After graduation, many students face the decision of whether to move back home or search for apartments for rent. Finishing college is a time of transition both personally and professionally and many students assume that once they finish college, life will change substantially. Yes, life does change, but it is not usually in the glamorous direction that you were hoping for; new graduates are typically broke until they decide to pursue full time employment with a comfortable income. Students with cash-strapped parents may lose the privilege of financial help, but have the option of moving back in while they get their adult life started. While it isn’t the most ideal situation, it’s just another reason to get in gear and get out on your own.

Looking for an entry level, salaried position requires an investment of time because a job might not be as easy to obtain as you thought. It’s unfortunate, but many new graduates have a high employment turnover rate. Some students may discover that after years of studying, the career path they have chosen wasn’t the best decision and now they’re trying to balance new finances while looking for an apartment to rent, which can be stressful when job offers don’t pour in as planned. Even more disappointing, some students may be sorely surprised that their profession is not in high demand locally and face the decision of moving away and even then, it could take several months or even years to find the right, well-paying job. Some employers may be unwilling to hire recent college graduates, and will reject the application based on being overqualified.

After months of job searching, many students start to reassess their situation. Working one or several part time jobs may become necessary to stay afloat financially. Attending professional networking events, trade shows, seminars, or other events where professionals connect might be just the thing to get your foot in the door. Passing out business cards that lead to your network profiles, like Linked In, is a good idea, because making connections online and offline can increase the likely hood of receiving a referral for an open position.

Maintaining a frugal lifestyle is important after graduation. Keeping one or more roommates may feel like a step back, but in reality it’s the mature decision to make; costs-of-living are high and with roommates in an apartment, each new grad has the opportunity to really get on their feet before stepping into the “real world.” Taking on too much at once might hinder your growth as an adult and a working professional.

There are ways to supplement your income and speed up the process of getting out there on your own. Selling hand-made items is a great way to earn additional income or working a part time job to fill in income gaps may be necessary until a full time job comes along. Graduates have to accept the fact that becoming a full time or part time entrepreneur may be necessary if there are no lucrative local jobs available. Receiving an open job position may involve convincing a hiring manager of personal talents, abilities, and proven skills. Companies that may themselves be struggling financially are only interested in performance and profits, and in turn, hire accordingly.

Choose an apartment based on personal savings and current income. An affordable apartment in a safe part of town is ideal and with roommates, you can afford a higher rent. If the rent is slightly out of reach—or if you’re simply being frugal—consider finding other young professionals that are willing to become roommates. Retirees, single parents, and current college students are all possible roommates. Renting rooms is a way to live comfortably with little income and allows you to save more.  Living inside your means is the smart way to go after college and realizing this fact can help you achieve complete independence much quicker than if you force yourself to take on more than you can handle.

This guest post article was written and provided by Martha Keagan who lives in San Jose apartments and is a full time mother, freelance writer and part time apartment rentals broker.

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Find a Job and a Good Salary

• Find out what you’re really worth at Salary.com.  Enter your job title, location, experience, and education to get detailed wage and benefits information.
• Salary negotiation isn’t easy, especially if you don’t have a lot of experience.  Read Monster’s negotiationg tips for entry-level candidates.

Pay Back Your Loans

• Paying back student loans can be a challenge on an entry-level salary.  The calculators at FinAid.org will help you find the best payment schedule based on your income.
• Read The Smart Way to Pay Off Student Loans at US News Money.
• About.com’s article, Should I Pay Off My Student Loans Early?, offers the advantages to paying off loans early.  One big advantage: saving on interest.

Budget and Track Expenses

• Lesson 2 of Money 101 at CNN Money covers budgeting basics such as listing expenses, setting goals and cutting costs.  Easy to read, simple budgeting guide for anyone that’s new to budgeting.
• YoungMoney.com has personal finance calculators for budgeting, loans, savings and retirements.  The site also has sections on entrepreneurship, careers, and investing.
• Download free budgeting worksheets My Money.gov.  The site also offers many other free financial tools and resources, including information about debt, investing, insurance and loans.
• Track your spending for free online using Thrive.  You can also set financial goals and chart your progress.  By connecting all of your accounts, you can get an overall picture of your financial health.
• Mint, a free online personal finance software, also offers free expense tracking and personal finance tools.  As with Thrive, you can set goals and connect your accounts.
• Learn the basics of money management at Kiplinger.com.  The guide offers tips on saving, budgeting, and how to cut spending.  Explore other sections on Kiplinger, including investing, retirement, taxes, and insurance.

Get the Best Rates

• Search nationally or locally for the best interest rates on savings accounts, CD’s at BankRate.com.  Use one of Bankrate’s debt management calculators to figure the cost of paying minimum on your debt or your credit risk.
• Find the best rates on auto loans, savings accounts and CD’s at MoneyAisle.com.
• Choose the best cell phone plan, credit cards, cable service and gas stations by using BillShrink to search for the best prices in your area.

Find the Lowest Prices

• Shop at your favorite retail stores and save with discounts found at RetailMeNot.com.  Participating stores include Amazon.com, Old Navy, and Barnes and Noble.
• Before you shop, compare prices on your favorite items at PriceGrabber.com. From groceries to electronics, you’ll find the lowest prices available.
• Discover what others are paying for goods and services at CostHelper.com.
• Rent can take a huge bite out of your paycheck, especially in a large city.  Find the best rent rates in your area at Rentomenter.com.
• Search for the lowest rental rates at Rent.com.  Enter the maximum you can afford to spend, and view results for your area.
• If you just graduated and haven’t found a job, or if your employer doesn’t offer health insurance, you can find individual policies, including short-term insurance, at ehealthinsurance.com.  Enter basic information (zip code, age, gender, tobacco use) and see monthly prices for plans offered in your area.

Build Credit

• Credit Karma offers free credit score estimates along with simulations based on potential changes (closing an account, paying off debt, etc.).  You’ll also find educational articles that teach you about credit scores and reports.

Save for Retirement

• It’s never to early to start saving for retirement.  Use the retirement calculator at CNN Money to see how much you need to save to reach your retirement goals.
• Should you save for retirement or pay off debt?  Your money priorities, first to last from MSN Money will help you prioritize your spending.

Give Wisely

• Before you give to a charity, do your research on where exactly your money goes.  Charity Navigator allows you to search for charities based on category, rating, or location.  You’ll also find resources to help you become a better donor, including question you should ask before donating and tips to avoid scams.

More Financial Resources

For more financial advice, read  Get a Financial Life: Personal Finance In Your Twenties and Thirties by Beth Kobliner. You may not have learned about personal finance in college, but it may be the most important skill you can gain.

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The following guest post is contributed by Mark Macaluso, who writes on the topic of Masters in Accounting Programs.  He welcomes your comments at his email id: mark.macaluso985<@>gmail<.>com.

It’s a dreaded word that no one likes, yet must adhere to if they want to avoid consequences that are worse. I’m talking about “budgeting” and “being in debt” – if you don’t budget and stick to your budget, you’re definitely going to sink deep into the black hole of debt, unless you make millions and have a perennial source of money that is. The problem with a budget is that it ties you down; and because it is restrictive, it induces a feeling of helplessness and despair, especially when you want something badly yet cannot afford it. If you give in to temptation and splurge, guilt combines with debt to make you even more miserable. So you’re in a no-win situation either way – you’re stressed if you stick to your budget and stressed even more if you stray from it.

But if you’re a little clever, you’ll realize that if A-B comes up with a negative result, you can convert the answer to the positive in two ways – by decreasing B or by increasing A. And since cutting down B is tiresome, why not look for ways to boost A instead? The solution to budgeting woes is to increase your income – when you have enough to spend, you don’t have to stress out about money all the time. So how do you go about making more money?

• Take on a second job: Moonlighting is a very good way to bring in more money, especially if your primary job is not too taxing and you have enough time on your hands. You not only earn two incomes, you also use your time more productively. However, the added responsibility of another job could become too hard to handle – you could end up running yourself ragged and fail at both jobs. So unless you’re very sure you can manage another job, don’t commit yourself to anything strenuous and which demands effort and time.

• Make money off the Internet: Lots of people have done it, and many are still doing it; so why not take advantage of the accessibility and omniscience of the Internet and use it to make some money? If you own a blog or a website, you can earn revenue through advertisements. You could also use your free time as a freelancer if you have online marketable skills like writing, web designing, we development, graphics designing, proof reading, tutoring and so on. Various online job sites have hundreds of projects and assignments listed, so create a resume, build your profile, and get started on your online venture immediately.

• Find money in what you own: Most of us don’t realize that we have money lying all around the house; we only need to make the time to find it. You could earn some extra cash by holding a garage sale of all the things you don’t use and which are still in good condition – you’d be surprised at how much money these impromptu sales bring in. You could also make money off recyclables – paper, aluminum cans and empty bottles are worth money. So instead of throwing them in the trash, store them separately and you can sell them every month or so.

It’s much more fun to make more money than to spend less, so use your brain, apply yourself, and lead a satisfactory life.

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Recent articles have questioned the benefits of a college degree.  Tuition costs are rising every year, while colleges continue to churn out thousands of graduates each year in fields where there is known to be a glut of professionals.   This practice is more noticeable during a tight job market, but it’s nothing new.

Although prospective students have a responsibility to weigh the costs and benefits of a given degree, colleges are guilty of admitting students that are obviously not prepared for college and for not being honest about job prospects.  Some might argue that students who graduate from college are better off than without an education, even if they don’t find a job in their chosen field.  Maybe if they didn’t have to take out mountains of loans to finance it, but most students graduate with significant debt.  It’s doubtful that these students would burden themselves with tremendous debt if they were told upfront about their career prospects.  Yes, some of these graduates will find work related to their degrees , but many won’t (especially those without connections).

If universities are going to charge such high tuition rates, they need to be more accountable to students, parents, donors and taxpayers.  First, universities should be more selective. The drop-out rates at many public universities are shameful.  These students likely borrowed thousands of dollars and are no better off for it.  Secondly, job placement statistics should be honestly reported and prominently published.  Finally, colleges should do more to offer internships and other opportunities that increase graduates’ marketability.

A small percentage of lucky students can go to college just for the experience and don’t have to worry about paying off loans after graduation.  However, middle and lower class students can’t afford that luxury.  These students invest considerable time and money obtaining a college education and need a return on the investment.  It’s time for colleges to put ethics and concern for students ahead of money.

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A recent CNN Money article has confirmed that textbooks are huge rip-off, with prices nearly tripling from 1986 to 2004.  Not only are textbooks overpriced, but publishers will rearrange a few chapters and call it a new edition.  I have a few tips to help you save on textbooks.

Use an older edition

Even if the required textbook listed is the newest edition, ask your professor if an older edition will work. Sometimes instructors will provide updates for students if changes are small.

Shop online

You should NEVER buy textbooks from your campus bookstore.  Even if you need a new edition, you’ll probably find it cheaper at sites like textbooks.com.

Share a textbook

If you won’t need your book every day, you can share it with a classmate.  Find another student that you can rely on to come to class every time.

Check the library

College libraries usually carry copies of textbooks, so look to see if a copy of your textbook is available.  You might not be able to check the book out, but you can make copies of any pages you need to take home or to class.

Visit the publisher’s website

If you know you won’t be using the entire book for class, you might be able to buy and download individual chapters online.  It’s a great way to save paper and money.

Another way to save money is to sell back your book immediately after the semester is over.  Visit Bookscouter.com to find out where you’ll get the most for your used textbook.

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Never rely on an employer to take care of you. Of course most graduates will need to work for someone else to gain experience and pay back loans.  But after you’ve gained experience, you should be prepared to work for yourself if necessary.  This may mean consulting, freelancing, or starting a small business.  If you do ever lose your job, you will have some money.

Be conservative with your money. Don’t buy more house than you can afford, save as much as you can, and live simply so that a layoff won’t be as devastating.  When you’re working hard you feel entitled to splurge, but cutting back on some of the luxuries might not be as bad as you think.

Don’t take your job for granted. In the past, workers could count on life-time employment at a company (barring any major mistakes).  Now, employees must work every day to justify their relevance.  Don’t every get complacent, no matter how long you’ve worked at a company.  Keep up with industry trends, take continuing education classes, and diversify your skills.

It’s easy to forget past recessions when the economy is good, but another one will occur eventually and you should be prepared.  The news stories about laid-off workers are depressing, but they can serve as cautionary tales for young people that haven’t made the mistakes of older generations.

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1. How do recent graduates get started in a career when they have no relevant experience?

If your experience is minimal or non-existent, you face one of life’s greatest employment challenges.  You need to go into your interviews with a positive attitude and demonstrate your flexibility, your social skills and your ability to get the job done even if you have to learn new skills and meet demanding deadlines.

It’s a tough economy right now, so the job market is hypercompetitive; experience is a key differentiator between candidates.  It’s never too late to start building up relevant experience through intern positions, co-oping, volunteering, etc.  If you have no experience, be willing to take an entry-level job in order to build experience, and then work your way up. Or be willing to work for free in a post-graduation internship.

2. How can job candidates best prepare for an interview?

There are some great books out there, and many web sites, that have tons of advice on general interviewing skills. There are books on common interview questions and how to answer them correctly. In your specific field it is likely that there are sample “stumper” questions available on web sites, as well as advice on how to deal with them. If you have “problem areas” in your resume, research how to talk your way around them and accentuate the positive. Then practice. Assume the first several interviews you do will be a little rough around the edges, so do those with companies you don’t really care about. Get used to answering the questions and smooth out your responses. Ask your friends to interview you. If it’s a possibility, go to the career center and ask for a practice interview. Practice. Then when the “big interview” falls in your lap, it will be easy(er).

3. What are the most important soft skills and technical skills for graduates to have?

Your degree should have covered the technical skills, which you should have been able to perfect with internships in your chosen field. Therefore, technical skills should be solid at this point.

“Soft skills” include things like leadership ability, communication (spoken and written), teamwork, relationship-building, work ethic, problem solving, etc. You should have been building these skills over the last four years by taking on leadership roles (which would look good on a resume), working on team-based projects and extracurricular activities (which would look good on a resume), solving real-world problems in competitions (which would look good on a resume), etc. Assuming you have done none of those things, then your next-best option is to read about these soft skills. Get books on things like leadership, communication, negotiation, team building, business ethics, etc. and become a sponge.

4. What industries should graduates focus on while job searching?

Ideally a graduate should focus on industries in his or her area of expertise. But jobs are so scarce at the moment that graduates may want to cast a wider net. Or you may want to consider working for no money if you have no experience (I.E. a post-graduation internship). There are some startups getting venture funding right now. You might look for a venture-backed company like that since it would be hiring. Some industries (e.g. Green energy) are getting a boost from federal stimulus funding. Do some research and see which companies in your area are getting funding and may be hiring. Some areas are affected less in a recession. For example, people still get sick when the economy drops. Look for recession-proof industries.

5. How can new employees make a good impression during their first jobs or internships?

Some general traits that make a good impression with employers: working harder than everyone else, meeting deadlines, exceeding expectations, making friends, helping others, being grateful, figuring out what needs doing and getting it done before being asked, understanding what is important to the bottom line and focusing on that, putting first things first, making customers ecstatic, etc.

6. Many students are going to graduate school to ride out the recession. Is this a good idea?

Graduate school is something to consider regardless of the economy.  The focus should be on making the most of your time and opportunities to fill holes in your resume.  Graduate school is just one proven way to strengthen your professional profile.  Build your soft skills.  Get intern positions.  If you come out of graduate school with a stellar resume and a marketable advanced degree, you are putting yourself in a position to succeed.

7. What options do recent graduates have if they’re having trouble making payments on student loan debt?

Every lender is different, and there are many different types of student loans. So if you are having trouble making payments, you need to communicate with your lender(s) and find out what options may be available. In some cases you can arrange for deferment or forbearance. You may also be able to delay payments with graduate school, military service, AmeriCorps service, etc. Loan consolidation may also help a little. Research all options.

But you might also want to consider sucking it up and getting started with payments. Get two jobs, move in with your parents (or get a couple of roommates to drastically lower rent), ride the bus instead of getting a car, etc. Yes, it’s painful. But the sooner you start paying, the sooner you get done.

8. Any other tips for recent graduates?

You have chosen one of the toughest economies in several decades to graduate. Expect things to be harder than normal in the job search, and do what you can to avoid discouragement. Do not forget that getting rejected is a normal part of job hunting, even in a good economy.

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Public universities offer a variety of extracurricular and academic options and are generally less costly than private colleges. However, private colleges don’t usually suffer from overcrowding like public universities and they allow for more interaction with professors.  Fortunately, public universities offer some alternatives that provide the benefits of  a private college without the cost.

Branch Campuses – Large public universities may have branch campuses to offset overcrowding on main campuses and to attract non-traditional students.  I’ve attended classes at a branch campus of my university and preferred it to the main campus for several reasons: smaller classes, newer facilities and more mature students. The downside is that they may not offer as many courses as the main campus.

Honors Colleges – Most larger universities have established honors colleges which offer smaller classes and more interaction with professors.  Honors colleges may have their own curricula and/or extra required projects.  Admittance is usually based on ACT/SAT scores, high school GPA, and extracurricular activities.

Community Colleges – You may be able to avoid overcrowded classes by taking them at a community college.  Certain courses at large universities tend to be very large, but they may be smaller at a junior college.  Just be sure they will transfer to your university.

Summer/Intersession Courses - Summer and intersession classes tend to be smaller and campuses will be less crowded.  Taking summer or intersession classes can also help lighten your course load in the regular semester.

Before you pay $30,000+ for the private college experience, look into these options at public colleges.  You’ll get the benefits of both a large university and a smaller college without the huge tuition bill.

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