Money Tips For College Students
What’s common is that college students incur so much debt while in college. You don’t have to be in that situation just because you are in college. Forget about the norm and start making smart money moves so that you can get through college without incurring too much unnecessary debts. Don’t wait until after graduation to take control of your finances as it can cost you. So here are some money tips you can follow while you are in college.
#1 Watch out for your credit.
Having a credit card is not equal to having money. Credit cards must only be used to build up your credit history. It must be used responsibly so you won’t end up with so many debts after college. Choose credit cards that have low annual percentage rates, annual fees, good grace periods and less penalty fees. Also, don’t make your credit card limit so high to the point you’ll get tempted to look at your credit limit as your goal for spending. Start with a $1000 or less. Be sure that whatever amount you swipe your credit card for; you will clear up on your bill at the end of the month.
#2 Start a budget and stick to it.
Create a simple budget where you can outline how much money you earn monthly and the expenses you will spend on. Include in the budget blow money for entertainment, eating outs and movies so that you won’t just go to the ATM to withdraw more money than you budgeted. If your expenses exceed your income, then reexamine your expenses and prioritize. Decrease allocation for the discretionary expenses like entertainment, movies and eating outs. This ensures you will be right on track with your budget.
#3 Make it a habit to save your money.
You don’t need a good job that pays high just to start saving. There are so many opportunities for you to save money while you are in college. And what’s good about saving early is that you can take advantage of the power of compounding where your money earns more interest than when you save later. Skip a pizza. Reduce your coffee shop visits. Skip a couple of pitchers of beer for week. Just save.
#4 If you must incur debt, use your car’s equity instead.
Car title loans in St. Albert offer you a chance to loan money against your vehicle’s equity. What’s great about St. Albert car title loans is that you can borrow money fast and the requirements for approval are not stringent. As long as your car is registered under your name and is fully paid, you can borrow an amount equal to your car’s equity value. Plus with St. Albert car title loans, you need not have to surrender your vehicle to the lenders. You can drive it as much as you want when on the loan.
Learn more about St. Albert car title loans by calling 1-855-653-5451 now!