Financial Planning Tips for College Students
Financial Planning Tips for College Students: There are more truthful smart financial moves that save from unnecessary debt. Here are money management literacy statistics and 15 smart financial tips for college students. Remember it carefully.
- Be careful with credit:
When you are starting to use the first credit card, limit it to $1000, which will offer points or rewards. A high balancing card will cost more and it will affect credit. Before buying a credit card, check the annual percentage rate, annual fee, grace period, and penalty fees.
- Stick to a budget:
Make an outline of monthly income and expenditure. Take the help of a banking tracking system that will keep informing a customer about every transaction.
- Save early and often:
Start the habit of saving from 20 years of age and do not wait for retirement age. For example, if a person saves $3,000 every year from the age of 20 or 30 and put the money into an IRA with a 7% average annual rate of return, he will have around $442,000 by the time of 65 years.
- Take advantage of student perks:
Prefer college meals instead of an outside meals so that you can save more money during college years. Also, take advantage of student discounts at the business venue or elsewhere.
- Payless for textbooks:
Buy college books online from the websites like Amazon.com or eBay.com instead of the campus bookstores which will save up to 50% on prices. Students may take books on rent from friends or the school’s bookstore or website like Chegg.com. Sell used books after the semester ends.
- Borrow as little as possible:
Before taking a loan, understand the cost and other terms even conditions properly. Federal government loans are very cheapest. Search online for scholarships, grants, and other financial aid based on gender, religion, race, ethnicity, etc.
- Get organized:
Be punctual in everything. Do not pay late fees or fines for parking or rental books, movies, and CDs. Register yourself earlier for every necessary class so that it will not turn into higher fees.
- Avoid unnecessary fees:
Sign up for that bank account that is near to you. Use ATM centers of only your bank because other bank’s ATMs charges around 20% withdrawal cost.
- Use technology wisely:
Protect email ID and online banking system with a strong password.
- Protect yourself from fraud:
Do not provide personal information or phone number and email address to an unknown person on phone. Monitor your account regularly.
- “Insure” success:
Ensure children with varied insurance policies such as car insurance, and health insurance it covers better life.
- Capitalize on coupons:
Get discount coupons from weekly magazines or papers for the weekend party. You can also trade unused gift cards for cash on websites like CardCash.com and CouponTrade.com.
- Master relationships:
Make more friends in the career that boost prospectus in future.
- Invest in your future self:
Now a day employers expect more skills from interviewers. Develop your skill in expectation in your field.
- Set limits:
Figure out every expense above the limit of $50 and ask yourself that is there really a need to spend this amount. Read more articles on rozyjos.
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