Saving Money On College Expenses

Whether you are at the beginning of your scholastic journey, or a new parent planning for the future, having an educational savings plan in place is vital to your budget.

What are the costs?

According to College Date, the average price tag for tuition and fees for the 2016-2017 school year runs $33,480 at a private college, $9,650 for state residents to attend a public college, and $24,930 for out-of-state residents to attend public universities. This amount doesn’t cover the costs for books, housing, transportation and meals, which can eat away at you college savings account rather quickly.

Getting Schooled On Student Loans

A few days before leaving on my trip to Germany, we received a call at the office from a local news station wanting to do an interview regarding student loans. Since Gary was out of town, and I'm a Certified Credit Counselor, I thought it only right to step up to the plate and help out.

Prior to the interview, I asked what the interviewer might want to know in case any specific details would be needed. One of the questions was fairly simple: Why are graduates having to live paycheck to paycheck upon finishing school?

The question sounds simple enough, right? The answer, however, is a bit more complicated. 

How much can you afford

I used the example of purchasing a vehicle. Before shopping around, someone has (or should) a pretty good idea of the monthly payment they can afford. Secondly, there are many financial calculators online that allow you to plug in that monthly payment amount, interest rate, and term to discover what purchase amount will fit into your budget.

So once you have the amount of car you can afford in mind, you can begin the car shopping experience. If your budget is in the $18,000 range, obviously you wouldn't want to begin that journey at the Mercedes dealership, but something a little more conservative.