Best Money management Tips For Students

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This is a guest post by Michelle.

Carrying on your education is the first step to achieving your goals in your chosen career, but it can be full of challenges and very costly. In student life we have to make financial choices ranging from of few pounds to thousands, but no matter the amount you are dealing with, controlling your funds could control your career. Managing your funds can lead you to achieving your dream and make you a lot of money; making this dreams a reality. Students have to manage their money efficiently to sustainably afford their educational costs. Money management for students can be easily done by following these tips:

  • Do financial planning, plan how you spend your money; it can be done in these three easy steps:
    1. Know what your financial goals are.
    2. Develop a plan to reach them.
    3. Keep working on that until your goal becomes a reality.
  • Become organized: stay organized by keeping a record of all your expenses, keep a record of all bills and outstanding fees; being organised helps you to find financial errors in your plan and construct a way of coping with them.
  • Be cautious: don’t provide your credit card number or account number to anyone unless you know why they need them; ignore emails that need your personal information.
  • Escape scholarship cheats: real scholarships don’t charge any application fee, it is free for everyone.
  • Learn ways to save: to save money you can opt for a saving accounts, mutual funds, stocks, bonds and real state
  • Take help to handle debt trouble: ask help from friends or family if you want to pay debt or clear bills.
  • Control your credit card: if you are having a credit card, manage it properly, here are some points you should take care while dealing with credit card.
    1. Retain only one credit card.
    2. Opt for that credit card that doesn’t have annual fee and have low rate of interest.
    3. Ask for student subsidiaries.
    4. Don’t use cash advances from a credit card, until it’s really an emergency.
  • Maintain good credit: in the UK, good credit allows you to get big loans like car and mortgage loans. It is also imperative that you remain vigilant when paying your bills, premiums on time. To improve your credit score you can opt for short term loan (payday loan) and repay on your part-time job pay day.
  • Make the most of your student discounts: there are many places where student are provided with subsidiaries like discounted bus fare, movies and even when ordering pizza you just have to show your student id.

About the author
Michelle is a tech writer from UK. She is into Finance. Catch me her @financeport.

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