Schools Training

Managing Your Finances While in Mechanic School

16 APR 2012
Career Path : Automotive

You’ve always wanted to pursue auto mechanic training. And, now, finally, it looks as though you will get your chance. You will learn everything there is to know about front suspensions and anti-lock brakes. Not to mention budgeting! Here are some tips on managing your money while you are still in mechanic school.

1. You know those statements the bank sends you? Open them.

Once you are in mechanic school, make a regular habit of reading your bank statements. You will see two columns, one representing the money flowing out, the other representing the money coming in. In an ideal world, the amount in the first column is less than that in the second. If it is impossible for you to hold a job while you are on your auto mechanic course, simply try to keep the amount in the second column as low as possible.

2. Establish a routine for paying your bills.

If you are attending auto mechanic training directly out of high school, then this may be the first time that you are responsible for paying your own bills. Make mechanic school easier on yourself by adopting healthy habits early on. Choose a place in your home where you will store bills as they arrive in the mail. Then choose one day of the week where you open them and pay them. Better yet, automate all of your bill paying from your bank account. Be careful, though, to make sure that there is always enough money in your account to cover them.

3. Get it in writing.

Have relatives given you money to cover your tuition at mechanic school? Make sure that you understand your obligations, if any, to paying it back. If it is a loan, agree on the terms in writing. Then, when you graduate from your auto mechanic course, make paying it back one of your top priorities.

4. If you take out a student loan, make sure that you can pay it back.

Do you know how much you can reasonably expect to make when you finish your auto mechanic course? Find out. Ask your teachers and guidance counselors what you can expect to make as a starting wage after auto mechanic training. In general, if you do take out a student loan, it shouldn’t exceed what you can expect to make in your first year on the job after mechanic school.

5. If you need to buy it on credit, you probably can’t afford it.

While you are in mechanic school, you may just want to put your credit cards on ice. If you can’t pay cash for something, then it is probably out of your price range. If you must put a purchase on your credit card, pay it off immediately online. Following these simple rules will ensure that you graduate without the extra burden of consumer debt weighing on your shoulders.

Managing your finances in auto mechanic training is basically about common sense. Taking a little time and energy to take care of your money at this time of life where you may have less of it will only serve you well when you finally do land the job of your dreams after mechanic school.