The student loan crisis has reached a frightening level in America, with more than 1.3 trillion dollars being owed. That's a staggering figure as a nation and for individual students. Since you still need that college education, you simply must find ways to improve your financial standing both in the immediate and long-term future. Here are six ways to start accomplishing that goal.
1. Keep Yourself Healthy
Even though most people in college are young, the lifestyle choices they make (staying up late, partying, skipping meals etc.) may lead to having less energy and stamina to keep up with the rigorous routine. Ask any entrepreneur and they'll tell you that staying healthy and making smart decisions about their bodies leads to greater success. Staying healthy could improve your memory, leading to better test scores, and you'll be in a better position to manage the stress of school, if you're physically fit and working off the tension.
The healthier you are, the more productive you will be, and that keeps the cycle of work-study-eat-sleep going a lot smoother than if you fail to make being healthy a priority. Of course, that makes the collegiate experience more worthwhile, as well as enabling you to work and earn more and quite possibly, make smarter and faster decisions in every area of life.
2. Limit Social Distractions And Expenses
The social scene of college can be a big enticement away from the books, not to mention costing you a lot of money that would be better spent elsewhere. Keep your feet on the ground and seek out like-minded people who would rather put an extra 50 dollars into a savings account than spend it on new jeans for another party. Resisting temptations today adds up to better financial health tomorrow.
While you want to network, professionally, throughout the college experience, you don't want to become a slave to the social media dragon which tempts you away from your objectives, including keeping a tight lid on the budget and a laser-focus on studies.
3. Prepare A Budget
Even if it seems as if you never have enough money to warrant creating a budget to follow, you should do it anyway. Track your spending, as it will help you realize areas where you're wasting money. Set a savings goal, too, albeit meager. Even a few dollars a month will add up over the course of your collegiate career.
4. Send Money Home For Safe Keeping
Ask your parents to set up a savings account for you back home and whatever you can send, keep it off limits to you, except in the event of a real emergency. This will give your savings power a boost, along with helping you develop the wise habit of putting money away,
If your parents can afford it, ask them to match whatever you can manage to send. For example, if you're able to forward 25 dollars every couple of weeks, they'll put in 25, too. Doubling your efforts could equal a major cushion by the time you graduate and you could always argue that you'll be asking them for cash at some point in the future anyway. Matching your savings is a far more productive way of helping you than simply handing out the money you'll need for a deposit on an apartment or down payment on a car.
5. Find Flexible Employment
Depending on the availability of employment in the area of your school, find something flexible that will work around your ever-changing course schedule. That way, you'll be more likely to stay at the same job, possibly earning regular pay increases and a little more financial stability. Also, get creative in your approach to earning money on campus, to get yourself even further ahead:
6. Talk To A Financial Planner
They say you need to spend money to make money, but sometimes, the same can be said about saving money. Invest in a financial planner and discuss your short-term survival goals. Tell them how overwhelmed it feels to be facing the debt that comes with earning a degree and ask them what you can do now, even small things, to help you overcome these financial hurdles. Not only do you want a plan to manage the debt in your life now, you also want to develop the habits that will work to reduce debt throughout your entire life.
Ask the financial planner about simple savings accounts you can set up now that will work harder than normal accounts. Learn how to lower spending, add to savings and increase your net worth over time. Financial planning is more complicated than just making, spending and saving money; there are many ways in which you can improve your financial outlook that a planner can help you with:
Facing staggering debt fresh out of college is discouraging, as is living paycheck-to-paycheck while you're struggling to maintain your GPA. Make life easier on yourself now and heading toward your future by learning everything you can about financial planning, including how to make the most of every dime. By the time you graduate, those dimes could add up to the advantage you need to get ahead.
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