Earlier this year, I ended a long term relationship. It lasted throughout all four years of college. But, the distance was too difficult to maintain after graduation; realistically, there were only three locations where we could meet in Manhattan. Thus, by the time I walked into the New York City branch of my Ithaca bank to close the account, I had been cheating on it with another financial institution. Yet, I had delayed severing my ties because of nostalgia — opening that account (which thankfully had been accruing interest despite its lack of use) was my first major independent financial decision.

With Tax Day this Tuesday, I once again contemplated my college account, prompting me to consider finances in the context of this column’s theme — during and after college.

Prior to college, how financially prepared were we? Sure, in high school, the required economics course taught the stock market; growing up, we had an allowance or dabbled in the lemonade stand business. But, did we understand the value of the dollar? Some of us learned it first hand by working a part-time minimum wage job.Sun Podcast: A podcast is available for this column. Click here to listen to or to download it. As a coffee brewer, you realize that half an hour on the job equals one espresso, not to mention the hours you need to clock in order to purchase a pair of Diesel jeans.

By grasping that insight as a student, you will be ahead of the financial planning curve. “If you learn early on how to budget and work with the money you have, you’re in the driver’s seat,” said Ellen Braitman ’90, anchor for Bloomberg Television and author of Dollars & Sense for College Students. “I wrote Dollars & Sense to empower students to take control of their financial lives. Almost a decade later, that message still rings true. Students need to know that money is a tool to get them what they want, career-wise, entertainment-wise, etc.” After graduation that advice translates to the real world where for the first time, despite earlier nudging, we understand the significance of budgeting as we encounter the sticker shock value of life’ s expenses.

As college begins, one of the largest expenses we face is tuition itself, thousands of dollars worth. Despite paying relatively similar amounts of tuition and graduating with similar degrees, our salaries differ depending on career. Continuing with graduate school, we may fall deeper in debt. Seeking to break into a competitive industry, we intern without pay. Among entry level positions, salaries diverge —plug Marketing Coordinator and Consultant into salary.com, for example. In today’s economy, even being paid top dollar may not make ends meet, according to Laurie Hensley, instructor of Personal Financial Management at Cornell. “[Graduates] may be very surprised to learn that the big salary they are earning is not going to be enough to cover all their costs. Planning can prevent them from getting in over their heads financially,” she said.

Let’s plan, beginning with Room and Board. In college, often, housing and food are paid in advance. Residences required a small deposit, not the broker fee, security deposit and guarantors associated with the Manhattan market. “When you get your first paycheck and realize that at least half goes to rent, it’s pretty scary. You immediately rethink the deluxe cable package for the apartment, given that you’re not home enough to watch it,” said Benjy Weiss ’03. Numerous other expenses might incline you to turn lights off frequently and decorate on a dime. One advantage of life after college, however, is that your company may cover your relocation expenses, instead of when you were in college, where you had to ship your boxes yourself.

Also, in college, food is pre-paid with meal plan, Big Red and City Bucks. In the working world, dining out can add up. Rest assured, you can still savor culinary creations, but it’s not necessary to always go gourmet. Meanwhile, the cost of groceries can be so outrageous that it turns into the topic du jour where at a wine tasting with other Cornellians, I had an impromptu discussion of the best-priced grocery stores in town. While our conversation sounded similar to a group of grandmothers, we recognized that the extra cash comes in handy for expenses, including clothing, transportation and entertainment, to name a few.

First, what to wear? In college, many of us lived in jeans. Certainly, there were the fashion conscious who sported designer brands. But, brace yourself for building the working wardrobe with suits that must be dry cleaned. Instead of walking to work as we did to class, we rely upon transportation. “I spend a ton of money on MetroCards, Long Island Railroad tickets and taxis,” said Amy Breitberg ’04. Moreover, after work and on the weekend, entertainmentwise, there is nothing quite like the social scene of college with its student prices for cultural performances and parties. “In a way, frat parties were the best deal out there,” Caitlin Myles ’06 jokes. “Think of how much that was taken for granted compared to $8 drinks now!” Perhaps because there are so many more venues, the added costs can be justified?

While those expenses might be considered luxuries, one necessity, health insurance, is being priced out of recent graduates’ reach. Gone are the days when you could show your Student I.D. at Gannett. Sure, we joked that the nurses would ask if we were pregnant before treating pink eye, but we were lucky to have affordable healthcare. This month, New York Magazine published “The Young Invincibles” where reporter David Amsden writes, “they’re young and healthy and insurance is expensive. As long as they don’t catch the flu, slip on the ice, crash a bike, snowboard into a tree, rupture an appendix or get hit by a bus, everything will be fine. Right?”

That leaves us wondering: what’s left, if anything, at the end of the month? Recent graduates often live paycheck to paycheck. Dan Tevet ’05 emphasizes that it’s difficult to “adjust to the concept of savings. [But] it’s important to create a safety net for future uncertainties. I budgeted in college, but I budget compulsively now,” he said.

While the start of college might have been the first of our independent financial decisions, it’s only the beginning. We shouldn’t let these expenses deter our career dreams, but we must keep in mind our assets and liabilities because money doesn’t grow on trees, at least not yet; we are still waiting for a lab in Duffield Hall to invent one.

Julia Levy ’05 graduated from the College of Arts and Sciences. She currently works as a Research Assistant at Tanner & Co., Inc. She can be contacted at jml82@cornell.edu. One Year Out appears alternate Fridays.