College students have many things that they often blow their money on, such as hitting up clubs and eating out. Rather that doing that, be financially responsible and avoid debt.
You may want to put savings into a variety of places because of the economy’s instability. Keep some money in a savings account, some in a checking account, some invested in stocks, some in high-interest accounts, and some in gold. These are all ideas on how you can safeguard your investments and money.
You can better understand where your money goes when you write down how much you spend every day. However, if you document it somewhere you are never going to look, it will do you no good. A better option is to track expenses on a large whiteboard that sits out in full view. It will be front and center during your daily activities and hard to avoid.
To save both money and time, buy bulk quantities of lean protein. If you use everything you purchase, buying in bulk can be much cheaper. Take some time out of one day and cook the whole batch of meat and make your meals for the week so that you time and money.
Credit Cards
Credit cards with rewards are a great alternative to debit cards. One great use for credit cards is for daily items, such as gasoline or food. Often times, these purchases provide great cash back rewards.
You’ll make many important purchases in your life, but your automobile is among the most important. Compare different options and go to different dealers to find the best price for your new vehicle. If you cannot find reasonably priced cars, try looking online.
If you are used to spending a lot of money on Christmas gifts, make your presents instead. You can end up saving a lot of money if you give people handmade gifts instead of store bought ones. By being a little creative you will save money, and have extra cash in your pocket for other things.
Left over money from minor transactions can be used in creative ways to increase finances. If the dollars are used to buy scratch-off lottery tickets, there is a possibility to win more than is spent.
Focus on credit cards with a high interest if you want to get rid of your debt as soon as you can. You may think the best way to pay debts is to pay them evenly, but the higher ones should be paid off first. This can save you a lot more after a while. Keep in mind that credit card rates should increase in the next few years; pay off your accounts as soon as you can.
Everybody makes mistakes from time to time. Your bank may waive a bounced check fee if it was a one time mistake. In order to take advantage of this, you will have to have a history of maintaining your balance without any overdrafts. You will only have one chance to take advantage of this though.
Although you may need to exert more effort, trying only using ATMs that your bank approves. Many financial institutions impose fees for using ATMs of non associated banks. These fees can accrue over time and cost you.
Debt is not a bad word. Debt that can be considered beneficial or good most often involve real estate purchases and investments. Often times, commercial property and houses go up in value and you can write off the interests as tax deductibles. Educational debt is also considered good debt. Student loans typically offer lower interest rates and don’t have to be repaid until students are done with school.
Avoid being overwhelmed with debt by paying unpaid bills every month, by making a shopping list and a budget of how you should spend your money. The advice you have read here will keep you afloat so you can avoid being overwhelmed with debt.
