The Cost of Education...

Many high school seniors and recent college graduates are taking the time to ponder the value of their education. What exactly does a Bachelor's degree afford you in today's job market? Students are beginning to rethink the stereotype or dream that a Bachelor's degree from an accredited university will at minimum allow them to obtain a job making a salary of at least $35,000 and living on their own--bachelor or bachelorette style. These days, you'd be considered lucky to land this expected position after graduating college.

A typical traditional college education can cost thousands of dollars--some students pay $100,000 plus. Many students are forced and encouraged to make an investment in themselves and fund their education through pricey student loans. The question is, who really takes the time to read the "terms of agreement" on their promissory notes? Students need and desire financial freedom and liberties, so in exchange they liberally sign the dotted line. It is not as likely as in the past for students to work their way through college. Students are anxious to get what many like to call "free money" from the government. Unfortunately, a lot of that "free money" comes with a high toll to pay post graduation. (It is important to note that some money is indeed free if it is need-based, the problem is, a lot of students are not eligible for this type of aid.)

The loans and promissory notes seem minuscule until the bills and required payments start coming in the mail, over the phone, or flooding your email inbox. While $35,000 might have seemed like a great starting salary, it quickly begins to be taken over by bills--loans, credit card debit, expensive cell phone bills, etc... The dream of "living large" rapidly fades into the distance. Graduates begin to wonder, was it worth it? Some graduates experience feelings of resentment toward their prestigious universities due to the lack of valuable compensation and worth in their occupation(s). If they desire to quit their jobs it becomes almost impossible to get out as a result of constant bills flowing in. How can a recent graduate fully pursue his or her dream job if they are consumed with bills? This leads to a lack of creativity and a bleak road to happiness.

How can we combat the current economical conditions? How can we overcome our fears and follow the paths of our dreams in 2009?

Here are some tips for budget management and developing an action plan for happiness:

1. Purchase a monthly calendar and devote it to bills: highlight your payment due dates and keep tract of whether or not you paid each bill. You can also keep track of your saving on this calendar.
   
2. Keep track of where your money is going. Try tracking your spending for a month and see where you're wasting dollars. Did you really need to buy new shoes three times that month? Figure out which areas you're wasting the most money in and create a plan to decrease your wastefulness in the next cycle/month.
3. Contact your loan companies and request a graduated payment schedule. This will allow you to have lower monthly payments for usually a year. Please note that the payment amounts will increase over time.
4. Take time out to map your career goals: where are you now? Where do you want to be in a year? Five years? What do you need to do to get there?
5. Take time to explore your passion(s) in your spare time--instead of filling every spare moment with television, volunteer in your community, take a community college course to explore a different language or an art form that interests you.
6. Do you need to go back to school? More loans may not sound appeasing, however, maybe you could really tap into your specialization and gain more marketability.
   

Happy hunting :-)