Money Management Tips for College Students
The tricks to manage money should be learned at an early age if possible. Knowing how to manage money not only helps you enjoy financial freedom but also helps you avoid debt issues in your later life. Being a student you may consider your college years as just fun, but you have responsibilities as well.
However it a primary stage where you either build your financial future or destroy it with debts. Taking a number of loans at this stage or mishandling your finances is going to affect your credit ratings negatively which will not be a good thing for your future ventures.
So, it is at this stage that you should take full control of your monetary issues and set them in the right direction. Here are a few tips on how you can do so:
1. Track down your expenses: No matter how much money you have you will not be able to save anything unless you know your expenses well. If you can calculate the impulsive expenses you have made over the month you can easily know where to draw a line the next time. Note down all your basic expenses over the month and spend accordingly. This will help you to spend judiciously and save some money at the end of the month.
2. Maintain a budget plan: Having a well framed budget plan is the best way to manage your finances. Divide your income sources into various sections and spend accordingly to the allotted amount. Stay away from any other unnecessary expenses if you want to save money.
3. Have an emergency fund: You may never know when you have to buy some extra kits for your assignment or some new books. During such times asking your parents for money would be like putting extra pressure on them. Instead if you save some money every month from your budget you can use them for meeting such emergency needs.
4. Be frugal when spending: Living a frugal life may sound a little dampening but it will bear great results for your future prospects. Try to minimize your expenses by cutting down your luxury expenses like partying or eating at a restaurant more often. While going to the movies, or riding the bus, or even ordering pizza for your birthday treat show your student I.D. Sometimes you get an extra discount on them. Use your travel concession cards whenever possible.
5. Be financially cautious: With financial scams happening every now and then you should be cautious of every penny you spend. Follow the instructions given by financial institutions or banks. Do not share your social security, credit card, or bank account numbers with anyone unless you know the reason. Remember not to disclose your pin numbers or ATM passwords to anyone. It is always better to take the precaution before cure.
6. Review your credit report regularly: You should keep a regular track of your credit card statements, bank statements, phone bills, etc. This will help you to track down any unauthorized use of your cards. If you have any loans make sure the bills are paid on time and are updated on your credit report as well. Reviewing your credit report will also help you to remove any errors or mistakes that may affect your ratings negatively.
Author bio: Suzanne Smith is a financial blogger and consultant with EasyFinance.com. She helps people with expert advice on issues related to credit cards, loans, home equity, student loans and other financial issues.
Make sure you invest in your own education. You can do this by taking some extra courses or go on to earn another degree. Panhi has more.
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