With unemployment rates dropping, more college graduates are finding jobs. Unfortunately they still have to worry about bills and student loans. When living at home after graduation seems like the worst option, one student is making it work.
Able to save about a third of my paycheck each month."
This college graduate has been living at home for a year and half after graduating in May of 2010. She commutes every day to save on rent and other expenses.
"I work in New York City and I've been commuting since, living in south Jersey so from door to door it's about a two hour commute."
Where a cheap apartment in New York City could cost around 1,000 a month- by working out a deal with her parents, Alisha is able to live at home rent free.
"Well it was a deal that I actually made with my parents when I decided that I was going to move home for the next two and half years at the time. And we decided that I would be the one responsible for making dinners, doing the grocery shopping, making lunches."
And after nine more months, Alisha will be ready to comfortably move out.
"My car lease is like my deadline because otherwise I will have no way of getting myself to the bus station and back every day. So I lose that lease in January 2013, so my goal is to be moved into an apartment by November 1. I'm working around that car lease."
Not only is her car lease a factor, but she still has been able to budget her money to pay off student loans before moving out.
"My student loan it does take up a hefty amount, about a quarter of my paycheck every month. I do have a private loan as well as a federal loan so I will be able to pay off all of my private loan. It's the federal loan that I'll still have left but it's a very miniscule amount of money per month and it will just be great to have all of my private loan paid off."
If you recently graduated, living at home to save money could be the right choice.
"To be able to be dependent and on my own in another nine months and be able to be financially debt free, that's an amazing feeling."
To help set up your budget go to the home budget calculator on Bankrate.com under the calculators tab. I'm Theresa Heintz.