10 Tips for Money Management
By: Tyler Cibotti
1. Take charge of your life and your money
In order to be financially stable you have to be on top of everything in your life. Have a plan and stick to it.
2. Use loans as a last resort
Loans should only be used when bills cannot be paid. Loans result in interest which lead to more money being paid over time, digging yourself a deeper hole.
3. Make school your first job
Education can lead to success in life. If you do well in school you may be able to get a better job in the future. Also, insurance rates are lower with better grades
4. Separate needs from wants
Only including necessities in day to day life can allow for greater savings as well as ensuring that finical needs are met. Wants can be included in miscellaneous section of budget but should be bought in moderation.
5. Take advantage of student discounts
Any possible savings that can be deducted from what you need to pay out of pocket will benefit you. It will help you save money and allow more money to be used in your budget for other expenses.
6. Create a budget and stick to it
A budget is the best way to manage your money. By managing all expenses in a monthly manner you are able to track where and how you are spending your money, ensuring that all finical needs are met.
7. Build good credit
Your credit score now will influence your rates on loans for the rest of your life. By acquiring a higher credit score you will ultimately save yourself more money in the long run as lower rates can be obtained.
8. Get help if you get into debt trouble
The goal is to not get into debt trouble, but if you happen to be in a situation where you get into debt trouble, you should seek help immediately before the problem gets worse. There are always people to talk to, such as financial aid officer or a psychologist to assure that the problem is resolved as soon as possible.
9. Learn about your options for saving and investing money
Establish short term and long term goals. These goals will help you figure out the amount of money that you will need to achieve these goals. Education of savings account as well as investing tools will help you decide what is best for you and ultimately what will help you the most at your current stage in life.
10. Know your student loan obligations
Student loans can be complicated, so understanding the obligations before entering the loans will assure that all needs are able to be met. Research into your options will assure the you find the best option for your needs. Also, with research, assuring that you meet all your academic obligations will make sure that the loan remains constant with set rates over a set period of time.