Money Tips for College Students


Money Tips for College Students

College is a time to learn a lot more than just the materials taught in your classes. Most people emerge from their university years having discovered quite a bit about their values, their form of managing relationships, and, of course, financial management.

Unfortunately, those last lessons are oftentimes learned the hard way. Student credit card debt is extremely common, and student loan debt is even more normalized. In this article, we will offer a few simple tips that could help you build a better future for yourself with the decisions that you make today.

  • 1. Use Credit Cards Wisely. Credit cards can be a tremendously powerful financial tool, enabling you to make purchases at the most opportune times while also building your own personal credit. However, they are oftentimes misused, especially by young people who have relatively little experience managing their own finances. As a general rule, it is smart to set a credit card budget equivalent to the amount you will be able to pay at the end of any given month.

  • 2. Consider Living Off Campus. The cost of living in a dormitory is usually higher than the cost of living with a roommate in a nearby apartment ‐‐ and the cost of eating in the student cafeteria is almost always higher than the expenses of cooking your own meals. All things considered, the "convenience” of living on campus is usually outweighed by the financial implications of living off campus, especially if you can stay with your parents or rent nearby.

  • 3. Weigh School Choice Carefully. Sometimes, schools that aren't necessarily famous have highly ranked programs in specific areas of studies, available at a fraction of the price associated with attending a "world‐class” school.

  • 4. Build Smart Financial Habits Now. Evaluating your decisions carefully, weighing the pros and cons of any loan meticulously, and doing everything you can to stay out of long‐term debt are all smart decision. To learn more about debt and how it can impact your life, visit madison monroe and associates online today.

Check out Madison Monroe and Associates online today for more tips on making smarter financial decisions.

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