When young adults leave university they have aspirations of starting their first "real world" job, getting their own place and buying a new car - one that does not need a screwdriver to start. However, university students are also graduating with much more than just a university degree and a dream, they are graduating with a substantial amount of debt. In fact, many students graduate with an average of 3,000 in credit card debt - 10 percent of that group owing more than 7,500 in credit card charges.

Students forget to factor in other life costs, such as health care, income taxes, car payments, car insurance, rent, utility bills, student loans, credit card bills and food expenses into their monthly budget. "After you graduate and land your first job, you do not think about having to pay for all of these expenses," stated a graduate from Oxford University. "Unfortunately, reality sets in pretty fast and you realise you do not have the money to make ends meet - it is a hard lesson to learn!"

University Debt

Why is there so much credit card debt among university students? Many credit card companies set up kiosks on university campuses offering free gifts to try and entice students to sign up for a credit card. The problem is many university students do not have the income or financial knowledge to manage a credit card - a problem that is leading students into a lifetime of financial despair.

In addition to the outrageous credit card bills, students are also graduating with student loans ranging from 10,000 to 30,000 or more. Often students figure they will be able to pay everything off once they get a job and start making "real" money, but that simply is not the case.

Not only are credit cards and student loan bills financially crippling to many new graduates, it is also forcing graduates to cut back on other necessary expenses, such as car insurance - one bill you legally cannot drive without! "Driving without car insurance is illegal in the UK, however, many young adults elect to go without car insurance because they think they cannot afford to have it.

While deciding not to pay for car insurance may seem like a good idea at the time, graduates are not considering the expense of getting caught without car insurance or the cost of getting into an car accident.

The Penalty of Driving Without Car Insurance
According to the Insurance Information Institute, the cost of driving without car insurance can vary. For instance you could get off with a small fine of a few 100 pounds or you could get a much more sizeable fine over 1,000 plus points on your licence. In the long run you could end up owing a lot more so it makes sense not to take any chance ir-regardless of how much your insurance will cost initially.

How to Budget For Car Insurance
As you look for car insurance, make sure to check if each insurer offers a 6-month or 12-month payment plan to help manage your insurance payments better. In addition, many car insurance providers offer a variety of discounts, for example if you are female or if you have had a few years no claims while driving on your parents insurance.

Conclusion
It just doesn't make sense to hold back paying for car insurance. Not only can it cost you financially and leave you deeper in debt but you could also injure someone while un-insured and think of how you would feel with that hanging over your head. As the great Nike says 'Just do it!'.

Andrea Simpson is a car insurance specialist who provides new driver car insurance tips and best insurance reviews.

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