The 5 Types Of Trips You Should Be Financially Prepared For In College
College is full of random events. As you're beginning to embark on your own, there are going to be few occasions where either help or extra savings could come in handy. From landing an internship to spring break, thinking in terms of long-term financial goals will help you tremendously down the road as a lifelong practice. However, that's why we're bringing you a few events to think about as they might arise for you. Check them out below:
There's no telling what could happen while you're at school, which is why you should set aside savings for family emergencies. No matter if it's a relative that's looking for treatment centers or a parent that needs care, it's always essential to at least have a few hundred bucks to afford a plane ticket. Start seeing what you might be able to contribute from your paycheck, as you never know when an emergency may arise.
Perhaps one of the most exceptional experiences as a college kid has to be studying abroad. This is a once in a lifetime event, something that you're going to cherish forever. However, while student loans or grants can cover some of the cost, having some extra money with you will only help you fully engulf in your trip.
Depending on where you're trying to head, look into what options your school might have available. Some programs are all inclusive (meaning the price covers the plane ticket, lodging, food, etc.) while others make you take on the cost of transportation or a hostel. Once you've established what will be funded for your study abroad costs, consider if you're trying to stay longer than the allotted time.
For example, getting around places like Europe can be incredibly cheap via the rail, which would allow you to see places such as the Paris Catacombs or Big Ben. Ultimately it's going to be up to how much you save that will dictate how long you can stay, but if you've already got the plane ticket over there, then that's half the battle.
While your immediate peer group probably won't get married until much later, this is around the age that older friends or family are getting hitched, and should be an event you should be financially prepared for. Granted, most of the weddings you might attend will be within a bus or short plane ride, having things like a gown around will save you tremendously in trying to find one last minute. Furthermore, weddings can be an incredibly fun time, so being able to let loose is a must. Overall, try keeping a couple of hundred dollars around if you think someone you know might be getting hitched in the near future.
As it's getting close to the time when internship applications open up, it's never a bad idea to start setting aside some money to afford housing or spending money in another city. I'll note that while it's good to get experience, you should ideally only go after paid internships. Not only will you be more financially sound, but you'll be more likely to land that full-time job after graduation.
According to a study published in US News and World Report, 65.4 percent of paid interns received a job offer before graduation. Why? Because they have much more familiarity with the processes involved, making onboarding a much easier process. Plus, they can extend the value of their relationship with you, meaning there is room for upward mobility. Overall, setting aside the funds to get yourself in this position could be what gets you a full-time job to start out your career, and that's a definite perk you should keep in mind.
Finally, one of the best experiences of your college career has to be spring break. As something unique to the college experience, spring breakers spend an average of over $1 billion every year for the holiday. And whether you're a partier or not, there are a ton of options for you to adventure on.
Start searching around to see what your ideal spring break looks like. Is it a trip to Cancun? Vegas? Maybe even Florida? This will help you come up with a savings plan, which can cover your flight, lodging, and entertainment. Remember, you're trying to make the most out of this, so pad your fund enough to really go all out. After all, what's spring break without having a blast?