Starting college is a big adjustment for many young people. For many it is the first time really living away from home. They find themselves having to deal with many new responsibilities that their parents generally took care of before. One of the biggest challenges facing college students is taking care of their own finances. It is quite easy for one to find themselves too far in debt and nowhere to turn for help. In fact, many college students end up ruining their credit scores before they even had a chance to build one. This article is designed to give you three essential tips to keep your finances in line and graduate with financial honors!
Create A Reasonable Budget with My Credit Helper
One of the most important things for college students to do when entering school is to create a budget that is going to be within reason of keeping. Far too many students create a budget that is either too lax or too strict. It is important to find the middle ground that will allow for recreational fun and savings. Many students find it way too easy to start eating out, going to the movies, or splurging on non-essentials.
It does not take long before the individual finds that their savings or income cannot sustain that type of lifestyle. In order to live the life they have become accustomed to while in school, they find themselves taking out credit cards and payday loans and they begin to spiral downward.
Avoid Easy To Obtain Credit Cards
There are countless credit card companies preying upon freshman on a yearly basis. Many times these companies will set up a table or booth close to the student union luring college kids in with free prizes and easy to obtain credit cards. Almost everyone will be approved and this can either help you or hinder you in the coming years.
If you are able to use the card properly and pay off the balance on time, you will witness an increase in not only your credit limit but your credit score as well. However, that is generally not the case. Many students see this card as free money and use it for countless kegs of beer and pizza. A credit card in college is a way into hot parties and countless friends. Unfortunately, once the beer is flat, pizza is cold, and all the friends are gone…you will still be left with a high balance that needs to be paid off.
Watch For Discounts
One of the easiest ways to keep your budget in check and not have to go into debt while in college is to look for student discounts. They are available everywhere and can help you save a substantial amount of money while in school. Typically, you can find out where you can save money at your student union, counselor’s office, or financial aid office. When in doubt, simply ask the cashier if they offer any type of discounts.
As you can see, it is actually quite easy to keep your finances in check while in school. It is a matter of creating a budget, using limited credit cards, and seeking out discounts. If you follow these three tips you will find that your memories of college will be much more pleasant!
Originally posted 2016-06-05 01:02:21.