Most students want to be able to become independent and manage their lives. Managing money is part of that independence. However, too many students are graduating in the red, and facing difficult financial choices when they are Just starting out. Now you’re on your own, you might be tempted to spend money on all the things your parent’s wouldn’t let you have before. You may be tempted to spend money that you don’t have on Junk food, going out with friends and on new outfits that you don’t need.
Today I want to persuade you that college student should learn owe to manage their money Starting Manage money early and starting strong will help ensure that college experience is spent on the fun stuff instead of the financial part! If we’re good to our money, it will be good to our future We can prevent this kind of mistake in college. In the next few minutes we will discuss three major areas which are preparing a financial plan, paying off the big expenses and saving emergency funds that we should focus on in college. Body 1 . We should begin budgeting our money in college.
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We can have a budget outlined. We will start out on a great path and make a good spending habit. Of course it doesn’t mean that we shouldn’t have fun as well. Remember that most people will look back at college as the time when they were the poorest, but they had the most fun. I got some ideas from NCAA. Ii which is The National Consumer Agency. (5) It helps people with free and expert information on consumer rights and personal finance. A. Calculate our total income because we need to know all sources of income. We can get a clear picture of our finances. B.
Calculate outgoings such as Everyday expenses, ongoing expenses and Loans. However, Keeping track of outgoings can be difficult. We must make sure how much money we can afford to spend on the extra things we might want to do with our friends and how much we can save. It allows us spend money wisely. 2. There are three important expenses College student need to pay off. Those expenses should be taken from the budget. A. First is student load. You might get student loans already and have to pay for college somehow, but how much money do you really need to borrow. A.
Private schools tuition can add up quickly, ND most of the time it does not make a huge difference in your pay after you graduates. It is important to consider all the ways that you can lower your education costs. You may opt for a school that offers you a scholarship or for an in-state school. B. Remember that you will have to pay back every penny you borrow plus interest. Student loans will not be forgiven in a bankruptcy. They will follow you around. B. Second is for credits card. Due to my observations, almost all college students are using credit cards regularly. By the statistics from coelenterates. Rug, 84% of undergraduates had at least on credit card. (2) But not all of them are familiar with the payment and how could it affected their future life. I got data from National Institutes of Health website. More than 23% of students reported credit card debt more than $1000. (1) How to use credit card correctly? A. First, Sign up for a credit card with a low credit limit between $500 and $1,000. Use the credit card for expenses such as food and other small necessary purchases. B. It is important to make sure that we pay the balance off in full each month, which will help us build insurance policies.
It is not easy to afford. Catastrophic accidents and sudden ailments can happen to anyone at any time, and big medical bills could derail all of our carefully laid plans. So insurance is also necessary for college students. 3. Emergency funds’ purpose is the same with insurance’s. But if insurance is not going to work, Emergency funds you save will help you. For example, Life is unpredictable; we may get out of Job easily in this economic environment. Most importantly we have the security of Emergency funds saved up that will sustain us until we find the Job A.
Schools most have small emergency funds. Try checking with them and explain your situation, emergency loans will help you out. B. Or if it’s an option for you, don’t be afraid to call home and ask for a little help. It’s often easier to do so when things start getting tight instead of when they’ve gotten out of control The survey, conducted by a company called twenty something incorporated, found that 85% of college seniors planned to move back home with their parent’s after graduation. The rate has risen from sixty-seven percent in 06′.
This told us that we definitely need a financial landing, have to pay off our expenses and save emergency funds to prepare our life after college. By the evidences we have seen above, it is important to learn managing our financial plan at the college time. In an interview, Enjoy your money! How to make it, save it, invest it and give it, urge young people not get outlandish loads and overburden themselves with debt. A personal financial could absolutely let you spend your money wisely. To be a smart student, take action today, check it out online and decide a suitable plan for you.