Danny Crenshaw – 4 Simple Tips For Students To Save Money and Stay Out Of Debts While In College
Your parents must be proud of you for getting good grades to take up a course of study in the college of your choice. For the first time in your life, you have the liberty to decide what you want to do and buy whatever you need. Moreover, you will be living independently in a dormitory with other freshers like yourself. However, in the case of money matters freedom and responsibility go hand-in-hand. The choices you make in this phase of your life will have consequences which you cannot escape. Fortunately, financial experts say it is possible for you to enjoy life, study hard for your career and save money while in college.
Danny Crenshaw – Financial tips for college students to save money and stay out of debts
Danny Crenshaw, a law student studying in Washington, says college students should keep in mind the following 4 important financial tips to save money and stay out of debt while preparing for their careers ahead:
- Be responsible
Adjusting to college life can be difficult especially when you have never been away from your parents for such a long time. However, it gives you the opportunity to take charge of your personal finances without having to depend on others. The last thing you want in this phase of your life is to accumulate debts which you cannot manage. This is a reason why you need to come up with a suitable strategy.
- Formulae a budget
This is the first thing you need to do after settling down in your college dormitory. You need to make a comprehensive list of all your cash inflows on one hand. This could be money your parent gave you, financial aid from scholarships, student loans and earnings from doing part-time jobs. Next, you have to estimate how deep you need to dig into your pockets to pay for tuition fees, rent, study materials, toiletries and other expenses. The difference between to two figures represents either savings or shortfalls. It is important for you to remember to keep money aside for emergencies.
- Organize yourself and use credit judiciously
Danny Crenshaw clarifies it may be prudent on your part to open an account in a bank near your college campus. This enables you to draw up checks to meet your expenses, deposit the ones you receive, avail a debt card and get access to automated teller machines (ATMs) when the need arises. However, make it a point to visit a number of such financial establishments and compare their services to get the best deals. Feel free to ask questions about the minimum balance you need to keep and charges you have to pay availing overdraft facilities. Also get information on online banking. Do not use your credit card unless it is absolutely necessary.
- Make it a point to monitor your finances
Make it a point to keep track of all your expenses during your time in college. Keep a record of all the payments you have to make during this phrase and how much you have left after meeting such cost. This will give you an idea of your financial situation and what measures you need to take to improve it.
Following the above 4 financial tips can go a long way to helping you stay out of debt while in college. Danny Crenshaw says it also proves to your parents that you are capable of handling your own money matters without having to seek external help. After all, this is a proper use of your finances is an important part of your education.