Sarang Ahuja | Finance

Leader, Financial Expert, Game Changer

Tag: college

What I Did During My Summer Vacation—Sarang Ahuja

What I Did Over My Summer Vacation (Wasn’t An Internship)

If you’re a college student, then a paid internship is the holy grail of a summer vacation—a way to make money while also advancing career prospects. It’s a rite of passage for many students, and it can be devastating to see others land their ideal internships while you’re stuck with nothing to do over the summer.

Worry no more; if you’re a college student looking to advance your career over the summer, there are plenty of other avenues available to you that are guaranteed not to require getting other people coffee.

Find Odd Jobs

I don’t just mean mowing lawns or walking dogs (though that is an option). Look for temporary work in your area geared toward your interests. Even if it’s for a nonprofit group, doing work for their benefit can give you something to boost your resume. It’s also a great way to learn how the working environment functions, something that can be hard to gauge through college classes. Take the time to research specialty jobs that may be relevant to you; for instance, if you’re a writer, local papers may need assistance covering stories.

It’s also worth considering day long shadowing opportunities to get another good look at the workplace environment in your industry.

Volunteer

Speaking of nonprofits, pursuing volunteering experiences can be valuable for a resume even if it isn’t necessarily in your area of expertise. Not only that, but there are often leadership opportunities available through nonprofits. Consider spearheading a project and giving yourself something to be proud of.

Complete Summer Classes

Ease the burden of your college career by taking summer classes! Even if your college is far away, consider looking into knocking out a few requirements online or at your local community college. If your schedule is a bit hectic, it can cut down on your stress and even save money in many cases. For that matter, you can even use your extra time to complete an internship later on.

Research

Many colleges and universities offer undergraduate research opportunities over summers. For an individual considering grad school, research is a big standout come application season. Even outside of this, research offers an in-depth look at the working of industries even beyond math and science. Consider asking about grants that your school offers to help support you in these endeavors.

Start a Business

The growth of technology has allowed for the spread of ideas at an unprecedented rate. If you see an opportunity in a field you’re studying, or even just have a solid grasp of a particular skill, consider becoming an entrepreneur. From writing to design to building websites, there are many skills that you can hawk to those interested, all while earning money and learning.

Study Abroad

Not every life experience has to relate to work. By studying abroad for a summer, you demonstrate to employers your willingness to venture outside of your comfort zone and try new experiences. Plus, it gives you more opportunities to learn and work toward that sweet, sweet college credit. Consider some of the places you’ve always wanted to see, and form experiences that you’ll have for the rest of your life!

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Post-College Financing

For those of you out there who have just finished another chapter of your life and graduated college, congratulations! You’re ready to take on life choices and decisions and you’ve officially entered adulthood. This means that you’re on the road to finding financial success and will most likely begin paying off your loans from the last four years. Although it can be a hard subject to think about, taking control of your finances post college life is attainable. By following these four steps, you can be on your way for financial success.

 

Calculate your Debt

As hard as it may be to think about how much money you don’t have, knowing how much you owe is crucial to come up with a plan to paying back your loans. Once you have established a number, write it down. This will allow you to keep track of your payback progress. When making monthly payments, it’s also a good idea to set up automatic payments. Automatic payments will ensure that your payments are always on time and establish a positive credit score and a good relationship with your bank.

 

Keep an Eye on your Credit Score

College is about learning from your mistakes, right? As soon as you get out of college ( or even before), you should keep an eye on your credit score. Whether you’ve applied for loans/ credit cards or not, monitoring your score will help protect you from fraud and identity theft. It’s also important to keep in mind that checking your credit report too often can actually hurt your score. If you’re planning on taking out a mortgage or big loan this year, keep the credit pulling to a minimum, such as 3 times a year. However, checking your monthly FICO score is a great idea to have an idea where your credit stands. FICO works by predicting what your actual score is. It’s usually offered with online credit card statements, therefore you can look at it as much as you’d like without worrying about your score going down.

 

Emergency Savings

Although setting up a 401k and retirement is important as a post college student, it’s more important to have an emergency savings account set up as soon as you can. If you come out of college with a job lined up, consider yourself lucky. Otherwise, you’ll need to set up a plan for living costs, such as moving back in with your parents or finding freelance work. When your income isn’t steady, an emergency living plan is more important than setting up a retirement plan. The reality is that you went to college to find a job, so eventually you will find one. But some unexpected costs may come up, such as car damages, shopping for interview clothes, or other emergencies could potentially come up, so you have to be ready.

 

Create a Budget

My best overall advice for college graduates, is to start thinking about your future monthly expenses before you graduate so that you’re not shocked when it comes to paying your bills post college. Then, create a budget to keep in mind. This will also help you in the long run when you make more money than you’re spending, allowing you to create savings plans.

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