09 Aug Prepare for College and College Athletics: Ready, Set, Budget
Back to school is almost here! Are you financially prepared? This is the final installment of our 3 part series highlighting:
- Fitness and Physical Training
- Preparing for the Academic Challenge
- Ready, Set, Budget
So, what about the money?
Student athletes — the question of money has plagued your parents since your conception. You are expensive. So is college. Here are 3 Jeopardy style tips from your friends at Aspire Soccer Consulting & Resources to help you prepare for college and get you started on the road to financial success:
What is $800?
That curvy figure is a ballpark estimate of what a frugal college student spends per semester. This will not support a Starbuck’s habit. With an average semester of about 15 weeks, you will have only 53 “Wampum” each week. Be miserly. Besides the obvious pizza fund, we hope you replenish your toothpaste, shampoo, and other paper products. Don’t forget print costs for school reports and Uber rides to a movie, though your budget is more of a free Netflix kind of evening. BTW – budgeting is not based on a credit card. Wise students open a checking account and start with a debit card learning to “act their wage” as financial guru Dave Ramsey advises. Also, consider using an online source for your textbooks as the University bookstore is pricey!
What is $191,000?
Nightmare. This is the new estimated cost of an average private 4-year education; it’s also the number that thins Dad’s hair and keeps him up at night. You can help yourself by getting a great degree – one that results in employment and a paycheck; in 4 years btw. Summer is the time to job shadow, chat up people in the profession you are considering, read and research jobs online. When you arrive on campus, check out the Career Advisement pronto. By the way– not all loans are the same, so… if you’re borrowing this will matter to you later. Federal loans have historically had the lowest rates and best terms. This is one good reason to fill out the FAFSA forms each year –especially if your family income changes.
Remember the following ROI or “Return on Investment” principle for borrowing. If your future career pays well, you can borrow more. Example: If you are preparing to be a teacher, nurse, police officer or similar – $40,000 is the estimated first-year earnings for those occupations AND the maximum you should borrow for all of college. Trust the financial advisors on this – borrowing $100,000 to earn a degree that starts at $40K/year will put you in the poor house – or even more unthinkable, your parent’s house.
What is Mint.com?
Mint.com (http://www.mint.com/) is a great App for college students seeking financial success! Mint helps you budget and get a handle on the world of money, one dollar at a time. Student-athlete recommended and tested! Why not check it out?
What is a good idea?
You may have lots of questions like, Who is signing with the “Bursar”? What is a “Bursar”? Can I get a “Bursar” with leather seats? How do I get started? How can I earn an athletic scholarship? How can I get my parents off my back? How can I manage the vicissitudes of my future when I can’t even manage the complexities of Prom, Fire Drills, and Algebra II? At Aspire Soccer Consulting & Resources we work with student-athletes who want to play their sport in college. Many are able to earn scholastic and athletic scholarships (which makes us popular with parents)! Call us today at 630-740-8741 or email us at Aspire2play@gmail.com. We have lots of answers to these and even more probing questions about budgeting for college.