Students often enter college without looking ahead to the jobs that will result from their chosen fields of study and what those jobs will pay. Unrealistic expectations about their living arrangements and available spending money can result from a lack of knowledge. By taking a few minutes to answer some important questions and then doing a bit of research, serious student disappointments can be avoided.
College applicants should answer these questions:
A. Do you expect to “live at home” after graduation? Yes No
A1. If yes, how long will you live at home? ______ months ______ years
A2. If yes, who will pay your expenses, you or your parents? You ____ Parents ____
A3. If yes, how much will you pay your parents each week/month? $ ________
A4. Realistically, to live independently, how much will you need to save? $ __________
B. Do you expect to “live away from home” after graduation? Yes No
B1. If yes, who will pay your expenses, you or your parents? You ____ Parents ____
B2. Take a guess. How much will you need to earn to live independently? $ _________
It is important for students to have realistic expectations about their independent living expenses before they choose a career direction. Some career choices will pay well enough, while others may not meet student needs and expectations. Therefore, students and their parents should take some time to estimate how much the student must earn, in order to cover the estimated independent living expenses.
Estimate Your Independent Living Expenses for: City _________________ State ____
1. Rent: $ __________ / month (Note: 2 Months Security Deposit is often required.)
2. Utilities (Electric, Water & Heat - Fuel Oil or Gas): $ ___________ / month
3. Services (Satellite or Cable TV, Internet, Phone, etc.): $ ___________ / month
4. Automobile Maintenance & Parking: $ ___________ / month
5. Public Transportation: $ ___________ / month
6. Clothing (Work & Leisure): $ ___________ / month
7. Laundry and Dry Cleaning: $ ___________ / month
8. Groceries & Food (2-3 meals a day): $ ___________ / month
9. Repayment of College Loans: $ ___________ / month
10. Credit Card Purchases: $ ___________ / month
11. Savings for Emergencies: $ ___________ / month
12. Insurance (Health, Life, Auto, Fire, Theft, Rental, etc.): $ ___________ / month
13. Home Furnishings, Bedding, Kitchen Items & Utensils: $ ___________ / month
14. Personal Care Items: $ ___________ / month
15. Entertainment, Leisure & Social Activities: $ ___________ / month
16. Kitchen, Bathroom & Cleaning Supplies: $ ___________ / month
17. Federal, State & Local Income and Other Taxes: $ ___________ / month
18. Payments for Large Purchases (Automobile, etc.): $ ___________ / month
19. Banking Fees: $ ___________ / month
20. Purchases of Electronic Equipment & Appliances: $ ___________ / month
Add everything up - TOTAL $ ____________ / month x 12 = $ ____________ / year
Now that you know how much you must earn to live independently and cover all of your expenses, take a look at the jobs that are available to students who graduate with your intended college major. Be sure to obtain factual and reliable information and talk with those who have graduated before you. Also be wary of generalities, unrealistic statements and sales pitches. If the jobs that will be available to students with your major do not pay a rate that you will need, you have a number of choices:
1. Go back and reduce your expected monthly living expenses to meet a lower pay rate.
2. Be prepared to live at home until you can afford to live on your own.
3. Seek jobs in a city or state that will pay higher rates.
4. Seek jobs in a city or state where living expenses are less.
5. Change to a different area of study or major, one that has higher paying jobs.
6. Plan on sharing an apartment and the related expenses with a reliable roommate.
It is important for more students to enter college with their eyes wide open. It doesn’t make any sense for students to go through four or more years of college only to find that they cannot live on the salaries that their jobs will pay. A little bit of early investigation and research can prevent a lot of disappointment for students and parents alike.