HOW TO BUDGET and Save Money As a Student or Young Adult
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If your child is one of the millions of college freshmen headed off to school, your August might be packed with shopping, gathering textbooks, and packing up entire rooms.
Now is the time to talk to your child about personal finance.
As a parent, you have the opportunity and obligation to prep your freshman on budgeting and smart spending strategies before he or she hits campus.
While college students might roll their eyes at the idea ofknowing how to manage money is vital to russian slots buffs college experience.
Whether your child is paying his or her own way, receiving your help, usingor a little of all three, college is an expensive experience that becomes pricier with poor spending practices.
By passing on a few words of wisdom, you can give your freshman the tools he or she needs to start college on the right financial foot.
Personal Finance Tips for College 1.
Once that student moves away to college, a budget becomes crucial.
As stated, the trick with any budget is sticking to it.
Once you and your child have gone over the budget, take some time to click here about how to make smart money choices that fall within the budget.
For instance, help him or her navigate free or low-cost social activities, such as outdoor concerts, city-sponsored events, or school-sponsored adventure trips.
You know your child better than anyone, so if he or she loves spending money on cappuccinos or the latest designer clothes, take some time to talk about buying clothes from discount retailers or brewing joe at home.
You can check in to make sure that he or she is on track, but let your freshman remain in charge.
Instead, set your student up with an online service or smartphone app that makes money management easy and convenient.
After all, that smartphone is practically glued to his or her hand anyway.
Some apps, such as please click for source, make money management easier for a busy or forgetful college student.
Mint enables users to upload bank account and expense information so he or she can manage all of his or her accounts in one place.
The app makes budgeting a little more accessible for a college coed who is busy and on-the-go.
This ensures fewer missed payments and penalties, as well as easy access to account balances.
In addition to money management apps, make sure you also take the time to set your student up with online banking services so he or she can transfer money online or use mobile deposit.
Minimize Student Debt There are several ways to.
Make sure you cover all the bases before sending your freshman off to school.
Take the time to impress the importance of using debt wisely.
Tuition, books, housing, and maybe food plans — money management techniques for college students social outings, new clothes, or pitching in for a party keg.
Not every student heads off to school with a fully-funded college trust.
If your child needs to take out student loans, remind him or her that the amount borrowed should be commensurate with the type of salary available once a degree is obtained.
Even if your student does choose to borrow money for school, it should be for school.
Taking out more cash to fund an extravagant campus lifestyle might seem important now, but could be a serious problem later.
If your coed wants to fund a social life, it should be done with a part-time job, rather than student loans.
Work-study positions usually offer the flexibility a student needs with the convenience of location, while off-campus positions frequently pay russian slots buffs />Look for Student Discounts College students should become masters at exploring the ways their educational status can save them money.
Vendors, local venues, restaurants, and services near college campuses often offer student discounts that could save your freshman big money during the first year.
Take Care With Credit Cards If going to college is like setting sail in a vast ocean, then credit card companies are the sharks.
They also expect freshmen to be careless with credit cards, racking up late fees and high interest payments.
Credit card companies often lure students in with college-centric offers, such as the promise of free concert tickets or free college swag.
Make a rule with your freshman: If he or she wants a credit card, the two of you can choose the best one together.
Freshmen should never sign up for a on a whim.
Instead, you can talk about the pros and cons of different cards, set a reasonably low spending limit, and look for cards with points or cash back rewards.
Your child may also want to use a debit card while in college.
Set Financial Limits One way to help your child curb first-year spending is to propose financial limits for unnecessary items.
If possible, you can also help lighten the load — if you know your student is strapped for cash and you have the means, send a care package with nonperishable food or a prepaid gas card to campus.
Avoid Full-Price Textbooks Ah, the textbook — the budget-breaker of click the following article students everywhere.
There are lots of ways your student cansuch as searching for posts on campus bulletins, or shopping at eBay and Amazon.
Or, have your child check out websites such aswhere many common textbooks are available for rent.
Some schools also offer textbook rental programs, so ask the bookstore and library about the this web page that are available.
Help your child look over his or her syllabus to weed out the necessary texts from the suggested ones.
When the school year is done, suggest that your student to others who need them the following semester.
School russian slots buffs, online book retailers, and social media sites are all good places to advertise textbooks for sale.
Your student can recoup some of the cash spent on buying books, making it available to pay down student loans,or add to savings for next semester.
Protect Personal Information When it comes to identity theft, college students are some of the hardest hit and the most oblivious to the crime.
According tothe 18 to 24 demographic has the highest risk for identity theft.
Not only that, but the average individual from that demographic took 132 days to detect and report the fraud.
Caution your student not to share personal information.
Simple things like giving a password to a friend, providing where unnecessary, or leaving personal documents lying around, can all open your child up to identity theft.
To catch theft before it goes too far, students should check bank and credit accounts regularly, reporting any suspicious activity immediately.
Instead, teach your child to pay attention to his or her accounts and suggest he or she order a free yearly credit report from all three of the reporting bureaus through.
There is, however, an argument for an identity security service such as if your student thinks his or her identity has already been compromised.
What advice would you give a new student heading to college this fall?
Jacqueline Curtis is an experienced style expert, and she focuses on getting high fashion on a tight budget.
She writes for several online publications and specializes in fashion, finance, health and fitness, and parenting.
Jae grew up in Toronto, Canada, but now resides in Utah with her husband, two kids, and prized shoe collection.
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