College students often find it difficult to cope up with a new place away from home and at the same time to bear the added pressure and financial responsibilities which they are not accustomed with before. There is no doubt that the college years are the ideal time to learn, but it is also true no one really shows any interest to understand the financial nitty-gritty during this time. College students are keener to lead a carefree life and are just not in mood to understand financial management at all. As an invariable result, most of them fails to mange their college expenses and daily budget within their limited grants, student loans and scholarship amount. However the basic financial education in your college days can save you from this debt tarp and change your future financial life completely. Learn to use these super smart ways to deal with your super expensive college days.
Create a proper budget and learn to stick to it. Budgeting is a very significant financial tool for every college student. Whether you are fresh out of high school or a working adult it is only budgeting which can help you to mastermind your financial life. While planning for it first take into account your monthly income and college expenses. First enlist the sources of income explicitly. Take into consideration all your income from part time works, monthly allowances from family, and other financial aids. While counting expenses leave no stones unturned and sum up all your tuition fees, new book purchase, and rent amount, utilities and groceries bills.
Unscrupulous Decisions of borrowing excessive student loans can have disastrous effects on your future. Do not live under the impression that excess loan money should be spent on entertainment. Borrowing excessive student loans and squandering the entire loan amount is not a very wise decision. Remember you not only have to pay this whole amount back but also payoff the added interest charges along with it. To evade graduating with an excessive amount of student loans, spend frugally and accept the minimum amount of student loan which you need to bear your college expenses only. It is not compulsory for you to accept the entire amount of your student loan; you can always discard the excess amount and send it back to the lenders. You are free to submit free application for federal student aid, (FAFSA). It helps you to avail a much lower interest rate in comparison to other private lending organizations.
Grants and Scholarship are two more significant sources of income in college days which definitely teach you a few lessons on financial management. You should research thoroughly and then apply forgrants from reputed programs such as Federal Work Study or AmeriCorps.
Textbooks, reference books and research equipment are usually the greatest expenses that college students have to bear. Shop around to find those things at a cheaper rate. Campus bookstores usually demand a higher price you better evoid buying books from them. It would be best for you to find a senior who is graduating and willing to give away his books at a cheaper rate. Social networking sites, university bulletin board can help you to come across these seniors. If you keep your eyes open, you can also find cheap textbooks online, and can buy books at at discounted price. College days are ideal to be financially literate. Utilize this opportunity and pave the path for a better financial future ahead.
This article was written by Amy Lewis. Amy Lewis is associated with Oak View Law Group, a bankruptcy law firm. She writes on a wide range of financial topics like debt management plan credit card debt settlement, debt consolidation, bankruptcy etc.
This article was written by Amy Lewis.
Amy Lewis is associated with Oak View Law Group, a bankruptcy law firm. She writes on a wide range of financial topics like debt management plan credit card debt settlement, debt consolidation, bankruptcy etc.