Whether it’s Dining Dollars or student loans, money and college are never far apart, but graduation can often open a new financial door for students. When students graduate, they are often faced with substantial student loans paired with low starting salaries, high rents or other costs associated with starting out in the real world. For many, money is tight.

Patrick Taylor graduated from The University of Alabama last year and moved to Birmingham. While at the University, he worked 20 to 30 hours a week. Taylor said since moving to Birmingham to work a full-time job, he has had both higher expenses and a higher income.

“I pay for rent all on my own now, but it’s a lot easier because I can work a lot more,” Taylor said. “I have to pay a little bit of student loans. The majority of my money pretty much goes to rent or gets put in my savings account.”

Taylor said his new lifestyle, however, is teaching him new skills.

“My dad was recently like, ‘Hey, you need to start looking at car insurance,’” he said. “My roommates and I had to set up our utilities and things like that, which I didn’t have to do previously.”

Though Taylor said his income has increased and he no longer worries about being able to get gas or grab dinner at a drive-thru the way he did in college, he said he has stuck to a simple budget and lifestyle in preparation for the future. He encourages sticking to a college budget if possible, even if extra income becomes available.

Taylor said he is currently saving up with the intention of going on a long-term mission trip and graduate school.

“I’m a simple person, so I don’t need a lot to make me happy or keep me content, which is kind of a blessing,” he said. “All of that extra income that I have has become savings instead of wasted income.”

Stephanie Halligan, a personal finance professional, said the habits and plans students develop while still in college can affect their finances once they graduate.

Halligan is the editor of The Empowered Dollar, a blog with financial advice and information, as well as her own story of living on minimum wage while battling credit card debt and $30,000 in student loans. She said it can be difficult to develop financial “life skills” in college, but students should save as much as possible and map out a dream scenario for life after college.

“Where are you living? What are you doing? What’s your lifestyle like? Then take your best shot at guessing how much that’ll cost each month,” Halligan said. “That magic number equals your independence. And that’s the one thing that’ll help keep you motivated when you’re tempted to spend all your cash the last few months of senior year.”

Taylor Duncan graduated from the University in Fall 2012 and currently attends The University of Alabama School of Dentistry.

Newly married, Duncan moved to Birmingham with his wife and said he now deals with a home loan and student loans and is learning how his current budget fits into a larger financial plan.

“We also are learning how common things like a broken heater/air conditioner, leaky faucets, worn out car tires and bad brake pads can affect your monthly budget,” Duncan said. “It was surprising to us how much we needed monthly or yearly just to cover these unforeseeable things.”

While at the University, Duncan had two different checking accounts — one for his parents’ contributions and one for what he was paying for.

“We based this on trust, and the housing/food/gas account was controlled by my parents,” Duncan said. “There was also an understanding that they would provide these things for four years. I ended up saving most of my spending money.”

As a result, Duncan said, he and his wife Kelley were able to kick off married life without borrowing anything besides their home loan.

“Our habits of saving have also carried over after college and are important to us,” Duncan said. “Kelley and I budget for all of our expenses based on her salary and my student loans. We still both receive help from our parents, but it is through random acts of kindness on their part. We make a point to not ask for anything specifically and to be as independent as possible.”

Duncan said working during the summer helped to lay the foundation and taught him to understand the value of a dollar. He said he advises making and sticking to a budget.

“Your finances will change after you graduate, but your spending or saving habits will probably carry over,” Duncan said. “It would be good to see if you needed to make some changes to your habits before you graduate, rather than realizing you don’t have enough money for an oil change three months after graduation.”

Some students are getting a taste of both worlds while still in college. Amber Thomas, a senior majoring in elementary education, lives at home in Tuscaloosa and has worked a job at American Christian Academy for four years. She said she foresees 20 years of paying back student loans but is confident in her future because of her mother, who she said has set an example and offered help.

Since her mother works at night, Thomas said living at home is like living alone at times, allowing her to gain independence and household skills. She said she advises students to keep seeking out scholarships even after their college career starts to help offset potential loans or personal expenses.

“There are tons of them out there, and I feel like I could have easily gotten some help with paying for school,” she said.

Halligan said being conscientious of your spending can give you more options when you’re out in the real world. While it’s tempting to spend money during senior year, Halligan said, that same money will be useful immediately after graduation.

“Think of it this way: A few hundred dollars can buy you an extra month of not moving back home with your parents,” Halligan said. “The more you have in your bank account, the more time you’ll buy yourself to look for a good job and start living your own life.”