f you live at home, offer help around the home with chores and such. Get a job and help with some financial responsibilities. Then living at home can be great and rewarding. You can save tons of money, plus when your car is on the fritz, mom or dad always will let you drive theirs. Moving out means, everything mom and dad pays far as bills, you'll pay also by yourself. Never have money. Always having to stay home.
Growing up, preparing for the real world and becoming independent are some things that most students think about when entering college. Whether they're planning for a future career, making preparations to begin a family or establishing credit to buy a house, many students not only try to earn a quality education, but also work a job to save money for their future expenses.
While establishing good credit, working between classes and saving every penny for a house, some might choose to rent an apartment or remain at home with family.
For those in their twenties, living under their parents' roof might not sound so inviting; however, for broke college students like me, this living arrangement has definite benefits.
When I began college, I had no idea how expensive costs would be. I took college credit courses in high school, finished six other full-time semesters, a couple of summer classes here and there, and paid for books and parking during my higher education career. I have spent approximately $45,000 for college so far.
I have made the choice to further my education by going to graduate school as soon as I finish my bachelor's degree, so that will add another $15,000 to $20,000 to my expenses.
Although living at home has had some disadvantages, overall for me, it has offered many advantages.
The main advantage is the "free" living. Staying at home has allowed me to build up a large savings account and put tons of extra cash aside for when I do decide to get my own place.
According to
www.city-data.com, the median house value in St. Louis, in 2000 was $51,000, and the median gross rent in St. Louis was $442. Over the last six years, those figures have probably greatly increased.
The average cost for a one bedroom apartment does not include the extra amenities such as gas, electric, cable, phone service and Internet access.
A typical student part-time job pays between $7 and $10 per hour. After taxes, a week's salary averages out to be anywhere from $200 to $300. If a student is only making about $1,000 per month and $600 of it or more is going towards living expenses, he or she is left with hardly any spending cash or extra money to save. Any leftover money is most likely spent on food and gas.
UM-St. Louis is a four-year university. Those who live at home during those 48 months, can save up to $30,000, which could be used as a good down-payment on a nice condo or new home, or it could be used to pay off student loan debts.
Living at home not only reduces the costs of monthly rent elsewhere, it also provides "free" food from the pantry or your mother's home-cooked meals at no extra charge.
College students usually have very busy and hectic schedules with their classes, school involvement and other activities. So how much time do we really spend at home, other than when we're studying, sleeping, eating and showering?
I am not encouraging students to become lazy and freeload off their parents. Unless you have major issues with living at home, like very strict parents, a curfew or no privacy, consider the benefits of staying with family during college. Think of the bright side.
How much money can you save in the long run?
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