College years are among the most treasured year of one’s life, but we cannot overlook the fact that these are also the years full of struggle and financial problems. In an average American household, parents are usually unable to support their child education and students have to take their finances in their own hand. In the US, there is no shortage of low paying odd jobs most students take up during their college. With limited income, however, comes huge responsibility.
Most students do not have any idea about budgeting and saving. Most of them end up spending as much as they earn. As a result, they end up broke and neck deep in debt. Helping students avoid such circumstances is one of our major concerns. We have a calculator that is specifically designed to help students plan their budget accordingly. Also, we feel that there is a huge need to empower the students with the knowledge they require to cope with their financial issues.
Create a Calculated Budget
The average age of a college student is between 18. Most people don’t have any idea about financial management of budgeting at this age. It is advisable to start your savings by making a budget. In this aspect, a calculator designed specifically for the students can be greatly helpful. Using a financial tool created by expert can actually minimize your chances of failure.
If you have starting earning, that doesn’t mean you should start spending uncontrollably. This is actually what most students do. It is no wonder that youth is the most targeted market for businesses ranging from fast food to retail stores. They will lure you in to buy everything on their menu or shelf respectively. However, it is your decision to determine whether you should be spending your hard earned money on things you can live without, or save it to improve your living standards.
Stay Away from Plastic
Credit cards are really helpful but for teens starting off with college and setting first steps into the world of financial freedom, plastic can be really disastrous. A survey reveals that a large majority of college students have more debt than they can pay off. Worst case scenario, they end up in a crisis that forces them to drop out and work overtime to pay the debt off. However, we are not saying that you will definitely end up in the same situation. There are a number of providers offering special rates and packages that can be extremely beneficial if used responsibly.
Take Advantage of the ID
Most students do not realize how much benefit they can reap just by being a student. Not only do you get special rates and package from the bank, you can get amazing discounts on retail purchases and transportation, etc. all you have to do is carry your ID with yourself. A mere one dollar discount may not seem much, but saving that one dollar ten different means ten dollars worth of saving per day.
Finally, use free tools that are created to help you plan your financial budget in an effective manner. Take a look at our list and you will find a calculator made for your needs.