This review of six easy tips to help college students make the grade when it comes to forming a strong foundation for the management of funds.
1. Create a budget. This is very important. List monthly income sources, including savings, wages and parental allowances, and then write the estimated expenses for this month. It is not easy to identify the total living expenses in advance, but you should try. Take the cost of comments such as school supplies, and food outside of your meal plan, and personal care items and laundry in mind. Then, in an attempt budget expenditure management and tracking your, using personal finance management tool on the Internet, such as Mint.com, which helps you create easily and stick to a budget.
2. wants to separate from the needs. Is $ 30 per week for gas "needed" or "do you want?" How much you should budget for non-food plan meal? How much is the cost of laundry? After a few months on campus and keep track of expenses, it becomes easier to distinguish wants from needs and put the plan into action. Some students give themselves a weekly cash allowance, instead of carrying a debit card, and when he went instead of that week, they wait until next week for more "wants".
3. Set up a checking account. Banks usually meet for college students by offering free checking and savings accounts, roomates allows students to avoid fees on withdrawals or transfer funds. Shop around to find a bank with an ATM comfortable near the campus to eliminate out of network charges. And keep in mind that when you access the check out of state (for example, from Grandma), it may take a few days to clear, so keep an eye on the balance of the account before spending it.
4. Use, do not abuse, and credit cards. In 2015, 70 percent of undergraduate credit card at least once, according to the International Journal of Commerce and Social Sciences. College is a great time to start building credit (which is crucial to rent an apartment, buy a car, and even a job after graduation), but it is easy for many to collect a large amount of debt while in school. It is important to understand the difference between building and excessive credit. If you do not know, visit the Business professor during office hours and ask!
5. Do your homework on loans and financial aid.
College graduates tend group be difficult, time growing student loan payments offset against low wages. Understand what the exact size of the debt private student loan you will be after graduation, and come up with a plan for how it will be paid back. Even if it involves a move back home a little bit (to keep your mind, give yourself a specific timetable for when you're planning to move out), and will be useful in the end.
6. Smart shop for textbooks.
Textbooks is one of the largest college expenses - a new edition of a biology textbook can cost higher than the $ 300 exceeded the campus library at the beginning of the semester the call now is an easy way for college students to provide an abundant amount of money. Investment in the Kindle or iPad and download your books - they are less expensive that way. Or look for used books at the bookstore or online. Even with shipping costs, the price can turn out to be much cheaper.
The bottom line: College can be expensive, but learning the basics when it comes to managing money now means you do not have to graduate with a huge debt. The foundation stone for budgeting and smart spending habits in college enables you to deal with the responsibility and learn the value of accountability - lessons that are not as important as the knowledge of microeconomic theory mode.
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