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Personal Finance Tips For Students Starting Spring Class

Posted by : Premraj | Posted on : Monday, March 26, 2018


Spring classes are around the corner, and you are just about to discover how quickly money disappears. How do you keep your financial life on point? You need to learn how to manage finances while you are still in school so that you can grow into a responsible adult. You better be smart when it comes to spring spending. It means living within your means and not beyond is a must. And this you can achieve if you adopt financial planning strategies outlined in this guide.

You can stretch your personal money using the following financial tips from an expert.

1.Draw a budget

Money can be mysterious at times. When you are still schooling, it’s hard to predict how much you will be getting every month especially if you don’t have a part-time job. Suppose you entirely depend on your parents. It doesn’t mean things are easier on their side. Sometimes they have to make sacrifices just to see you happy. And even if you get some part-time income, it doesn’t mean you should use it recklessly. With that in mind, you must set a budget to avoid frustrations. Create a monthly budget plan because it’s a staple you will need for rest of your life. Independent financial advisors can tell you that this strategy doesn’t require complex money management skills. A budget is critical at the beginning of a semester so you can adjust the expenses you haven’t accounted for. To make your budget plans easier, you can use budgeting apps to track your inflows and outflows.

2. Apply for scholarship

Before the spring classes begin, sign up at various sites that offer scholarships, and you might just land on one. If there is an open opportunity for grants and bursaries, take advantage and never leave the money on the table. There are a lot of scholarships go unclaimed just because students know nothing about them. Be informed and ask around. Don’t wait for advertisements; you can inquire from the school board or your local department that deals with bursaries.

3. Minimize expenditure on things not related to education

Most students spend blindly when their student bank accounts are loaded. Restrain yourself from spending on useless stuff like expensive cable packages you genuinely don’t need. Instead of going for luxurious spring trips, opt for volunteering services. At no point should you make impulse buying or take a loan for anything except for school fees. In case you are stuck with your assignments, find out how to avoid online scams and use the best site to buy a thesis online, so you don’t end up wasting your money on useless papers. Then, you need to put aside such vices as smoking and drinking too much. Instead of buying expensive meal plans, consider packing home-made lunch to save some dollars. Identify areas your money goes to waste and slash them out.

4. You don’t need credit cards

The only account you need is a student’s bank account. Since your investment plans are yet to kick off, you can forego credit cards. A bank account is necessary especially if you are going to a far-off college where your parents need to use wire transfer. But credit cards are bad ideas unless you have a part-time job. If you must apply for a credit card, consider low balance alternatives like pre-paid cards which are offered in most universities. Pre-paid credit cards frequently come with discount promotions and are mostly used inside the campus premises and t, e.g. bookstores, food outlets, printing shops, etc.

5. Be wary of spring holidays

As top personal finance websites report, spring is a great season, but it tempts people including students to optimize enjoyment from boating, barbecues, trips, going to the cottage, etc. The desire to get most out of the favorable weather can, unfortunately, create negative impacts on the financial position of a student. Your summer passions can lead you to overspend your budget and stay broke throughout your spring and summer classes. Do not be carried away with summer treats or gifts for your new-found friends either.

The key to financial success is knowing where your money goes and cutting off bad spending habits. As a student, you are most likely living on a budget, and if you don’t take financial planning advice, you might find yourself in a debt cycle.


Sandra Hayward Bio

Sandra Hayward is an accredited financial planner and advisor. She has been offering comprehensive financial management services for many years to professionals, students, entrepreneurs, and executives. She has served seven financial planning associations and frequently contributed to industry publications related to budgeting. She holds an MBA in Finance from the University of North Carolina. Sandra is married with two kids and divides her time between her family and career.

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