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[M613]Money Management For Students

by Lynne Birch, Lyn

Keeping control of your money is one of the hardest lessons we have to learn as new college and university students. For many of us it is our first time away from home, and the first time we have to be truly responsible for all the financial affairs in our lives. Some get a handle on money matters faster than others. That's just the way she goes. But if you're not really all that sure where your money is going each month, here are a few things you may want to consider.

I. Avoid Temptations

If you have a particular weakness, and we all do, just stay away from it. If you love shopping, stay out of the malls. If you're a tech-head, stick to once a year upgrades. Nobody says avoiding temptation is going to be easy. However, it is a must if you want to save money. When you want to give into your temptation, this is the time to use your "allowance". Your allowance can be a set amount for 'special' items, or just a big jar where you put your loose change at the end of every day.

II. Credit Cards

If you have a credit card, use it only for emergency. Although they are really handy, credit cards are dangerous and possibly very damaging to your financial future. Credit cards (and in particular student credit cards) have very high interest rates. If you are only able or willing to make the minimum monthly payments then you will very quickly end up with a HUGE amount of debt because of the interest. The really bad thing is that you will also have to pay interest on the interest you owe. So, credit cards are good in a pinch, but should never be used as an extension of your cash.

III. Credit Card Interest

If you have credit cards and your credit is in good standing, you should take the time to call your credit card company, and ask for your interest rate to be lowered. It is just as simple as that. Most people have no idea they can even do this so they never make the call. Just ask the rep for a better rate on your credit card and they will take care of it for you.

IV. Financial Consulting

Many financial companies, community colleges and even churches offer classes on how to manage money. In some cases the courses are free, but often they cost around $35 to attend: it is money well spent. Another choice you have is consumer-counseling services. This is a great if you are getting into debt trouble. The counselors will work with your creditors to lower your balances, interest rates, and establish workable payment schedule that you can manage.

Mostof us, in one way or the other, are trying to tackle the recessioneffects that have affected our personal spending and saving. Parentsare struggling to pay university fees and young graduates arestruggling to get jobs. Economic slowdown can be a good time tounderstand money management ideas which can help overcome everydaycrisis and also save for the rainy day.

Thebest way to make sure how much is left for our own use is to ?paythe bills on time?. If there's been a considerable saving thatcan be made into an investment do it right away. Small amounts savedcan be used for expenses like renting a house or getting amuch-needed appliance for home.

Anotherway to overcome sudden expenses is to make your monthly shopping afixed attribute. Revaluate your home expenses to understand whereexactly the money is moving out. High mobile bills and electricitybills can definitely be reduced by making personal lifestyle changes.Use or tools to track every aspect of your spending and keep tab on themoney that is remaining at the end of every month.

Creditcard expenses need special mention as they are easy to use. Make sureyou don't possess more than one, unless absolutely necessary, andmake it double sure that you pay the bills on time. Utilize thecredit period provided for purchase so that there's enough time topay back.

Makeamendments as a family to understand how each of you can contributetowards managing the current financial situation. If there are morethan two earning persons in the household, make all expenses from oneaccount and save the other one completely. Teach your family the artof saving and look for alternate part-time employment, whose incomecan go as a small savings for the family.

Whenfinancial planning is done meticulously there will be no need topanic during sudden job losses. It helps you sustain till the nextjob is found and that itself is a great life saver for many.

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Both Lynne Birch & Liza are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Lynne Birch has sinced written about articles on various topics from Kitchen Home Improvement, Coffee Advantages and Credit Cards. information and resources to get your on your way to. Lynne Birch's top article generates over 1300 views. to your Favourites.

Liza has sinced written about articles on various topics from Elder Care, Shopping and Samsung Cell Phone. Writing articles is my hobby.. Liza's top article generates over 6120000 views. to your Favourites.