The world around us is constantly advancing. In this rapidly changing world, one thing that everyone must know is how to manage money. Student’s especially, the sooner they learn, the better. It’s important that they know money plays a critical role in the overall development of a person. Most of us don’t get to know that while we are growing up because our parents never talk about money with us. They want us to focus on our academics. By the time we are in college where knowing about money management is necessary it’s too late. Folks at TFTH have come up with five easy financial concepts that will help any college student.
- Budget.
It’s expensive being a student. Not only do you have to pay your tuition, but books, assignments cost a lot of money too. On top of that, you have a personal life to maintain. So, one needs to be smart with the money. Set a monthly budget for your personal expenses. Like entertainment expenses. Stream movies when you can. If there is a blockbuster that’s a must watch in a theatre go for the matinee show. Avoid dining out as much as you can. Stick to the campus meal plan. Paying extra delivery charges for a bloated belly is not a smart thing to do at any age. Use public transport when you can. Use student discount wherever you can. Buy used books if the content in them is still part of your semester. It will amaze you what making a budget and sticking to it can do for you.
- Credit.
Every student should have a bank account so that they understand the little know-how of banking. Which will help them when they are on their own in college. Avoid using credit cards. Use it only if you don’t buy things on impulse. The credit card is not for naïve young adults. If you are getting one compare interest rates and penalties. Make sure you are using that only in emergencies. And, when you do, it’s crucial you pay your bill on time. It helps build a good credit score, which will help you in the long run.
- Savings.
Make a habit of saving. Now, we all know college life is demanding and the fear of missing out makes you spend money on things you shouldn’t. This will help you when you have unforeseen expenses. If you are lucky and those unforeseen expenses don’t pile up in front of you, you can use that money to take a vacation. “Taking vacations when you are young helps build a new perspective in life.” – opines Martha from EssayWriter4U.
- Scholarship and grants.
According to a study by TopAssignmentExperts most of the scholarships and grants go wasted, as students don’t know about them. Therefore try to educate yourself, find out about scholarships and grants that are available when you are applying. It will make a world of difference. Usually, these things aren’t advertised. But, you can inquire directly or ask schools about it. There are plenty of options available out there, you just need to know where to look. Who knows, you might graduate without a crushing student loan over your head.
- Investing.
Now, this might come across as “too soon”. But, there is absolutely no harm in learning about investing along with saving at an early age. Learn the power of compounding interest and what investment options are available in the market (. I.e. Stocks, mutual funds, bonds, etc.). And, if you get really good at it who knows, maybe you will manage to live the extravagant life you want to live in college.
You might think we were trying to steal all the fun out of college life. But, that’s not the case. We have seen too many bright, promising student’s who went through a lot because no one was out there guiding them. We get it, college life is hard. Being a student is even harder. You have all the energy, strength and enthusiasm in the world. You feel like adults don’t understand you. Peer pressure makes you do things that you never wanted to do. We get it, that’s all part of growing up. You win some; you lose some. But, if you have your finances in check, it will help you a lot. Our motive here is just to help you out and take the little burden off your shoulders by telling you things we had to learn from our experiences.
Disclaimer: This content does not necessarily represent the views of IWB.