Sign In/Sign UpTRENDING BASIC MONEY MANAGEMENT TIPS
TRENDING BASIC MONEY MANAGEMENT TIPS
11.02.2020 / Budgeting « Back to all articles
How College Students Can Better Manage Their Money
As a college student, you have the unique opportunity to develop good money habits that many adults never learn, ones that will set your financial path for a lifetime. By following five principles to govern your finances, you will not only avoid costly money mistakes that can plague you for years, but you will make sure that every dollar you earn works to make your future bright.
Create a Budget
Although many people see living on a budget as restrictive, it gives you freedom. By keeping track of how much money you have coming in and going out, you are in control of your finances. You won’t have the unfortunate surprise of suddenly running out of money. Spending habits that siphon away your funds will become evident. You will have the power to make changes that improve your finances and your life. There are many highly rated budget apps available to help you make this happen.
Borrow as Little as Possible
Student loans can tie up your finances for years after college. Although you may find it necessary to borrow money for school, it should be your last choice, and you should borrow as little as possible. The money you borrow, as well as the interest charged on that money, will likely take years to pay back.
In the United States, more than one-third of college students carry over $1000 in credit card debt. The interest alone that builds upon credit card purchases can keep students in debt for years. If you need a credit card for a particular purchase, it is better to use one that is pre-paid.
Spend as Little as Possible
Although it may seem very hard to cut down on spending, a budget will show you where it is possible. Consider sharing expenses with friends or roommates. Purchase used textbooks or rent them. Find more economical social activities such as biking, hiking, or attending free events.
Work Hard and Work Smart
Your studies should be your priority, but work should be a close second. You may be able to get a work-study job as a cafeteria worker, resident advisor, or library aide. Consider tutoring other students, or becoming a barista at a nearby café. Many online jobs are now also available, making side-gigs even easier to obtain. Internships give you job experience as well as income.
Save, Save, Save
Saving money should always be an important goal. Beginning with small amounts, you can build an emergency fund to cover car repairs or dental bills. As you have more income and more control over your spending, you may even begin saving for your retirement. Starting early gives your money many more years to grow.
Credit Talk
11.02.2020 / Budgeting « Back to all articles
How College Students Can Better Manage Their Money
As a college student, you have the unique opportunity to develop good money habits that many adults never learn, ones that will set your financial path for a lifetime. By following five principles to govern your finances, you will not only avoid costly money mistakes that can plague you for years, but you will make sure that every dollar you earn works to make your future bright.
Create a Budget
Although many people see living on a budget as restrictive, it gives you freedom. By keeping track of how much money you have coming in and going out, you are in control of your finances. You won’t have the unfortunate surprise of suddenly running out of money. Spending habits that siphon away your funds will become evident. You will have the power to make changes that improve your finances and your life. There are many highly rated budget apps available to help you make this happen.
Borrow as Little as Possible
Student loans can tie up your finances for years after college. Although you may find it necessary to borrow money for school, it should be your last choice, and you should borrow as little as possible. The money you borrow, as well as the interest charged on that money, will likely take years to pay back.
In the United States, more than one-third of college students carry over $1000 in credit card debt. The interest alone that builds upon credit card purchases can keep students in debt for years. If you need a credit card for a particular purchase, it is better to use one that is pre-paid.
Spend as Little as Possible
Although it may seem very hard to cut down on spending, a budget will show you where it is possible. Consider sharing expenses with friends or roommates. Purchase used textbooks or rent them. Find more economical social activities such as biking, hiking, or attending free events.
Work Hard and Work Smart
Your studies should be your priority, but work should be a close second. You may be able to get a work-study job as a cafeteria worker, resident advisor, or library aide. Consider tutoring other students, or becoming a barista at a nearby café. Many online jobs are now also available, making side-gigs even easier to obtain. Internships give you job experience as well as income.
Save, Save, Save
Saving money should always be an important goal. Beginning with small amounts, you can build an emergency fund to cover car repairs or dental bills. As you have more income and more control over your spending, you may even begin saving for your retirement. Starting early gives your money many more years to grow.
