and where it’s going at all times helps to eliminate the anxiety of wondering where it all went at the end of the month. Stay on top of expenses and keep track of savings by writing them down and then actually following the plan. (4) Save an emergency fund of 3-6 months of expenses. Life keeps happening while you’re working towards goals, have an emergency plan in place when life happens and/or you need to step away. (5) Apply for scholarships relentlessly! Treat it like it’s a part-time job. No matter the amount, if you qualify - apply apply apply! The goal is to avoid student loan debt!
Quick Recap:
1) Work while in school
2) Write down your goal & why (keep a visible reminder where it's easy to access)
3) Create & follow a budget
4) Save an emergency fund of 3-6 months of expenses
5) Apply for scholarships
Google the “7 Baby steps” to learn more about a long term plan for your money
Learn more about how to budget here: https://thepacafe.wordpress.com/2018/03/06/lets-talk-some-more-about-money/
Learn more about writing a winning scholarship essay here: https://www.amazon.com/dp/1617601764?linkCode=ssc&tag=onamzthepacaf-20&creativeASIN=1617601764&asc_item-id=amzn1.ideas.6PYS0OO5AG84&ref_=aip_sf_list_spv_ofs_mixed_m_qv_asin
Quick Recap:
1) Work while in school
2) Write down your goal & why (keep a visible reminder where it's easy to access)
3) Create & follow a budget
4) Save an emergency fund of 3-6 months of expenses
5) Apply for scholarships
Jennifer recommends the following next steps: