Student Support Services Tri-County Technical College

1. Student Support ServicesTri-County Technical College Budgeting Skills Developed by Camilla Bravo Designed by Alex Wilson

2. Survival Skills for New Grads • Hoping for economic rebound • Flexibility is the key • Getting your foot in the door • First job, First Budget • Good Debt, Bad Debt • 5 Tips for Living Frugally -Sock away some cash -Be thrifty -Watch those cell-phone bills -Learn to cook -Join your company’s 401(K) plan

3. Hoping for Economic Rebound • Student comments: - “A lot of employers we’ve talked to hope the economy is much stronger by the spring and they can start hiring again. The uncertainty levels are quite high.” - “Some one like me, I have a really good resume, and I have a lot of experience. I think I would do well, but it’s going to such a struggle to find a job.” - “I think about it everyday. I don’t want to be one of those seniors who moves home and then starts searching searching for a job.”

4. Flexibility is the key • Begin your job search early. • First stop in the career center on campus. • A career advisor can help you with your resume and polish up your interview skills. • Landing a job is going to take a lot of research. So dig in: -Join professional organizations -Attend conferences and meeting in your area -Subscribe to publications in your field -Network until your drop. Let others know you are job hunting: Neighbor’s, a co-worker of a parent, past members of a frat or sorority. Tap into every contact you can.

5. Getting your foot in the door • When you go in for an interview, know everything there is to know about the company before you step in the door. • Consider taking an internship, part-time work, or volunteer work in your field. • These types of positions lead to full-time position with the company, organization at a later date. • At the very least, the experience you gain and contacts you make will help with your job search. • Make the most of your first job out of college- even if it’s not your dream job. Learn as much as you can, but don’t get comfortable. Stay on the lookout for bigger and better opportunities.

6. First Job, First Budget • Make a plan for handling your money • Map out a budget (don’t worry, it’s not as bad as it may seem) • Set expenses: rent, utilities, car payments, minimum student loads, and credit card payments. • *How much of you monthly take-home pay will these expenses eat up?* • “At least for a couple of weeks, write down your spending, and decide what you an do without.” • Do yourself a huge favor: avoid running up credit-card dept. And try to pay more than the minimum every month.

7. Good Debt, Bad Debt • Always pay your bills on time. • Establishing a good payment record will help you qualify for a credit card with a lower interest rate. Transferring a balance to a card with a low interest rate will save you a bundle. • You want credit card dept out of your life as soon a possible. • Student loan is less of a worry: As long as you can make your monthly student loan payments, you’re in good shape. • Consolidate? If you are struggling to make your loan payments, you may want to consider signing for consolidation loan.

8. Good Debt, Bad Debt Continued - A consolidation loan can lower a borrower’s monthly payments by as much as 40%, and can also stretch out the repayment period • Information, applications, and calculators for consolidation loans are available on the USA Group and Sallie Mae web sites. • Grads facing serious financial problems may be able to get their loan payments postponed or deferred. • Once you map out a realistic but not suffocating budget and get a handle on your credit card and student loan debt, you’re ready to take on the real world- recession and all

9. 5 Tips for Living Frugally • 1. Sock away some cash: -Having a small emergency fund can take a lot of stress out of your financial life. That way, if your job search takes longer than expected, or your car needs a major repair, you know you’ll be covered. Having 3-6 month’s living expenses in a saving account or money market would be ideal. • 2. Be thrifty: Dressing for a first job can be pricey. Be sure to check out the career-wear bargains available at thrift stores. • 3. Watch those cell-phone bills: Talking the talk on the cell phone can get awfully expensive.

10. 5 Tips for Living Frugally Continued • 4. Learn to cook: Eating in can save you a bundle. Be sure to be sure to pack a lunch a couple of time a week, and cut back on some evening meals at restaurants. Why not have a casual dinner party at home and then head out for the evening? • 5. Join your company’s 401(k) plan: Be sure to take advantage of an employer’s 401(k) plan. Many companies fully match or partially match their employee’s contributions. You can request that as much as 15% be deducted from each paycheck toward retirement. If 15% is to high start at 5% and gradually move up.