Being a student is hard. You’re broke all the time. You’re lucky if you’re getting paid a minimum wage. And saving money is a distant dream. If you’ve also got a student loan to pay off, then, the financial burden on you can be overwhelming. And it doesn’t help that students also have to worry about getting a job so that they can begin paying off their loans. There’s so much money to think about that it can get a bit much.
Tips To Plan
Despite how boring it might sound, planning and budgeting your finances can be very fulfilling. No matter what situation you are in, it helps to know that your money is on track. Here are some ideas on how to plan your money so you’re in a good place financially once you graduate college:
- Create a budget – this is a finance 101. Any financial guru will begin their talk with you by telling you how important it is to budget. Once you are in college it is imperative that you look at how much money you have and how much you can spend. Categorise expenses, figure out where your money is going and work out what is and isn’t affordable. Most important – stick to your budget.
- Use online services – try apps and other online services that will help you work out your expenses. This is more youth friendly and young students understand it better. Set up online banking services as well so you have access to all your money information easily.
- Minimize Student Debt – yes, this is actually possible. Spend money on the right things. A loan is not free money. Borrow only what you need – like tuition and expenses like books. Everything else can be handled with a part-time job. If you do have extra money (through some miracle) pay back the bank.
- Student Discounts are your friend – this is a great way to save on essentials since a lot of retailers offer student discounts.
- Don’t overdo it with your credit cards – these are a source of immense debt across the world. Again, this isn’t free money. You have to pay back the bank. Between late fees and high interests, you could be in serious trouble.
- Don’t buy books full-price – there’s always someone who has old books to dispose of. Get in touch with them and get your textbooks for a better price.
In addition to the above, you can also teach your child about online trading. It can be a great way for them to get an income on the side. And these days with the proliferation of automated software such as Carbon FX, you can encourage them to use it to try and make some money on the side. The Carbon FX Review is a great place to start.