Posted by writer | Comments Off on College Life – Avoid Financial Rock Bottom!
Most of the college students these days are either broke and in debt before even graduating or living off just a few dollars to get through the day. This shouldn’t always be the scenario. Here are a few tips to help you get through college without getting broke while you are studying and after graduation.
- Write Down Your Budget
Make a list of all the things you need to buy and spend on for the month. Make sure that your necessities are the top priority of the list you make. Food, water and rent should not be placed in the backseat for items of luxury and pleasure. If monthly budgets don’t work for you, try making a weekly budget first. This gives you an opportunity to save money and spend on what you really need to spend on.
- Keep Track of Your Money
Track all the items that you spend your money on. Let it be books or food or booze, make sure that you list them down. This list would be your basis for the next month. Cut back on all the items that are not a necessity and look for cheaper options of the things you usually spend on.
- Reduce, Reuse, Recycle
Reduce the clutter you have, reuse what you still can utilize and recycle your old things. You could opt to sell your old things like your books and clothes that do not fit you. Instead of buying new things, check if these items could be done with your own do-it-yourself projects. Open your mind to broader options, instead of just having to keep spending your money again and again.
Live Clean (Avoid Bad Vices)
College can be very stressful, what with all the requirements and studying needed. Students would sometimes look for a stress reliever and have a night out partying. Why not look for an alternative? Instead of drinking and smoking, try different hobbies that reduces stress levels. Drinking and smoking is not only bad for your health, but also for your budget.
- Check your Credit
Credit cards offered to college students are often seen as a means to gain what they want and need. However, credit cards that are used over and over again can also be the path to students being neck-deep in debt before even graduating. Make sure to use your credit card only on items that you need to spend on, learn how to manage your finances. Take note of the interest on your credit, avoid the time wherein you have to pay the interest on the interest. This may seem impossible, however loan capitalization is usual for people who do not know how to spend their money and how to pay back their loans and interests.
- Study Hard
Your goal in college is to graduate and get your degree. Four years in college is a goal for all students, however, this may not always be the case. Different circumstances may not allow you to graduate on time; however, never lose sight of your goal. Keep studying hard and focus on getting your degree, not just having fun. If you could graduate on time, this would cost you lesser in expenses and avoid any more debts. You would have more time to pay off your student loans and earn money for your future.
Being in debt for the rest of your life after college shouldn’t always be the case. Spend what you have on the right things and consider what you should spend on with your credit card. Students should not be slaving away the rest of their lives paying for their frivolous spending during college. Take these tips in mind to help save while getting your degree and ensuring your future.Read More
Posted by Cheryle Hamilton | Comments Off on Tips and Trick for Saving Money for College
Getting a proper, good education for their kids is a major goal in the life of almost any parent. Knowing that the higher the education, the bigger are the chances of getting a dream-job in the field in which they are interested the most. That is the reason why going to college is imperative for many ambitious adolescents, but due to the economic situation and the total system of society in which we live in graduating from public or private university is not so easy. Achieving this goal demands various types of sacrifice and commitment, both from the children and from the parents as well.
Experts on financial matters often give concrete advices on this subject, and here are the most popular ones:
- Save early and save often: Saving as soon as possible is the most common advice anybody will get. It does make sense, actually…since the more time you have – the more money you will save. Most parents are being encouraged to start before the baby is even born! Other important element of this is that you need to save in regular periods, if possible to invest at least some amount of your monthly income into that child’s fund. Random intervals will not allow you to develop the habit of saving, and this is something you definitely need in order to save enough money.
- Make saving automatic: This involves the regular transfers of funds from your bank account to saving account. For example, after every salary comes in, the bank will transfer some portion of that money to the saving account, which is beneficial for two reasons – you do not have to go personally to the bank and the money is less likely to be spent if it is not on your personal everyday account.
- Increase the amount: With every year and every potential promotion or change of salary try to increase the amount you put aside. This may not be easy, but even the smallest of changes can prove to be very useful in the long period.
- Save the extra money: If for some reason you get a windfall, i.e. the money coming from unexpected sources such as inheritance, lottery, bonus at work, etc. try to invest that money immediately into you saving fund.
Posted by Cheryle Hamilton | Comments Off on How To Save For College
In the old days parents celebrated the arrival of a new child with throwing a party, or with something similar. Nowadays they open a savings account. Times have maybe changed in that aspect, but the point is that almost all parents still want to provide the best possible education for their kids. Going to college is considered to be the basic pre-requisite for a successful career and having a college degree “opens many doors”, at least in theory.
Even though it may be something most parents want, there are still those who can only dream about visiting their child on a college campus. College tuitions are huge, and it seems that they keep growing with each passing year. Other than buying a home, sending a child to college is probably the biggest expense many families ever have to make. There are of course scholarships and other forms of help, but parents are the ones who have to pull the most.
Since people who can cash out amounts like these at any given moment are fairly rare, there are various ways in which your money can be safely put aside until the big moment comes. Most experts advise that you start saving as early as possible, i.e. now, but here some other useful tips and tricks:
- Start to save early: Early start gives you one, quite simple advantage – the more time you have, the more you can save. Creating a solid college saving plan as soon as you can is the best solution for fulfilling your child’s desires and aspirations.
- Increase the amount you save: Most experts also will advise you to gradually put aside more and more money, if possible. It doesn’t have to be an increase in giant figures, but a slow, constant rise can do wonders in the long run.
- Start the 529 plan: 12 million Americans use the most popular way of saving for college. This way of funding got his name from the tax section it comes from, and its official legal name is “qualified tuition program”. This basically means that you save money tax-deferred, until your child goes to college. Funds stored in this way have one important characteristic – the withdrawal can only be made in purposes of paying for qualified higher education expenses, like tuition, books, mandatory fees, etc.
- Make saving automatic: Asking your bank to remove funds from your account to your saving account automatically and regularly is a must. And it is every-day business for bank so you should exploit this option definitely. It saves you from going to the bank every month to wait in line and fill out checks, and also guarantees that money will not be spent on some other urgent matter of the moment.
There are of course number of different ways in which you can stash away your hard-earned money, but following these few steps will enable you to have as much fund as possible when they are needed the most.