HOW TO RAISE MONEY FOR GRADUATION COSTS You recently received your degree. You should be happy and proud because that is incredible.
But keep in mind that attending college is pricey. There isn’t a way to avoid it. But leaving college also comes with its own set of new financial difficulties. Your school now wants you to start paying them after having a graduation party and making the announcements, potentially moving to a different location, and preferably finding a job right away.
All of them can strain your finances and quickly become too much to handle.
Fortunately, by following the appropriate advice and conducting thorough research, your graduation costs won’t have to leave a sizable hole in your budget.
GRADUATION PARTY, ANNOUNCEMENTS, AND INVITATIONS It is inevitable, and most likely shouldn’t be avoided, that if you have friends or family, they will want to know when you are graduating.
Even if it may take a lot of time and money, never lose sight of your inner DIYer!
It might not be worthwhile to spend the money to have them professionally printed if you are just sending out a small number of invites to family and close friends. It all comes down to how much money you value and how much time you value.
Now, if you’re like some of my college buddies who felt the need to invite their entire town, using an online card service that handles everything for you would be more effective. Again, it is entirely up to you to choose whether you would rather be saving the most money or the most time. You might not graduate on time if you decide to make 100 invites all by yourself!
If you choose to have a party, make things straightforward. There is no requirement that a graduation celebration be extravagant. This isn’t a birthday, even if it is unquestionably an accomplishment worth discussing and commemorating. It’s not necessary to have a theme, party favors, or even many decorations. A straightforward “Congratulations” sign and a few balloons that resemble graduation caps, perhaps.
Add some drinks (they don’t even have to be alcoholic; that’s for later!) along with that. and you’ll be all set.
When relatives and non-college acquaintances attend a graduation party, the conversation consists mainly of “Congratulations” and “Thank yous.” You shouldn’t make a significant financial commitment to these kinds of events.
Together with other graduating classmates, you can host joint graduation celebrations. A fantastic and simple method to share the expense!
RELOCATING Finding work is the first need following college graduation.
You are probably already ahead of the game if you have a job lined up after you graduate from college!
Where you plan to relocate should be considered when looking for work. Making $20 an hour in Boise, Idaho, is not the same as earning $20 an hour in San Francisco.
Instead of merely concentrating on the career you desire, think about where you can make the most money given the cost of living in the new town or city where you will be working.
Do your homework! For fresh graduates, housing options abound. You’ll start off saving money by choosing a location with a high employment rate and a cheap cost of living.
Your best friend will also be a thrift store. No piece of furniture or interior decoration is required to be brand-new.
You just received your “first” apartment or home after graduating from college! Do you recall buying your first vehicle? For the majority of us, getting from point A to point B was all that mattered.
The same is true of your new residence. Although it should be cozy, don’t feel like you have to become the newest Cribs highlight.
LENDER PAYMENT This is the major, frightening one.
The majority of schools and institutions have a grace period before loan installments are due. This usually lasts for six months for loans.
This means that you have six months to find a job, a place to live, dependable transportation, and a source of income that will allow you to make a few hundred dollars in student loan payments.
There isn’t any stress in the “actual” world, right?
Do your research once again.
Loan repayment is never going to be enjoyable, but it also doesn’t have to be terrifying. Refinancing is always an option is occasionally your best option for long-term financial savings.
In essence, refinancing means taking out a new loan, hopefully one with reduced interest rates and monthly payments. Don’t assume that because this may not be a possibility right away after graduation, you are obligated to continue making payments and paying the rates for the duration of the loan.
Additionally, you might be able to save money by consolidating your loan . It would be most advantageous to consolidate your loans if you have several loans from several banks or organizations. Essentially, you are consolidating your debt into one account, which will result in fewer monthly payments.
Consider consolidating if you find yourself tearing your hair out every month because you have three distinct due dates that don’t line up with your pay period.
When consolidating your private student loans, always make sure you choose a business that has a history of integrity and transparency. Consolidating your federal loans may be an easier approach to save money.
LAST THOUGHTS During the graduation season, there are a lot of simple but effective ways to save money. Always be prepared and practice being as frugal as you can.
Even though you only graduate from college once, you won’t remember the graduation celebration with your family and friends in 10 years.
Consider the big picture, not only the job you want, but also the pros and cons of the location of that position.
Always keep an eye out for alternatives to lower payments and interest rates on your loans.
You only need to put in the effort to look for them; there are possibilities out there.
Keep in mind that graduating from college is also your entry point into the “real” world, and believe me when I say that it is much simpler to take that initial step when one feels financially comfortable.
Blogger and independent writer Linus Minick. He loves the great outdoors, cooking, and playing video games. He resides in the stunning state of Idaho. He attended The College of Idaho and is now a resident of Boise.
