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An average college student is burdened with so many thoughts: to perform well in her exams, get through her peer pressures, live up to the expectations of her parents ………..the list is endless. And on top of that, a student needs to save money to pay for the student loan and other expenses! Poor teenager, these are her days of fun and finance has come into her life. Very mean. But this is the grim fact. If we start to save early, then we can:
1. Keep some money aside for emergency expenses.
2. Bear through Medical emergencies.
3. Secure our retirement.
4. Avoid borrowing money.
5. No need for cutting out our requirements during our 30’s just to save money for 60’s.
Here are some finance tips which can help you to put a few notes in your piggy banks:
1. Take up a part time job. Or go for business. It will pay for your daily expenses. And try to save as much as you can.
2. Know your priorities: Do you really need to watch that new movie? Or perhaps saving to buy some new books for the next semester is a better idea? Stick to your expenses, priorities and goals, and work accordingly. Get help from library. Sell old books and items you don’t require. Just make way for the cash!
3. Make a budget and think realistically. Don’t get indulged in parties and then remain broke the rest of the month. And you can definitely do a carpool to save some bucks.
4. Good old vouchers: vouchers and coupons always come handy. College students have less money, hence these small chits can definitely make you all set to enjoy benefits and save more.
5. Avoid unnecessary fees like late library fees, or being charged for breaking a test tube in the chemistry lab! It happens, but you need to be more cautious. These can easily burn a hole in your pocket, though steadily. Clear all dues on time. This makes you a more vigilant, disciplined and a better person in your life.
6. Check your emails daily, not FB or twitter updates. Stay tuned with the latest payment dates to avoid getting into a credit card debt. Use credit card wisely. Set your limits.
7. Stay away from fraud: take to mobile banking. [editing needed]
8. Reliable insurance: teens, your parents can help you out in this. Make sure your belongings are insured. Then you get some discounts and offers. Also many finance companies give students various types of discounts. Ask your nearest bank for more details.
Start your financial life from today. You will be a finance literate person along with a degree holder the day you will graduate and set your feet in the corporate world. The things will be at ease, because you would have learned to control your temptations and started saving money. Remember: as you sow, so shall you reap.