College students are usually not adept at managing their finances. College means freedom, taking independent decisions, late nights, outside food; and before you know it, you have used up all your allowance. Students know the importance of intelligent spending but need a little more knowledge on how to go about it. Now you can bank on several websites that provide financial advice tailored to the spending needs of students.
The most popular websites suggest on wisely using credit cards, as many student card holders end up under debts. The money earned through summer jobs may be used to buy books, a new PC and other essentials for college goers. Some other tips offered online on money management are-
- Keep a track of money spent, and where it is been used. In a few weeks you will know exactly where your money is getting wasted.
- Fix a budget for every week; include food, transportation and trips to beauty parlour. At the end of the month, you won’t wonder what happened to all your money!
- Money is not just about spending, but saving for the right time. Try cutting down on phone bills and outside food to get that latest model headset.
- Have some money stocked for emergencies in a personal savings account, and use it only as a last resort.
- Use online management tools like calculator and pie charts for priority-wise use of money.
- Be careful with that credit card, it can easily get you into debts. Recent surveys have shown that 90% of credit card holders from college carry a balance every month.
- You can earn money by putting up your used clothes and second hand books on sale; eat filling and cheap food like oatmeal and peanut butter sandwiches. For similar 118 practical ways of saving, visit collegescholarships.org/
- A good strong computer will cut down TV bills, trips to theatre, music DVD’s and much more.
- Do not just throw stuff away; pens, papers, bags, jeans, cell phones, watches, utensils- exploit them as much as possible!
At the end of the day, children always need the support of their parents when things get out of control. Students can apply for passport to study abroad, use student loan to raise funds to study in abroad.
