It is estimated that a college student’s average expenses are around $30,000 a year – $20,000 on a shoestring budget. This is not including tuition, which could easily double those expenses. If you are spending all day in class and all night studying, it can be difficult to figure out where all that money is going to come from. Like the old saying goes: money certainly doesn’t grow on trees. This is exactly why getting a part time job is so important and critical for your long-term financial wellbeing. Not only do you want to cover expenses, you also want to be able to save. Moreover, you want to be able to curb some of your debts so that they won’t be so overwhelming when you graduate. Indeed, having savings and manageable debt is the key to transitioning out of your collegiate years. Here are five reasons to work while you are in college.
- Lower your debt.
IOne of the biggest reasons why you may want to get a job during your college years is to lower your debt. When you graduate, you don’t want to be stressed out by a huge student loan bill you have to pay back. If you start lowering your debt in college, you can start making significant reductions. This is the case if you attendUC’s health informatics masters program or a project management program.
- Build a safety net.
IHaving some extra cash can go a long way in college, especially when it comes to wiggle room. If you are late on paying for expenses, like your phone or gas bill, having a little financial cushion can get you out of jam. Plus, you can stop relying so much on the parents, which can help maintain your independence. With a sufficiently padded wallet, you will be a lot more comfortable during your college years.
- Subsidize necessary living expenses.
IOne of the biggest expenses during your college years will certainly be living expenses. There is a good chance that your student loans aren’t really covering rent – unless, of course, you want to live in a flea infested apartment on the wrong side of town. With a part time job, you can afford to live in a little nicer place. This can help with making college much more enjoyable.
- Save money.
IAnother reason why having a job is important is so that you can start saving money. When you graduate from college, it can be a bit of a delay from the moment you step away from the podium with your diploma in hand to the day you land full time employment. With a little bit of savings, you can build a bridge that will help keep you afloat during this time.
- Have fun.
IAt the end of the day, having a little extra spending money can also make college so much more fun. You can have money to go out to eat and you don’t have to resort to eating ramen noodles every night. In the end, having a little extra spending cash can also afford you a few of life’s little luxuries, because every now and again, you’ll want to reward yourself.