Budgeting and Expense Planning for Adult Life After High School Graduation
Transitioning from high school life at your family’s home over to adult life after graduation is a very exciting time, but it can also be a time of tremendous change. It is very important for you to understand your new financial reality and begin working on a budget. You might be surprised at how expensive an independent lifestyle can be…or not. This resource can help you plan for your future while you are still in high school. It serves as a guide to help you begin thinking through all of the many expense categories in adult life. You’ll want to work with your parents or guardians on this budget, as they will have the most accurate cost for the majority of these line items in the budget calculator. Also, this gives you a tool to have a thoughtful conversation with your parents about what expenses you will be expected to pay after graduation and any expenses they might cover for a period of time. After completing this exercise, you will have a better understanding of your financial situation and will be able to begin answering some of the following questions: Do I need a scholarship? Do I need a student loan, and if yes, for how much? Do I need a part-time job while I am in school? Do I need a full-time job and then go to school part-time? Am I planning to go straight to the workforce after high school graduation? And the list goes on… High school is your best opportunity to learn as much as possible about finances from your parents and mentors. Financial health is vital to your future!