Ask the Readers: How Do I Survive Until I Get My First Paycheck?
Published on - August 20th, 2010 (by J.D. Roth) Isaac wrote recently with a question about how to make the transition from college to the Real World. He has a good degree, but it’ll take him time to find a job, especially since the economy is still sluggish. He’s worried about how he should handle is finances in the meantime. Here’s his question:
I recently graduated from college with a degree in electrical engineering. I’m currently living at home with my family while I search for a job. I’m concerned about my first month or two once I find one, though.
I have no savings, and I’m not sure how I will be able to buy a car (and insurance) to get to and from work, rent an apartment, or even buy necessities for my first few weeks while I wait for a paycheck. I know that some jobs will give a signing bonus or relocation package but I don’t want to count on that. My parents are in deep credit-card debt and live paycheck to paycheck, so I can’t borrow money from them.
Any advice? Should I get a short-term bank loan? Or maybe borrow from better-off friends?
This is something that I struggled with almost 20 years ago; my transition from college to my first job was rough. A lot of my trouble was self-induced, though. As soon as I found work, I bought a brand-new car, a new wardrobe, and all sorts of new toys. So, instead of waiting until my first paychecks started coming in, I spent money I anticipated having…eventually.
My story is all too common; I know a lot of folks who have done the very same thing. Looking back, these mistakes seem obvious, but they weren’t so obvious at the time. I think there are at least three things that Isaac can do to gain more control of his situation.
Accumulate cash
It doesn’t sound like Isaac is doing any sort of work now while he’s looking for a job in his field. I think he should — and I don’t think he should be picky about it. One way to ease worries about where he’ll get money to tide him over until his first paycheck is to actually earn that money in advance.
Some people don’t like taking short-term employment, especially if the pay is low. They think it’s beneath them or that it looks bad on a job application. Hogwash. It’s always better to have some income — no matter how small — than to be earning nothing. Every little bit helps. So, I’d recommend that Isaac look for work in a restaurant or a retail store, or maybe even seek the help of a temporary agency. (I waited tables at Red Robin while hunting for my first job; I also did odd jobs through a temp agency.)
Moderate spending
Meanwhile, Isaac should be cautious with his spending until he’s found a job and a place to live. That means no big indulgences, but it also means that Isaac should be wary of committed expenses. I can’t emphasize this enough: When you’re just starting out, you should take on as few recurring expenses as possible. And those you do take on should be kept as low as possible.
- Keep your rent low.
- If you don’t have to take out a car loan, don’t. (Buy a cheap beater if you have to! Better yet, bike or take the bus.)
- Don’t subscribe to newspapers and magazines.
- Don’t sign up for cable TV.
When your get out of school and move out on your own, it can be tempting to buy all the things your parents had, or the things you’ve always wanted. There’ll be plenty of time for that in the months and years to come. Isaac’s goal now should be to take care of the essentials so that later he can afford comforts and luxuries without having to go into debt.
Negotiate benefits
Isaac is going into a field that could require him to relocate. When he’s hired, there may be some sort of signing bonus or relocation package. But here’s the important thing: Even if there’s not, Isaac should negotiate for this sort of benefit. (Here’s a GRS article from last year about how to negotiate your salary; the same principles apply to negotiating benefits.)
By preparing now to negotiate this benefit, Isaac can increase the odds that he’ll receive it as part of a job offer. For more detail, Isaac should check out Jack Chapman’s site on salary negotiations.
What would you do?
I’m sure that Isaac’s situation is common. Many folks graduate from college (or leave home) and find themselves without any cash to get by while they wait for their first paycheck to come in. Some rely on debt to get by. (That’s what I did, and I regret it.) But surely there are other options.
How did you bridge the gap between the time you left home and received your first paycheck? What worked? What didn’t? What would you do if you were in Isaac’s situation today?
Update: Isaac left a comment below to let us know that he does have a part-time job, but that he’ll look at other possible ways to make money. So, there’s no need for additional “get a job” suggestions!
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On thing to try (that I’ve done) is to get a job that includes meals and accommodation: as an electrical engineer it shouldn’t be too hard. The prototypical job of this kind is working on an oil rig, but I went to Antarctica for a winter. Of course it might be pretty inconvenient to have to move away for a while, but it’s an adventure, and it looks good on a resumé. These kind of jobs normally come with fixed-term contracts, so it’s easy to escape the life if you can’t stand it.
I you prefer more conventional employment, I’d recommend getting an apartment within walking or biking distance of the job. Get along without a car for as long as you can.
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Check on Craigslist under part time and gigs – I took a third (sounds busy, but the others are very part time) job that I found on there and it was all computer work that I did at home on my own time and it paid 12/hour for the first part and 25/hr for the second, which I was selected for based on skill/efficiency. Now any time they have another project they contact me and it’s extra money.
Also, see if there’s a Kaplan center in your area, they pay 15/hr to teach ACT/SAT/GRE, etc. prep class and 20/hr for the MCAT/PCAT type tests. Basically, if you’ve taken a standardized test and done really well, contact them because you can do teaching/tutoring and it’s a good, flexible job. Also, if you work at one you can work at them all so it’s really easy to have a job if you move later.
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Other than get a job advice, I got nuttin’…
I worked 3 part-time jobs for a total of 52 hours or more during my last semester of college while taking 12 hours and planning our wedding. We had about $3000 afterwards – I used $1000 of it as a downpayment on the crappy Aveo I paid off in 2 years and still drive (biking to my job in Houston is not an option if I don’t like the idea of playing “Frogger” for keeps…).
I’d say if you can’t earn the money through a regular job, create a job of your own (dog walking, tutoring, pet sitting, babysitting, holding a sign as advertisement, etc…). Craigslist is awesome for marketing your services. They also have listings for all kinds of menial tasks anyone can do for $20-$100 here and there.
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Isaac,
Take no loans, especially from friends. Getting by with little cash takes integrity, and it builds a foundation for solid financial planning in the future.
Have you considered federal employment? A few posters already mentioned it, but like them, I’m a fed employee and we’re hiring engineers like crazy all over America and the world.
If you have the courage and interest to look beyond your parents’ neighborhood, you can open your search with as wide of a net as you feel comfortable.
If you’ve ever considered overseas employment, there’s safer places than Iraq and Afghanistan that you could consider – Italy, Germany, England, Spain, Japan, South Korea, Singapore… the list goes on. And the benefits are outstanding.
If you’re interested, prepare a resume at http://www.usajobs.gov/, which is the fed’s official job search site.
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Issac,
I too have an engineering degree, and I took a job with a small company (30 people). I was lucky that I lived only 26 miles away, so relocation was not necessary. Because the company was so small (only 22 when I started working) they were not able to offer any sort of signing bonus or relocation benefits, despite being a well established company (~50 years old). Even if the company does give you a signing bonus or relocation benefits, you should be aware that they often comes with strings. A roommate of mine got a signing bonus that she received at the time of her first paycheck. I have known other people who got signing bonuses but had to sign a contract saying they would stay with the company for at least two years. Others have gotten signing bonuses that they get half when they first start work and the other half at six months or a year. And bonuses tend to be taxed at a high rate. Also, for relocation benefits, quite a few companies have a reimbursement policy. You pay up front and then they reimburse you after you submit all your receipts.
Something else that I would like to mention is that my company offers pay advances. I’m sure other companies offer this too. You may talk to your employer about getting your first paycheck or two early.
I graduated in December 2008, and had an extremely hard time finding a job. I ended up doing some volunteer work for a local solar power organization. This helped me to explain to employers what I had been doing for the seven months it took me to find a job after graduating, and gave me experience to put on my resume. I had tried temp agencies (there are quite a few that are specialized for lab/science/engineering fields), but I was turned down from all that I applied to because they were having trouble finding jobs for the people they already had. I don’t want to scare you; the job market may be better than it was when I was looking for a job (plus EE is much more main stream that Ceramic Engineering) but it could take awhile. And when you do get an offer, the company may be less willing to negotiate than they would be in a better economy. That doesn’t mean you shouldn’t try.
Good Luck!
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Isaac-
oh to be young…..
travel light is what people are saying, I think. Focus on relationships, not stuff and long term financial ball and chains.
bikes are great, and so is walking.
Consider having a great adventure with some relevance to your field.
I am a physician and have experience in delayed gratification. Once you finish residency , your income suddenly jumps a lot. The key for me was to keep my lifestyle basically the same, because, although my income jumped, I was older, with kids and no retirement savings, and student loans. That allowed us to get out of debt early on. By not having a preconceived notion of what a doctor’s lifestyle should be we were much happier. Let go of any preconception of what an engineer’s lifestyle should be, but don’t let them think you are a total freak at work.
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This is probably not useful for the OP, but I did summer internships/work while in college, and that is how I got my first job and started immediately out of school. The job was an extension of the one I had been doing over the summers and was in the town my parents lived in, so I stayed with them the first few months and then moved out.
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I recommend living off your credit card for the month: (this is also why it’s a great idea to open a credit card as soon as you’re eligible and just sit on it, the credit history you will generate will give you access to better credit limits by this stage in your life)
You have 30 days before they billing period ends, then like 25 days to pay the minimum balance, that 55 days you can spend money while waiting for your first paycheck, and it’s free! (if you pay the entire balance off).
Even if you don’t, and you can only afford, half the balance at the end of 55 days, a small hit of interest over the next month is not that bad, it’s certainly better than trying to arrange a loan, which starts accruing interest on day 1.
Obviously you’ll need to work out our cash flow, before hand so that you don’t dig yourself a big hole, but that’s easy: add up rent, car, insurance (easy information to get ahead of time), forgo cable the first month, you can blow off your first month’s utils if you need to without any penalty – they’ll just send you scary looking late notices and then start tacking on late fees if you’re too late, but if you miss by a week, no penalty.
The rest of the stuff you need is simply food and clothing.
Some self discipline will make a Credit Card your most useful financial tool.
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@56 gerard who says “Let go of any preconception of what an engineer’s lifestyle should be, but don’t let them think you are a total freak at work.”
As an engineer myself, this made me LOL. I always see engineers as the “blue collared” professionals in a “white collared” job market. I think society places much more of an emphasis on how a doctor’s or lawyer’s lifestyle should be than an engineer’s.
That said, I respect your advice.
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I graduated from engineering school in 1982, the bottom of the great 80′s recession. Not much money to my name, and it took a few months to get a job. So I was in the same boat.
As an engineer, if the company relocates you, they will probably help you with relocation and a hotel for a couple of weeks. They are also used to helping out recent grads, so the HR people will be a great source of information if you ask. They can sometimes help you with finances or good leads on cheap rent. If they have hired other recent grads, maybe one of them would like a roommate short term.
I had no furniture or bed when I graduated. I got hand me down sheets, towels, and dishes that I used. I slept on the floor for almost 6 months until I could afford to make payments on a mattress (it helped establish a credit rating, back when you needed to do that sort of thing). You can make do for the first few months with virtually nothing and an efficiency apartment is cheap and doesn’t require much in the line of stuff.
My first job was in a city with no transit service and it was not bikeable, so I understand you may need a car. Again, if you can get a roommate or carpool for a few months while you save money, that will help.
Good luck in the engineering world!
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Isaac– Definitely recommend the oil industry– if you can get into it. Most of my relatives are engineers. The ones who got laid off, had trouble finding jobs etc. worked in the Midwest in the auto industry. The ones pulling 6 figures with steady employment are in oil in the South and medical on the coasts. But these companies can afford to be picky with who they hire. The big companies also have specific hiring cycles– if you can do an informational interview with someone in a firm you’re targeting to see when those cycles are and what you can do to make yourself more attractive. For example, Exxon has been really big on safety ever since the Valdez so if you have safety experience you would want to move that up on your resume. Also hit the job fairs at your school and hook up with alumni in your field at your school. Your school’s jobs office should have a database of people you can network with. A lot of people don’t use these resources when they’re in school but they can be invaluable.
@56 and 60… My sister is constantly complaining that they don’t let her wear high heels at work. I think she’s a freak (in that respect).
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If you know what company you want to work for apply for any job they have that you qualify for. That may mean being a customer service rep for a year but at least you will already be working for the company when they are hiring for a position you are interested in. Most companies are more likely to hire within and you will be able to determine if it really is a company you would like to stay at.
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I would like to comment about the approach taken by Isaac, as it is the same approach taken by many other college graduates; it is a classic mistake.
Your job search should start well before graduation! In your senior year of college, you should be VERY familiar with your school’s office of career development. You paid tuition to your school for the very purpose of furthering your career; use those resources that are available to you. By this time, you should have taken on internship roles during your breaks from classes. These are opportunities for experience as well as networking. You should be interviewing throughout your senior year until you get a job. Aim to have a job offer accepted BEFORE you graduate.
Perspective students and parents, please do some research on a school’s career development, internship, and cooperative education programs.
I went to an engineering university (for Computer Science) whose career development office is ranked very high. The office had interview rooms for companies to come and interview student candidates. These rooms were booked a full year in advance because demand is so high. By the middle of October (before the Spring that I graduated), I had accepted 1 of several competitive job offers.
Every school has such services on some level, and you are PAYING for those services. It is up to you to use them to your advantage.
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Even if you do have a part-time job, you don’t HAVE to put it on your resume or application, if you think it would hurt your chances. Although, generally speaking it will usually help, even if it is an entry level job. That way they know you were at least out doing something, not just sitting home all day until you got a job.
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‘I recommend living off your credit card for the month: (this is also why it’s a great idea to open a credit card as soon as you’re eligible and just sit on it, the credit history you will generate will give you access to better credit limits by this stage in your life)”
Great idea… immediately go into debt
:/
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Transportation and housing are the two biggest expenses. If he could get a job close to his family and take public transportation for the first couple of months that would set him on good footing. I lived with my parents and did park & ride for my first job out of school.
I also advise against asking friends for money. They might let you crash on their couch though. I lent money to my sister and husband while we were dating, a lot for a college student actually. I still remember that they didn’t pay me back, but it’s only ok because I understood I might never see that money back when I lent it to them.
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Tom – did you read Andrew’s post? He’s recommending using the 55 day window as a free loan, and to pay it back at the end of that window.
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Hmm, you just need some access to some short term capital.
I would disagree with #47 Des: “Do NOT borrow money from your friends, no matter how “better-off” you think they are.”
If i was your friend, and you came to me with your new employer’s offer letter, and you told me that you have not a dollar to your name and you need some money up front to start your job, I would loan you your first paycheck.
I would have a very reasonable assurance that you would be able to pay me back (offer letter) and There should be some trust between friends, and friends should help each other out.
I’d even write out a loan contract. If you are really starting a professional job, you are not going to be trying to dodge debts, you wouldn’t be able to run anywhere, it wouldn’t make any sense.
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I was unemployed for a full 5 months between college and my first real job. Before leaving school (when I had a job – it was a govt student position and we got kicked out when we graduated), I saved a cushion of about $1000 (I also sold many of my things to get this built up) – mainly to make my credit card payments and do the sorts of things only cash will do. Next I found small jobs to generate bits of cash here and there (just a couple things really – I made a couple hundred extra dollars that way). I also lived with a friend and then my grandmother. I did as much as I could around their places to earn my keep while I was waiting to actually earn steady money. For everything else I relied on credit cards, and tapped the cash as little as possible. However, once I did get a job, I quickly repaid everyone who helped me and continued to live with my grandmother for about 15 months (win-win for both of us, and it helped out my aunts and uncles too b/c they didn’t worry as much about her). In that space of time, I paid off all my credit cards and nearly all of my student loans. I didn’t even try to rent an apt or anything like that til I really felt ready. It’s not the perfect scenario, but it turned out really well. I could have done better, but I did more than most, I think
I never even thought I would have lived with my grandmother (kind of a bitch, honestly), but we became close and I’m very glad I did it. This was all back in 2004 – imagine if I had been reading these sorts of blogs then – I would have done an even better job. At the time, I was following my own rules 
One of my cousins even followed my lead and moved in with us when she graduated!
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If you actually have a guaranteed job in hand and you’ve signed for it, you could easily get by for a month on a credit card. Depending on where you live, there is presumably public transportation. Don’t buy a car yet. Or, borrow a bicycle! Check out couchsurfing.com or other sites to find places to crash, and live out of a small suitcase. Offer to pay someone $200 to sleep on their couch for a month.
At the very most you’ll have $700 or so on your credit card. PAY IT OFF. As soon as you get your first paycheck, PAY IT OFF! You won’t even have to pay interest, so you’re basically getting a free loan. Now, if you think you’ll be tempted into buying a PS3 or iPad or whatever new gadget is out instead of paying off the credit card, then this may not be the best idea. Instead, pay it off! Make yourself accountable and tell your parents/friends exactly what you’re doing and make them pester you to see if you’ve actually paid it off when you get your first paycheck.
Overall, be cheap! Get creative! Sure you have to eat, but be cheap about it. Make PB&Js for lunch. Don’t fall into the trap of “needing” a complete apartment filled with crap. Rent a bedroom off craigslist for a month. There are so many doors open to you, you just have to realize they’re there! Best of luck!
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I do work in the oil industry as a chemical engineer. I am in consulting and many of the major companies are still hiring. You do have to go through their programs and they are on a cycle. You should start TODAY, as most companies are looking for people to start in Jan. Like I said before you must have at least a 3.0. They will not even glance at your application if you don’t.
A few years ago when I finished, most of my classmates got jobs through career fairs. Try to go to the very specialzed ones, maybe one through http://www.ieee.org or at the upcoming eWEEK.
@66- A part time job will come up at the interview, even if it is not on the resume. In engineering they do hold part time jobs outside of your field against you.
I am still in the “take out a loan” camp. A credit union is your best option. When you get your offer, take the letter in as proof of income. Not only will you be able to live closer to work but you will also build your credit. You may want to consider this option even if you are offered a relocation package, as they come with a lot of strings attached.
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Gimena – I’ll take a look. Thanks for the advice!
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Isaac,
Another thought – does your school have an Alumni Association or Young Alumni group? I’ve been offered no less than three very attractive job offers because of my association with my alma mater. Networking is a powerful tool, especially if it pairs you up with folks who might have similar degrees from your university.
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@Mike – So true, and so funny! My husband and his coworkers were very upset when their company issued a “no jeans” policy. The engineers threw such a fit about it that they were exempted from the rule.
@Isaac -I don’t really have any advice other than what has already been communicated here, but I do want to say good for you for taking another job in the interim. My husband and I graduated in June 2001, he as an electrical engineer. He was hired on full-time with the aeronautics company with which he had done his senior internship. We were engaged, his career looked promising, I planned on working for a year or two and then going to grad school…life was good. Who would have guessed that, three months later, the aeronautics industry would go down the drain after 9/11? He was laid off in October 2001. As a new grad w/ a limited resume, he didn’t stand a chance of finding an EE job, not with the thousands of more highly qualified engineers who were also suddenly out of work. I had a low-paying entry level job, we both had student loans, we were planning our wedding…we couldn’t make ends meet. So my husband went to work at Target. He worked in the stockroom during the early morning shift, getting up at 4AM, working until 1PM, and then spent the rest of his day applying for engineering jobs. He did that for a year, during which time we got married. It was a tough time for him. Here he was, fresh out of college with what was, at the time of graduation, a very marketable degree. He had big dreams. His classmates who had been hired on at non-aerospace companies were still working as engineers, making a ton of money for 22 year olds, buying houses and cars, traveling. We were discouraged.
It all worked out, of course. After a year, and through a series of most fortunate events, he was given the opportunity to go to grad school, and as a research assistant, his tuition was paid and he received a stipend (which actually paid more than Target). Now he has an MSEE and a competitive resume, and is working, interestingly enough, in aerospace. That all makes me very happy, but you know what? His willingness to go work at Target was absolutely the best thing he could possibly have done for our marriage. It cemented in my mind that he will do whatever it takes to take care of our family. I am proud of what my husband has accomplished in his career. His research has been published in professional journals, he has presented at conferences, he has been steadily promoted. That Target job, though, is the one that makes me most proud of my husband. He is a good engineer, but more importantly, he is a good man.
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I might catch some flak for this, but I applied for a credit card with an introductory 0% APR. It’s a free loan up to the credit limit until you start working, as long as you’re willing to bet that’s within the next 6 or 12 months.
I get offers like this for AmEx all the time (12 mo.) and Chase Freedom often has a 6 mo. promotion.
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I hope you (or anybody else) will consider the Coast Guard. I married a “Coastie” as well as ny best girl friend. The experiences, benefits, the small community (as compared to other military communities) are so great. My husband’s undergraduate and almost all of his graduate school was paid for (and he had the least generous benefit than is now available). Your children benefit when they go to college. Please tell me what company will pay you HALF OF YOUR SALARU day one of your retirement?? It has allowed some of my friends to stay home with their children.
Remember, the Coast Guard is all about saving lives not taking lives.
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I know this is hindsight but for others still in college, work whenever you can and SAVE your money. I have a daughter that graduated college a year ago and still hasn’t found a job in her field. However, she saved money out of her paychecks from age 16 on and built up a nest egg. She’s currently working two crappy jobs to make ends meet while continuing her job search. She shares an apartment with one roommate and we help by paying for phone and car insurance. Life can be very tough when your starting out but it really does build character and resourcefulness.
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I would like to tell you to approach your friend for borrow money or try to use their car i mean if they can drop you at your office. This is wat people doing in india rather to go for loan.
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Azher – depending on the location of my job I may not know anyone at all nearby at first. I’m planning on biking if the distance isn’t too far.
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I’m about to be in Isaac’s position later this year. Right now I have a job at my school but I can only work there while taking classes. To prepare for this transition I’ve been shooting my resume at any open opportunity, still no luck. When I graduate I’ll probably have enough money to survive for a couple months without work. That’s when I’ll be giving a major push to finding a job or something temporary to get some cash coming in. This article was very useful. I was about to make some purchases but had doubts. I know now to hold back. Thanks.
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Thats great idea. I wish you will have job nearby.
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Get a job to keep the wolf from the door. Two instances in which doing this led to better things, both former students of mine:
One young woman took temp jobs during the summers while she was in graduate school. She planned an academic career. However, one of her temp employers liked her so much they gave her an offer she couldn’t refuse. This led to a great job with the company, in which she earns far more than she would have on the career path she had planned.
Another one, recently divorced with a small child and a deadbeat ex-, waited tables and tended bar through graduate school. She’s very good at it, and the work generates a surprising amount per hour, much of it under the table. She now has an excellent day job that not only gives her a decent salary but pays twice-yearly bonuses. She continues to tend bar a few hours a week, because it creates a healthy side income; meanwhile, she’s on track for a bright future in her chosen career.
An employer who holds hard work against you is not a desirable employer. In both cases, the people who hired my former students were impressed by their industry and willingness to take on temp or blue-collar work to support their long-term plans.
BTW, the Coast Guard is still the military, any way you look at it. My father was in the Coast
Guard, and so was my best friend’s husband. The latter was sent to captain a boat in Viet Nam. As a result of his experiences in the Mekong Delta, he became a lifelong pacifist. This should tell one something.
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Take whatever job you can get.
Restaurant are always hiring–maybe consider waiting tables
Its fast cash
Sell unuse /unwanted items on Ebay, Craig’s List, or Amazon
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Great to know that Isaac is getting back on track. I’m writing a blog right now about my adventures in the job market/paying down my debt right out of grad school.
And guess what? I’m working 4 part-time jobs and still living paycheck-to-paycheck. Only one of my jobs is in my chosen field, and it pays below the poverty line. One of my other jobs is at a pet store, and I tutor at two different places. So the beggars-can’t-be-choosers line is like preaching to the choir here.
It’s tough out there, whether you’re a freshly-minted college graduate or a 30-year workforce vet just laid off. Or parents having to suddenly take in their recently-graduated son. Best of luck to everyone all around!
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What a great advantage, to have neither a place to live nor a full-time job! (I am not at all being sarcastic!)
Once you have a job, you can strategically choose where to live. If that job is in most cities, you won’t need a car, so the stress of buying and insuring one becomes moot. Then, not only is it not a financial burden when you’re getting started, it continues not to be a financial burden for years to come.
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David is right, I always see NOW HIRING signs at fast food places. It’s a job with income. Good Luck to you!
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leave flyers on your street, subdivision, etc. and solicit work around the house in the neighborhood. everyone needs some work done – offer to go shopping for them, do some admin work, tutor their kids, baby sit or pet sit, cut the grass etc. this does not require a car/fuel expense etc. you can also work at a nearby fast food joint as others have suggested. those are typically all within walking distance. as for vehicles, you can save up for a few months and quickly save up for a car. craigslist has cars selling dirt cheap these days.
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You should rent a room from someone rather than get your own place. You can spring for your own place after a year of working once you’ve saved money for the mattress you’ll need to sleep on, a recliner, futon, Tv, microwave, towels, dishes, etc, etc (you’ll need $5,000 or so to set up your own place later on). The craigslist website has rooms for rent in every big city. That way you won’t have to buy much for your first place, and you may even get by without having to be on more than a month to month lease. If you get your own place as soon as you get a job – then you’ll probably rack up $3000 in credit card debt getting what you need to live in it and then have to slowly pay it off – it’s much better to just rent from someone cool (someone like you who won’t be bothered by how you live). If public transportation isn’t available when you get your “real job”, yes get a car. One possibility is to buy one of your parent’s cars from them – on payments. That way you will owe them and not a bank. If that’s not an option, buy a very economical car. I recommend a Honda Civic, or Mazda3. At $15 grand, they aren’t cheap, but get 30 miles per gallon and need little repairs – and last for 15 years. You’ll have a lot of stress and hard work at your job. You don’t need the added stress of an old “beater” or “hoopty” car that breaks down a lot. Also repairs can cost $700 each on old cars. You could end up putting $7,000 in repairs into a used car you just bought over the first two years you own it – that a wiser person just sold to avoid paying for. Also the Nissan Versa at $10,900 (with air contitioning – a must in the heat waves we have) is a good buy if you can stand a subcompact. When you’re just starting out is the one time I recommend buying a new car on credit – just nothing fancy. Don’t live without a roommate when you’re just starting out – it’s way way too expensive.
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regarding the housing issue and the clothing issue:
1) roommates.com: often you can move into someone’s room, for as little as $300 per month. live there for a little while and then get a modest apartment after you’ve been able to feel things out without committing to something. this option also makes it easier to move back home if an out of town job doesn’t pan out for whatever reason; you won’t have a lease to break.
2) today i went to a local Detroit chain of second hand stores (value world, whoop whoop!!!) and spent $70 on clothing. i bought 7 pairs of pants and 14 shirts. all of the clothing was in great condition. it’s not that expensive to outfit yourself with business casual gear as is expected in most offices; i’m a social worker and all i’m expected to do is shower weekly. it’s doubtful that you’ll be in a suit right away out of college going to meetings with head honchos, you’ll probably get an entry level job and you’ll be fine with two pair of khaki slacks, and a pair each of brown, blue, black, and gray. many shirts are easily paired with different pants, add in a couple sweater vests and you have plenty of clothes to last you for a few months before you get a couple paychecks under your belt. shoes are important and i’d say buy a good looking pair of brown and black dress shoes with leather soles that can be repaired for the next 20 years (florsheim or the like).
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don’t get too worried about anything right now; you got to get the job first. from my read on things you could drive to an out of town job (a couple thousand miles, even) with a couple suitcases, laptop, etc. and get a room to rent, and buy the clothes necessary to start a new job and spend no more than $1000 in total “new job start up costs.”
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Sam: Great points. I shop at thrift store all the time but for some reason hadn’t considered getting business casual clothes at one. I do certainly plan on getting a roommate thanks largely to the advice ITT.
Thanks all!
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I graduated in August 1984 – a degree in environmental biology – a week later I was working for a tile company grouting tile in new houses, I made dozens of applications in my field had a bit of help with housing with friends, I was hired in a government job in September 1984, not much of a wait and I have been at it since – I agree, find any kind of job to hold you over – I did have student loans, they did not begin for 6 months which helped – it took 11 years to pay off – Friends gave me shelter, but a loan, I could not ask, I value my friends way to much!! Good Luck
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Just wanted to say that my job lead panned out and I accepted an offer today. If you’ve got a room to rent or a cheap car for sale in the Hartford, CT area, lemme know at isaac at steinmetzpress.com!
Thanks for the great tips everyone!
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I think this is all great advice which I wish I had when I was 24. Isaac, so glad you asked the question, and now have a job. Congratulations!
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