It is a horrible time to be looking for a job and it is predicted to get worse for the college seniors graduating in 2009. However, this does not mean that it is impossible to find a job so you want to be doing all you can to make the best impression among those companies that you are applying to.

1. Update Your Resume – Keep your resume updated constantly and have someone else read it over. You can stare at it for hours yourself, but you still make overlook some important aspects that should be added or even a spelling error. If your school offers a student career center then use it! Usually their services are free if they are through the school and they can be a huge help.

2. New Cover Letters – Yes, you can re-use your resume but do not re-use your cover letters. Make sure that your cover letters are as specific to the job that you are applying for as it can be. You don’t want the recruiter to read through your cover letter and think it is generic. Apply your experience and knowledge in your cover letter to things that relate to the job description that they provide you with. Make sure you also do your research before writing your cover letter as it will be important to meshing with the company’s culture.

3. Dress Professional – It is better to be over dressed than under dressed for an interview. Yes, the company may have a business casual work environment, but you want to make sure you look as professional as possible and show that you can look the part. If you feel as though you are overdressed compared to your interviewer then take off your suit jacket. Just remember that looks are the first impression you give when you walk into a room and before you say anything. You want to look clean and tidy in order to make a great first impression on the company.

4. Always Take 2nd Round Interviews – Even if you do not feel as though the job is for you after your first interview, try to take advantage of 2nd round interviews if you get offered one. I suggest this for several reasons. Perhaps your 1st interview was not a clear depiction of the job or the company. You don’t want to judge how you feel just on a few hours. Another reason is that you get a lot of experience from doing actual interviews. Although you may not think you are right for the job, going on this interview may prepare you for a 2nd round interview at a job you really do want.

5. Follow-Up – Within 48 hours of meeting with your recruiter, you should always write a thank you note. A personal handwritten note is best because it gets the point across that you really cared that they took their time to interview you. If you are unable to write one, at least send an e-mail. E-mail is a little bit less personal but will still get your point across.

6. Network – This is one of the most important things to getting yourself in the right job. You want to connect with the right people. Make sure you are always friendly with anyone you meet at interviews and career fairs because you really never know who could be your next boss. Even when you get into your job, networking with everyone and anyone is extremely important for advancing within the company.

One of the best things to do in a time when no jobs seem to be on the market is to make sure you are being patient and consistently applying to whatever jobs you think you will be a good fit or that seem interesting to you. Don’t ever assume that you will not get an interview, because without applying you will never know!

Photo: Kevin

By Farnoosh Torabi | MainStreet.com

As the economy drags and the job market weakens, it’s inevitable that workers will begin contemplating going back to school to increase their skill set. Both The London Business School and the Stern School of Business at New York University, for example, report double-digit jumps in applications this year, and the trend doesn’t appear to be slowing.

While a higher degree often leads to a more competitive job and a better salary, the initial investment to attend a graduate program can be daunting. On average, grad students owe $30,000 upon completing a master’s program, according to Kaplan Test Prep and Admissions. “Now more than ever you have to realistically assess what graduate school will do for you, and exactly what program will suit you best both personally and professionally,” says Priya Dasgupta, GRE program manager for Kaplan Test Prep and Admissions.

Consider these questions before taking the leap.

Am I Switching Industries?

Often graduate school serves as a bridge when transitioning from one industry to another. In some cases, like deciding to be a doctor, graduate school is unavoidable. Still, some transitions don’t require a specific degree. For example, for a teacher to enter the business world, an MBA might come in handy during the job search, but it’s not absolutely necessary. Getting an entry-level position first can help survey the lay of the business land before making the decision whether to attend graduate school. And in the interim, that’s a $40,000 a year savings in tuition costs.

Can I Work Part-Time?

It may be more time consuming and challenging, but it also eases the blow of graduate school tuition. At least 50% of U.S. employees receive tax-free educational perks from jobs that cover career related courses. Some employers may even contribute tuition expenses, if you agree to return to the same company full-time upon graduation for a minimum number of years. The federal government actually encourages this with a special tax code letting employers pay as much as $5,250 a year in tuition for courses pertaining to your profession. Check with your human resources manager to learn about your company’s education benefits program, often called the Employer Assistance Program.

Have I Exhausted All Financial Resources?

While banks are increasingly getting out of the business of offering private student loans, that’s no excuse to quit your search for funding. Begin by filling out the FAFSA (Free Application for Federal Student Aid) at fafsa.ed.gov, which Dasgupta calls “the gateway to a large chunk of financial aid awarded to students.” Then talk to your local bank – preferably a credit union or small bank that hasn’t suffered from severe write-downs à la Citigroup - for available loan programs. Ask the student aid office in your graduate school for applications for private scholarships, school fellowships and teaching assistantships. Also consider peer-to-peer lending web sites, such as prosper.com and lending.com which eliminate banks as middlemen and directly connect individual borrowers and lenders.

Related:

Young Generations Feel the Pressure
Student-Loan Woes Hurt Upper Middle Class
Student Loan Justice

Don’t run; you can’t hide.

Did you know that if you try to run from your student loans collection agencies can garnish your wages? That’s right — they can legally garnish up to 15% of your take home pay. The government can also intercept tax refunds, Social Security payments, or even money like this year’s stimulus check if you do not (or cannot) pay your student loans.

In some dire situations collection agencies can contact your employers and neighbors. Their attempts to collect can be harassing and embarrassing.

You can’t declare bankruptcy if you get overwhelmed, either. Student loan debt is not treated the same as credit card and other consumer debt. Student loan interest is tax deductible. However, that’s little comfort if you’re struggling to make payments.

So why is the system like that? Can anything be done about it?

Student loans are partly treated with severity because there is nothing for the lender to repossess if you default. With a car or home the bank can claim your property and re-sell if you can’t pay for it. But your brain? Lenders see this loan as more risky, and from that standpoint you can’t blame them.

However, there are some very real social ramifications that stem from excessive student loan debt. Gen X/Gen Y generations carry proportionately more student loan debt than our parents. Some have pointed out that this debt causes more of us marry later, have fewer children, and delay purchase of our first home. Excessive loan debt is forcing too many young adults to move away from low-paying but critical fields such as teaching and social work…a threatening situation to our nation’s strength and stability.

Who’s working to change things?

Alan Collinge is working to raise awareness of unfair practices in student lending and get policy changes made, too. He runs the website StudentLoanJustice.org. Here’s a great article about him in The New York Times. Says a Sallie Mae rep of Collinge:

“He’s had a lot of problems paying his loans back, and he’s spent an awful lot of time out there talking about his problems rather than trying to pay his loans back,” said Tom Joyce, a spokesman for Sallie Mae.

I think that sounds pretty harsh and ignores some of the larger issues with young people carrying too much educational debt. If you agree, head over to StudentLoanJustice.org.

Related:
Student-Loan Woes Hurt Upper Middle Class
Clock’s Ticking for Student Loan Applicants
If You Have Student Loans, Read This

Attention soon-to-be college graduates! Enjoy the parties. Post-college will entail a lot of financial sobering-up.

Suddenly it will feel like everyone wants you to pay them. Here are three smart things to do to make sure you pay #1 first and build yourself a solid financial future.

1. Make your savings automatic. Use your online skills to set up automatic drafts from checking into long-term savings. Take it from all of us who didn’t do it. You’ll thank us!

2. Go card-free. Now is the time to build your first “real world” budget. The fastest way to do this is to use cash for all your expenses for a month. This will show you exactly where your money is going. If there’s not enough to go around now is the time to make lifestyle adjustments. You can also use Geezeo’s spending target tools. (Click here to join Geezeo.)

3. Contribute to your 401(k) — even if you have student loan debt. If you’re lucky enough to have a 401(k) associated with your first job make sure to take advantage of it! The money you contribute now will have a longer time to grow. Therefore, it’s the most powerful. If you don’t have a 401(k) option now is a good time to open an IRA. (You can do both!).

Happy graduation!

Related:
Graduation…celebration or another expense??
Graduating and entering “Adult World” — how to manage it
Are college tests testing your wallet?

It’s a really strange feeling…with graduation a little under 2 months away, I’m still trying to figure out whether I’m excited, nervous, or wondering what I’m going to do with my life?! haha, I guess the answer is really all three. It’s hard to imagine that 4 years of college has passed by so quickly and that graduation is looming around the corner.

Excitement – This feeling is easy. I actually made it through 4 years of college! That in itself is a major accomplishment for many! Made lifelong friends, attended classes, held a social life, had a few jobs, went to dances/bars/sporting events…all in what seems like a very quick and fun 4 years!

Nervousness – This is a hard feeling to deal with. I think a lot of the nerves with the looming graduation date come from the fact that I have yet to find a job and secure my place after graduation. Where will I be living? Where will I be working? How do you survive without living with your roomates and always having someone to talk to? It’s hard to imagine not having the same routine of classes and moving on to a 40 hour (or more) work week. Especially hard to imagine since I haven’t had classes on Fridays for the past 2 years!!

Wondering What I’m Going to do With My Life – This is the hardest one! I still don’t know what I want to do. I know Business and Marketing are my area of concentration…but what do I REALLY want to do?! I imagine that half the people (or more than) that are graduating this year are asking themselves the same question. In the School of Management, our teachers are constantly reminding us that more often than not, the job you start in is not always the one that you will stay in for your whole career! Many people try out several different industries, positions, etc. before actually settling down. I guess these words of wisdom are meant to make us feel better — but it doesn’t always make the transition easier!

As I can imagine, many Geezeo users are probably feeling the same anxiety and excitement all at once as our graduation dates approach! And it’s not just graduation that brings on these feelings…last year at this time I was stressing out about finding an internship — as the School of Management hammers into your head that these are extremely important to have on your resume! No worries people! I know plenty of students that have not had any internship experience and have landed great jobs after graduation!

Most importantly (in my mind) is to enjoy this time while you have it…don’t get me wrong, I still think searching for a job, keeping your grades up, and attending class is up there in importance too — but if you don’t enjoy this time, you will end up regretting it when you do enter the real world. haha, also enjoy the constant vacations and days off that you receive. I realized that my last spring break was a few weeks ago and I will never get over a month off for Christmas again (BOO!)

You should all check out all the different college/universities groups that we have on Geezeo — many people might be sharing the same feelings as you that attend your school! Also feel free to add your opinions as well! :o)

In the Boston University student newspaper yesterday, our dean announced that tuition for next year will increase by 4.2%, bringing the cost of tution here at BU to up around $50,000! I can tell you something, when I told my Dad that news he was extremely happy that I am a senior and will be graduating this May!

In just under 20 years, the average private school rate will be just under $75,000 and the average public school rate will be around $25,000! This is crazy…how do you afford this if you have more than one child, all going into college around the same time?! It worries me a little that I’m already worried about how I am going to pay for my childrens tuitions when I haven’t even graduated my 4 years of college yet!

This rising cost of tuition is becoming more and more frustrating for incoming students. Not only do they want to get into the top universities (many of these private) but they now have to find a way to cover the costs of these expensive schools! From my experience, my family never received any money from the federal direct aid (the money that does not need to be repaid), but we did get student loans (all of which I am now looking to start re-paying when I land a job). The more the cost of tuition continues to rise, the more students are going to have to look for more money in the form of loans!

Not only that, but more students are also holding jobs as well as attending a full course of classes and studying for midterms/finals…you name it! I think it’s hard enough keeping your grades up and have a social life without throwing a job into the mix as well (just to make sure you have some money to spend).

In this day and age, it is almost required that to get an entry level job you have at least a Bachelor’s degree. This burden to get a good job leaves many without a choice and they are almost required to attend a university or college that will land them a job to begin earning a decent salary.

As I am only 2 months away from graduation, I saw the relief on my parents faces that my last amount of tuition is paid off for the semester (just around $18,000) and that my last months rent will be paid for this upcoming April. I am the 3rd child out of my family to graduate from school AND the last one to go! So..I think my parents can finally breathe a sigh of relief, but for many other families and incoming students…the financial journey of tuition, fees, and books is just beginning!

“As I make more money, I’m sure my concept of frugality will change. Instead of eating peanut butter sandwiches three times a day, like I am now, I’ll probably be able to afford an actual meal”.

Blog Name: The Frugal Law Student
URL: www.frugallawstudent.com
Started: October 2006
Blog tagline or theme: Trying to mitigate crippling law school debt

So: you finally got to law school. The loans are big but so are your ambitions. Money-wise it may be tight now but that will change, right? Why bother learning about finances if you’ll be making big money someday? Geezeo user Brett McKay explains why he’s sending Overspending to the electric chair (or life in prison…not the other way around, where you feel debt is your prison!). Overspending is just too big a menace to us all if we don’t do something!

First, an introduction. Why did you decide to become a lawyer, and how did blogging about personal finance develop?

Being a lawyer is something I’ve always wanted to do since I was a kid. I had several mentors growing up who were attorneys and they all seemed to enjoy their job. I was also attracted to the intellectual challenge lawyering brings. I love a challenge.

To be honest, I really fell into blogging. I wasn’t planning on The Frugal Law Student to get so big. During the middle semester of my first year in law school I made a goal to mitigate the amount of debt I would take on during my three years of schooling. My wife and I already had a ton of debt from undergrad and her masters program. I didn’t want anymore. So, I started The Frugal Law Student to document the ways I was saving money. At first just my family and close friends read it, but now thousands of people read it each month.

A large portion of your blog is devoted to living frugally. Some might think this is strange since you could live for today and bank on making it up later once you’re a practicing lawyer. Why be frugal?

My goal in life is to be debt free as soon as possible. Debt makes me feel like a slave. I want that burden off me. Sure, I’ll probably be making lots of money when I’m an attorney, but I want to reduce the amount of time it takes me to pay back loans. Less loans now, means less I have to payback later.

I also don’t plan on dropping my frugal ways as soon as I get that first big lawyer paycheck. I want enough money so I don’t have to worry about money anymore. Sadly, many lawyers who make the big bucks are under financial stress because they spend all their money on a lavish lifestyle. Luxury is no replacement for peace of mind.

Plus, frugality is kind of like a game. It’s fun! I love trying to find ways to save money. I’ve learned new skills that I probably wouldn’t have learned if I weren’t frugal, like laundry dryer repair. The game aspect of frugality will probably keep me hooked.

Do you think your attitudes or approaches will change once you start making more money? Or do you anticipate keeping a frugal profile because you will choose to work in, say, the public defender sector like my uncle?

I plan on working in the private sectors, so I’ll (hopefully) be making a decent living after I graduate. I plan on keeping a frugal profile even though my financial situation will be much better than it is now. As I make more money, I’m sure my concept of frugality will change. Instead of eating peanut butter sandwiches three times a day, like I am now, I’ll probably be able to afford an actual meal. But I’ll still be very conscious of the price of things and do all I can to get the most bang for my buck. I want to retire early!

What’s been an unexpected outcome of tracking your law school life and your money publicly?

All the great people I’ve networked with! I’ve met tons of great people that I probably wouldn’t have met if it weren’t for the blog. Several of these new connections I’ve made through blogging have helped me further my part-time career as a blogger.

What’s been the most difficult habit(s) to change to reach your financial goals? How have you worked to overcome them?

Reviewing my finances regularly. Keeping track of your money is the first step in gaining control of your finances. With debit cards and automatic deposits, it’s easy to not look at an account summary for months! One of the things that has helped me establish this habit is to start using Geezeo. Seriously. Having all my financial info in one place makes it much more easier to review my finances on a regular basis.

What are some of your favorite posts, or posts that seem to create the most debate?

One of my most popular posts that still creates a lot of conversation is Experiment in Frugality: Brushing Teeth With Baking Soda. I tried brushing my teeth with just baking soda and documented the results. The experiment didn’t turn out good. While my teeth were clean, my breath smelled like poo. I brush my teeth with normal toothpaste now. Lots of people commented on their experience with brushing their teeth with baking soda.

I’m also proud of 180 Money Saving Tips to Turn Your Financial Life Around 180 and the Massive Personal Finance Resource List (which Geezeo is included in!). I wrote those posts back in May, but they still rank in the top five posts each month.

Do you use Geezeo?

You bet! It’s really helped streamline my financial reviews. I’d highly recommend it to anyone who’s wanting to get their finances in control.

Finally — and ten bucks says you know this is coming — what’s your favorite lawyer joke?

What do you call a lawyer with an I.Q. of 50?

Senator.

Ha! Did you see our “politics and money” post yesterday? Thanks for taking the time to talk with us, Brett. You can find more law-school frugality and other ways to think about your money at The Frugal Law Student.

The 2008 election primaries are in full swing… which means time is running out to register so you can cast a ballot in November. Don’t let the older generations push us aside — we have a voice and it’s important to raise it! Click here make sure you are already registered!

We all need to vote on several big issues like the Iraq War and environmental policy. But what about the wallet?

Here’s a brief list of just some of the critical financial issues our (younger) generation faces at the voting booth:

Healthcare — can you afford coverage? [see yesterday's interview with author Carmen Wong Ulrich]
Social Security — you’re paying into it… will it be there for you?
Working Wages — can you live on minimum wage? Can anyone else?
Debt & Lending — are you current debt and lending practices hurting you? [see: Americans for Fair Lending / Maxed Out movie]
Student Loan Reform — have you been treated fairly? Want to speak out? [see: StudentLoanJustice.org]

Got more to add to the list? Sure you do. No matter where you stand politically you owe it to all of us to vote.

Are you registered to vote? Are you sure? Head over to this link and make sure.

P.S. Special shout out to Virginia 21! They prevented a proposed $1,000 tuition hike for every student in the state. Great example of youth creating political change: Way to go!

P.P.S. Mixing money and politics? Check out these Geezeo Groups: Politics and Money and Iraq Contractors.

“The money-management needs of the under-40 set today are just widely different from even 15 years ago.”

A lot of Geezeo users ask, “where do I start”? Gaining control of your finances can, at times, feel overwhelming. Sometimes it requires you change habits. Sometimes you have to learn new things. And sometimes, you just have to cut to the chase, get down to basics, and take action.

So I was pleased to ask Carmen a few questions about her book and get her thoughts on issues close to young people’s wallets.

Carmen, what compelled you to write the book Generation Debt: Take Control of Your Money: A How-to Guide?

I was a young editor at a personal finance magazine and I realized that there was a big hole when it came to the needs of young adults. At the time, a couple of year ago, most personal finance information and media didn’t have a 20-something graduating five-figures in debt and with no health insurance in mind. The money-management needs of the under-40 set today are just widely different from even 15 years ago. I wanted to address that. And mostly, I wanted to pull together my advocacy side with writing swathes of people don’t subscribe to personal finance magazines and don’t grow up exposed to good financial advice. It’s important now, more than ever, to be on your money-toes. Why not spread the word to regular folks? The advantage of having exposure to and knowledge of personal finance these days is an advantage that can mean the difference of living a life in constant financial strain and living a comfortable, in control life. I want to give as many people as possible that edge.

What do you see as the largest contributing factor(s) that keep young people (particularly women) from taking an active role in managing their finances?

Fear. It’s intimidating. They don’t teach personal finance in school, yet it’s a very technical life-skill we all should have. Some of us start out at the gate way ahead in terms of knowledge and exposure while many others learn from scratch and in practice. Learning the hard way is a difficult way to learn. Think of money management like mechanics. It has its own vocabulary, rules, changing products, etc. How many people know how to change their oil? It’s technical and anything technical, even if it’s a basic life skill, is intimidating.

I also think that there’s an element of struggle for many young adults graduating with a load of loans, then landing a great but low-paying entry-level job and trying to live on your own is a big burden. One our parents didn’t have. Just managing to keep your head above water can be overwhelming. Sometimes it feels better to hide your head in the sand!

Women have the added societal pressures of expectations, in terms of appearance and roles, but it’s only been a couple of generations where it’s the norm for women to live on their own, have a fulltime career and be partners in taking care of the household financially. We’re still blazing trails here! To adjust in two or three generations what has been the norm for centuries is difficult and so we have a funny relationship with money. The tradition of women as breadwinners hasn’t taken hold in a substantial way yet. All the more reason why we should be on top of things — plus, we live longer, decades longer on our own, especially as parents.

You break your book down into broad categories a person needs to control in order to get their finances in good order. Which of these chapters was most personal? Which do you think is most critical for our generation to master (Gen X and younger)?

Knowing when and how it’s OK to spend and when and how it’s good to borrow. There is a big fat corporate machine out there that wants you to spend, spend, spend — don’t be easily manipulated. Be selfish and protect yourself financially.

Everyone can read the book and get information but a big part of it is attitude and approach. How do you manage your money? Are you pretty much on top of things? Or are your bills all over the place? Do you know when you can and when you can’t afford something? And do you have a plan in place to get rid of debt and build some savings and then equity? It’s similar to keeping your body healthy. We all know what to do, but do we do it? And just like with dieting and exercise, if you integrate a manageable program into your everyday life (leaving room for slip ups here and there), you’ll be in great shape. If you make the decision to make money-management a regular part of your life, one that gives you a deserved element of control and comfort, you will always be taking care of yourself, and one day, your loved ones.

As for what I write about that is most personal for me, well, I’ve been through it all! My mother and I waited tables to help put me through undergrad and I still left with a nice chunk of debt. I also started on the job-front with little help except three months on my brother’s couch while I saved up a deposit for my own place (Thanks, bro!). I went into credit card debt just to get a futon to sleep on and some clothes to look decent in. And yes, I followed my own plan (credit card debt chapter!) to get out of debt years later. I now own my first home with the hubby and we even pay for our own insurance. Point to a page, I’ve been there! Self-made, through and through.

There isn’t a specific chapter on philanthropy so I’m curious how you see giving as part of a good financial plan. Is it unrealistic for young people fresh out of school to have the money to contribute to causes?

I would have loved to address that and I do get this question now and then. I grew up in a family that tithed (the practice of giving 10% of your income regularly to your church or charity) no matter how little money we had. Sometimes I had to ‘tithe’ with my time rather than cash, but I believe that giving back is an amazingly important and rewarding thing. Ten percent or ten dollars a month whatever you can afford you can afford it if you make it a priority to do so. I was always amazed in my lean days how I would find that extra $20 I needed to pay dues or the phone bill. Cash can be found, usually in those couple of dollars at the toll booth or newsstand or iTunes. No matter what your budget or income, more so when you’re young and no one else is depending on you yet (such as children), if you want to give back, find a way to give back. Make an automated deposit to your favorite charity every other month or even make it once a year if things are super tight. There’s always room in a budget to give back. And if and when you’re in such dire straits that you can’t give as much as you’d like, do what I did and hook up with a volunteer agency. Doing both can be doubly rewarding!

Politically speaking, students and young adults face a changing world .. and generally speaking, we aren’t standing up for our (financial) selves in the voting booths. You address some of these issues — like student loan reform— in your chapter “A Pricey Future”.

If you could boil it down to one financial issue our generation should consider critical for the next presidential election, what would it be?

Health care. As important as student loan reform is, we are all much more affected by the huge health care gaps in this country and it’s getting worse. Young adults are the fastest growing group declaring bankruptcy these days and a large % of this is due to medical debt. Young adults are the least likely to have health insurance. You have the advantage of time to pay off student loans but medical debt can go from $0 to $100,000 in a matter of days and that debt-load is a matter of life or death. It’s absurd. And I’ll stop there because I could go on and on with this one!

Can you tell us a bit about your upcoming book?
Let’s just say it’s going to help a lot of people.

I can’t wait! Thanks for speaking with us, Carmen, and thanks for writing such a clear and concise book. I think many Geezeo users will enjoy it, too. You can find out more about Carmen and buy her book by visiting her website, GenDebt.com.

Did your cable get shut off? Good. Crack open a book. Look for more financial book reviews here at the Geezeo blog.

P.S. Carmen is going to be featured as one of four experts on two upcoming CNBC specials of ‘The Millionaire Inside’ taping this week, airing on CNBC at 9pm next Tuesday, the 29th.

“Convenience food is gross and not particularly convenient, but it’s basically like crack–”

Are you graduating this spring? It’s not too early to brace yourself for the so-called “Real World” — and not the one with the MTV soundtrack! What’s it like? What should you do to get ready?

I had the pleasure of speaking to recent graduate Melissa Eastlake. She’s one smart grad and like you has a lot to consider when it comes to the financial aspects of starting out. Here’s her take on entering “Big Girl” or “Big Boy” Land…

Melissa, you recently graduated from college. Did you have that terrifying moment — the one where you get your student loan bill and think… WTF? How am I gonna pay this…?

The exit counseling run by my school’s financial aid office was, to say the least, not the best day I’ve ever had. That was the first time I saw my estimated payments–and only for my government loans, my private loans weren’t even included. I didn’t work out what sort of debt burden I could expect to handle until the end of my senior year–and by then, of course, I was stuck with it.

Luckily, though, that was at exit counseling in April, so I had time to figure it out.

So, seriously, how are you gonna pay it? What’s your biggest challenge with respect to your student loan debt?

When I set up my budget, after I landed my job and got my first paycheck, I started budgeting for my debt payments even though I was still in grace. I didn’t actually make payments–I used it to pay back a friend and boost my savings–but I didn’t want to get used to living on that money and then feel pinched when my grace period ran out. Since the minimum payments take a little over 20% of my net income, that would have hurt way too much.

I’m surprised how easy it is to psych myself out of my student loan payments, massive though they are. Student debt can feel so invisible as it accrues–your parents handle a lot of the paperwork, you’re not making payments, your school is telling you not to worry because it’s an investment in yourself, and hey, everybody’s doing it. At first, being faced with the reality of all that debt was a huge shock–but I never let myself feel the money come in, and since those payments are automatically debited, I don’t really feel it going out.

It’s only when I look seriously into savings plans that I get frustrated with those huge payments, and realize again that I should be working harder at amassing prepayments and negating some of the debt. Coming up with a reasonable prepayment goal and finding the discipline to stick to it is my biggest challenge right now.

So, in addition to your student loans, what other financial challenges have you discovered upon entering, as Nina [editor, Queercents] puts it in your introduction, “Big Girl World”?

First of all–never in my life have I been so tempted to spend seven dollars a day on completely unappealing sandwiches as working in an office. Convenience food is gross and not particularly convenient, but it’s basically like crack–sleep too late to make yourself a lunch on Monday, then Friday you’ll wake up in the gutter, out sixty bucks from buying bagels, subs and Snickers bars.

Coming up with plans for major expenses and savings definitely took a lot of thought at the beginning, but that means I don’t have to think about it now. Really, what’s hardest for me is adjusting to the idea of having enough. Whenever an expense or a goal changes and I run the numbers, I’m always just shocked that everything adds up. Conventional PF [personal finance] wisdom likes to remind people to remember their standard of living “in college” or “at thirty”–I assume what they mean is the way I felt when I told my mother, “They just keep paying you!”

What would you recommend others do prior to graduating to make the fiscal part of starting out easier?

First and foremost, save. Graduate with a cash cushion of a couple thousand or more–maybe less if you have a job lined up right away or plan on moving back in with your parents, but you should probably save anyway. My roommate and I changed our post-graduation plans in April, both of us suddenly requiring a healthier cushion, and I know at least one person who had to bail on a last-minute plan because she didn’t have enough cash. My money ran out on me just a scotch too soon. You don’t really want to start out life in the Big Girl (or boy) World by asking your parents for money or, worse, going into debt. Lame!

Do what you can to pay off or avoid accruing credit card debt, and figure out what sort of debt burden you can expect to afford as you’re taking out student loans. Check out the personal finance blogs–a lot of them were started by people who were in serious trouble with spending and debt, and many of those people started getting in trouble in college. Just start out ahead.

[Editor's note: Melissa recommends you check out personal finance blogs to keep motivated, too. Two she mentioned are The Simple Dollar and Get Rich Slowly.]

Start building your Big Girl (or boy) Wardrobe early–don’t go too crazy buying suits if you might end up at a tech company that allows jeans, but start picking up business and business-casual clothes as you shop throughout senior year, and you will be very happy when you’re unemployed and interviewing.

[Editor's note: watch for Geezeo's upcoming personal style & money interview!]

The best thing I did for myself in college was work at internships–I did three, and got the first one by cold-calling the organization I wanted to work for. Be brave and persistent, and you’ll find some sort of awesome experience. It’s the only way to get acquainted with specialized software for your career field and get recommendations from people on the same page as your future bosses. In my experience (and I admit I’m not an HR director or career counselor) any sort of corporate experience is better than even the best campus leadership experience.

Do you think you were sufficiently prepared (by your family, peers, or school) for the realities of managing your finances? Sadly, I don’t think many of us are taught to be financially literate… I assume with your involvement at Queercents you keep educating yourself about money. What are some ways that you continue to learn, or things you’ve been surprised to discover?

My formal financial literacy education was spotty at best. Maybe a quarter in a high school math class, a seminar during college orientation… nothing that ever made such an impression that I’d be able to remember it now! I also can’t think of any conversations I’ve ever had with my parents about managing money, but I seem to have done all right so maybe more sense was pounded into me than I think. I started to become seriously educated about personal finance in college, when I became frustrated with my cash flow and, I don’t know, maybe googled “budget” or something exceedingly glamorous like that. I opened an online savings account and committed myself to watching it build.

I think most people work that way–you absorb however much you absorb by whatever inexplicable osmosis, and then have to educate yourself when you have a problem. You hope it’s a little one like making a budget instead of a big one like bankruptcy or crippling credit card debt.

Being involved with Queercents has taught me so much about finance–I closely follow news articles and blogs that I wouldn’t focus on so much otherwise, and spend more time mulling over the ideas. I think both more and less about my money–I feel confident in making goals and structures, and then I can put it out of my head and just enjoy what I have instead of worrying! With the national savings rate and median net worth so dismal, it’s surprising and continually confounding to read so much information that concludes, really, you just have to get around to doing it.

Any ideas why fewer women are willing to openly discuss finances or educate themselves about money?

Where are these lame wallflower women I’m always hearing about and why haven’t I ever met any of them? Of course, you don’t have to go very far back to find times when fewer high-income jobs were available to women, no investment advice was targeted to them, it was never suggested that anybody but the man of the house should handle the money, and even family advice passed to sons. In some ways, right now is still those times! But even then, don’t you bet a lot of 50’s housewives balanced the household budget and knew just as much about what was going on as their husbands?

Doesn’t most reputable research suggest that women and men, especially young single women and men, do tend to handle their spending and savings differently but that they both have strengths and weaknesses? I seem to recall hearing that women tend to wait longer to invest but do better when they do, because they buy and hold longer-term. I admit I haven’t researched it in depth. Generally, I think being sane about anything–politics, your body, the media, and certainly money–is sort of an uphill climb for women, with all the mixed messages and oppressive standards that come at us. However, I know lots of intelligent, self-assured young women who are on top of their finances all on their own.

If you don’t mind sharing, what are a few of your short-term and long-term financial goals?

In the short term, my goals are all about maintenance: stay on top of my payments and expenses, don’t get into consumer debt, and save for a car. I’ll start 401k contributions when I get a match. The eerie feeling about setting up your life post-graduation is that you’re living the long-term goal. I haven’t carved out new ones yet–I can’t even imagine the expanses of time that “long-term” now covers. I don’t want to still be paying on my student debt in 25 years, so I will need to make a plan to eradicate it before then. I imagine someday I’d like to retire, so I’ll set aside money for that, and also that someday I’ll want a house or to start a family, so I’ll keep saving outside of retirement, too. After that, I guess my short-term goal is to set long-term goals!

Best money-related tip?

Track your spending, all of it, at least for a little while but I recommend forever. You’ll be shocked, and then comforted.

Best money-related lesson learned?

Be brave: stop worrying and just start.

Final thoughts?

Financial planning doesn’t have to be hard or time consuming, but it pays off enormously in money, time and peace of mind. Educate yourself, make a plan, and follow it through.

Couldn’t say it better if I said it myself, Melissa. Sounds like you’re on your way! Thanks for being a part of our blog and sharing your experiences. You can find Melissa at Queercents, the most comprehensive personal finance site for the lesbian, gay, bisexual and transgender (LGBT) community…and a great resource for the straight community, too. Make sure to check out Geezeo Groups and Goals, too. It’s easy to connect with people who share your background, interests, and financial goals!