Tips for Educating Students without Financial Worries

Because of current economic misbalances, everyone worries about financial stability. Student life is also not safe from these worries; continuing to higher education to achieve better career prospects is too expensive in today’s world. Managing their money properly can help the student lead to freedom from financial worries. Below are some tips to manage money during student life:
Control your money by making a proper financial plan. This consists of 3 steps:

• Know your financial goals
• Plan to reach them.
• Stick to the plan till you achieve these goals.

Expense vs. earnings:  

Control your expense and spend less than you earn as this helps you to keep out of debt and save for the future.

Do you need it?: 

When you are out shopping before buying something think and ask yourself “Do I really need this?” and “Is there a cheaper alternative?” try to find difference between necessity and luxury.

Keep emergency money: 

Manage an emergency fund by saving a small amount in savings account from your pay cheque or monthly expenses.
Make bill payments on time: pay your bills on time as this can lead you on the right track with no debt.

Live debt free life:

Pursue debt free life by controlling your expenses and spend money wisely.

Opt short term loan: 

At times of emergency choose a short term payday loan instead of long term loan. These loan save you from long term debt by repayment on next pay day. Repayment of these can also help improve your credit score.

Manage your credit card: 

Keep only one major credit card and don’t cross the credit limit. If you are too tempted and can’t stop yourself to shop unnecessarily, it’s better to keep credit in storage or cut it up. Don’t use a credit card for a cash advance as this can be more costly in the long run.

Beware from credit pusher: 

Keep a distance from company who provide easy credit scheme with huge interest. They can lead you to never ending debt.

Guard your vital information: 

Do not provide information such as bank account number, credit card pin, social security number and so on to anyone without a proper reason.  Such info should be provided only to known and trusted sources.

Reduce your health expenses: 

Eat healthy food and do regular exercise. Hit the gym whenever you have free time or walking few miles will do well. These habits will keep you healthy and minimise your health expenses.
About the Author:
My name is Michelle.  I am a tech writer from UK.  I am into Finance :).  Catch me @financeport

Submit your guest post: http://www.lolstudent.com/p/submit-guest-post.html

Posted in: ideas,inspiration