With the school year right around the corner, many college freshmen are getting ready for their first experience away from home. While going out on your own can be a bit stressful, there are a variety of life lessons you can learn from this type of experience. For many college freshmen, managing money seems to be the biggest struggle they have. Most kids get so used to having the safety net that mom and dad provide that they neglect to learn how to properly manage their money. When it comes to getting good or if you want to buy essays, you will need your own money to do so. Failing to establish good financial habits early on can lead to big problems throughout your life. Here are some common sense money tips that you need to follow when heading off to your first year in college.
1. It Starts With a Budget
The first thing you need to do when attempting to manage your money wisely in college is to create a budget. You need to sit down and make a comprehensive list of your monthly bills. By doing this, you will be able to avoid being broke all of the time. Without a budget, you will find it hard to make your pounds stretch all the way to your next payday. If you are having trouble coming up with a budget, there are a variety of accountants out there who will have no trouble assisting you.
Often times, college aged kids will know very little about getting a budget in place. The best way to get some help with this process is by working with a financial advisor. These professionals will have no problem helping you develop a comprehensive budget in a relatively short amount of time.
2. Know Your Options When It Comes to Checking Accounts
In most cases, college is the first time when most young people will have a bank account. Before going out to set up a new bank account, you will need to do a bit of research to ensure you are getting the right fit for your needs. Be sure to find out about the minimum amount of money that needs to stay in the account to avoid monthly maintenance fees.
You may also want to find out about overdraft protection to avoid getting slammed with high fees should you mistakenly overdraw your account. Covering all of the bases when it comes to a bank account can save you a lot of heartaches later on. Before deciding on which bank you want to use, you will need to figure out things like how many branches they have. The last thing you want is to use a bank that will be impossible to find while on the road. This will usually lead to a lot of fees being paid for using other bank’s ATM machines
3. Be Careful With Credit Cards
Another important thing to remember when heading off to college is that credit cards can be a good thing if used correctly. Usually, a college freshman will be bombarded with credit card pre-approval notices. Learning how to be selective when receiving these notices can help you a lot. The last thing you want to do is saddle yourself with debt before you even get out into the job market. Having a low-interest credit put away for emergencies, but there is a fine line you need to walk when it comes to having credit card debt. Without self-control, you will find yourself in over your head and financially strapped.
The right amount of planning can go a long way when it comes to having financial success while in college. Learning how to live below your means is a great way to save money and prepare yourself for the real world once you graduate. Seeking out some help from financial planning professionals can be very helpful during your time at college.