My 40 Tips
For a Financially Easy Life
#1 Take Charge of Your Life and Your Money
Make a plan. Have a mental or real list of your goals and plans to reach them. Make sure your goals are
Specific
Measurable
Attainable
Realistic
Time Bound
#3 Get Organized
Just take a few hours to sot down and get financially set. Create a booking system to keep track of payments and withdrawals. Just make sure to keep up with it!
#14 Make School Your First Job
#17 Take Time Now to Prepare for Your Career
Yes focus on school, but you should have a plan of what you are going to do after. Use up your resources sticking your head out and looking around. It is always better to be prepared.
#25 Resist Peer Pressure
You do not have to keep up with your friends. Suggest local on campus activities or cut your going out to less. Write down all you spend and keep track how much money you can actually use. And do not be embarrassed to say no or let your friends know of your financial status. Maybe one of them are in a tight stop too.
#29 Keep Track of Your Student Account
This is just like a bank account back home. Always make sure to have a positive balance and regulate your withdrawals. Keep a good amount of money saved in there for emergencies and large purchases.
#10 Use Loans as a Last Resort
Although loans may seem like an easy way to pay for things without having to worry about it, they can ruin you credit and but you in debt for decades.
#23 Pay Your Rent on Time
This may seem like a no brainer, but late payments do have more troubles than you may assume. Paying bills on time effects your credit, which may not catch up to until you are trying to buy a home or lease a car.
#31 Create a Budget and Stick to it
If you're struggling to get a handle on your finances, a budget may be your best tool for finally taking control of them. The goal of creating a budget is to promote saving as well as to prevent overspending. First Categorize expenses and determine income. Next to each item, note whether the expense is a one-time expense, a weekly expense, etc. Next, you want to research the many ways you can reduce expenses. The best way to stick to your budget is to set achievable goals. Review your budget on a regular basis and make adjustments as necessary.
#36 Get into Saving Habits
Pinpoint what you really want and what it will cost. Set a realistic goal, such as giving yourself six months to save for it.Put a jar in a prominent place, and empty your change into it at the end of the day. Whenever you get an unexpected windfall, such as a holiday bonus, or cash gift, put it into your savings account. You weren't counting on this money as part of your regular income, so don't spend it as such. Think of this as your new car account, for example. When you finish paying off a loan, keep making the monthly payments, but to yourself. As you've already been making the payments for months, you should be able to continue living without the extra cash. Put the payments into a savings account if you can.
#24 Set Ground Rules Regarding Money
I interpret this tip as way of becoming financially organized. Like setting up a budget, write down what you can spend and on what.
#26 Sperarate Needs from Wants
Learn to have separate looking trips and buying trips. Leave your debit and credit cards at home on looking trips and use that time to plan what you need to buy on your shopping trip. Before buying something that is not a necessity ask yourself if you really need it. If you have not made this purchase part of your budget it, do not buy it.
#30 Plug Everyday Spending Leaks
Spending money on something small or unexpected usually doesn’t seem like a big deal at the time. But when you add up that spending over the course of a month or a year, it can become a big deal. Watch out. Not enough attention paid to the small purchases will result in big money lost. The path to savings is paved with pennies. It starts with awareness. Each time you make a purchase, consider the cost.
#7 Understand Your Financial Aid
If you have not given much thought to financial aid prior to this point, it can be a very frustrating experience. Start planning now on how you are going to afford the next few years of your life. Grants,Scholarships, Loans, etc. are all types of financial aid colleges can give you to help to pay for for their school. However, people in different situations get different types and amounts of help. Gift aid for example that is awarded based on a variety of factors, such as academic achievement, leadership, field of study, and or financial need.
#32 Build Good Credit
Building good credit is a must. It will help you qualify for loans, auto insurance, rental applications, cell phone plans, and can even affect where and or whether you get a job. The five things that affect your credit score are your payment history,your amounts owed, the length of your credit history, your new credit, and the type of credit you use. Credit cards are a large part of your credit. When you get into the habit of charging only what you can afford, it lets future lenders and creditors know that you are a responsible borrower. You will also find it easier to borrow money and get new credit when you show that you know how to only borrow what you can pay back.
#6 Don't Bounce Checks
Bounce checks affect your mainstream credit scores. If Your bank statement reports that you have had problems with your checking account, it may be difficult to open checking accounts at other banks in the future. Getting loans may become harder with your bank or others as well.
#34 Take Control of Your Credit Card
If you are only making minimum monthly payments on your credit cards, you are doing yourself a huge disservice. Instead, step back, and take the necessary steps to get your credit card debt under control. The first step is to do a realistic assessment of your budget. If you find yourself nearing your monthly limit, it is time to regroup. A late or missed payment with one creditor gives others an excuse to raise your interest rate or lower your credit limit. Do not fall into the minimum payment trap, that is what gets you in debt.