Career Prep 2009 Summer Blog

"I would first suggest developing a system to keep track of current expenses and income in detail, possibly using excel. Next, I would develop a budget of what you are looking to spend per month for all of your expenses (rent, utilities, food, entertainment, etc.). Then, I would use the internet to research the city you will be living in and get a good idea of what the cost of living is there. Also, consult people in your network who live in or have lived in that city." - Mena Abebe, Northwestern University

Larry Llerena, Baruch College, agrees that you should look at developing a budget. But don't forget the incidental costs that add up that are not fixed. "From my experience, most binge spending occurs on the weekends at night. The costs of going to a bar / club / lounge can quickly add up if not held in check. I like to carry cash with me when I'm going out: it forces you to be frugal. With a debit or credit card, there is really no limit to how much you can spend on a night in the town."