I don’t want to become repetitive on Studenomics but with the current economic situation I receive many emails from college students and young people asking about the recession. I don’t want to be one of those guys that’s always talking about the recession and stressing 24/7 but if the readers of Studenomics request that I discuss a certain topic then that’s what I will do. Before I get into today’s post I want to steer all of you to my recession survival guide for college students. This post will provide tips that are a bit more different in the sense that I want to show current college students how they could reduce the fear caused the current recession.
Stay at home for the time being
If you are worried about finding the right job after college then consider staying at home with your family for the time being until you are comfortable with your financial situation. You may have had big plans to get your own place after college but the recession is putting those plans on the back burner for many young people. With a recession going on and health scares with the swine flu the last thing you need is to put yourself in a difficult position by trying to pay rent or a mortgage by moving out earlier than is needed.
Build money saving habits in college
Everyone tells you to save your money early on in life but you figure what is the point when you will make real money after college? The answer is simple, the earlier you get into the habit of saving money the more comfortable you will become with the idea of saving money on a regular basis. Even if you start saving $20 a week it beats not saving anything or even worse- building up debt.
Volunteer- yea work for free
This is one piece of news that no human being wants to hear (well at least those that come to Studenomics looking for personal finance advice). Many of my professors and many career counselors have been stressing the importance of volunteering in the industry. Whether you volunteer for experience or as a way to get your foot in the door it is critical that you consider volunteering even only a couple of hours a week. This also ties into the two previous points because when you volunteer you earn no money so you will have to rely on your savings and it would help if you are living at home with as few bills as possible.
Additional tips- from the readers
MyLifeROI says that it is important to get an internship or even a part time job just to boost your resume.
Clair of Frugal Living Freedom states that it is important to already have a job or else people will wonder why you are unemployed. Clair also provides a tip that is a bit outside the box- create your own position. She states that if a company claims there is no room for you than you simply need to create yourself a position by showing how you would add value.
2 thoughts on “Recession Tips For College Students”
Not everyone has the option of staying home at their parents’ expense, especially after graduating. I know my parents would take me in if I ever really needed them to, but they’ve been harder hit by the recession than I have. My dad’s hours and pay have been cut by 25%, and my mom was laid off from one of her jobs. They’re also a lot closer to retirement than I am so building their savings right now is crucial. If you do have to live at home, contribute whatever you can to your family’s expenses.
Teach for America is one program that receives funding under the Americorps umbrella. As a current corps member, I feel compelled to add a disclaimer that teaching in the schools where we work is an incredibly difficult and draining experience. It has rewards (and it is good to have a job), but I wouldn’t recommend joining unless you’re actually passionate about the mission. I think that if you’re primarily in it for the sake of having a job for the next two years, you’d burn out very quickly. It wouldn’t be a great back up plan for this year’s graduates since the final application deadline has passed. Also, last year there were positions for fewer than 20% of applicants and that’s expected to decline even though the corps size is increasing.
Not bad advice. I’d also recommend seeing if you could possibly find a position with your university after graduation. If you have a good GPA, you might be able to gain employment as a TA or a similar helper. It won’t pay much, but it is income and experience.