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Learning About Money – Must-Read Financial Advice For Students

Whether you’re already a college student or preparing to begin your freshman year later in 2018 doesn’t matter. Taking responsibility in all aspects of your life is essential, not least when it comes to your finances.

Ignoring the need for stability will lead to repercussions that could harm your studies, happiness, and future. Use these five simple tips to stay in control, and you should be just fine.

Earn While You Learn

Regardless of which type of job you want, college is the ideal gateway. However, education alone only ticks some of the boxes. To truly prepare yourself for life in your desired industry, work experience is vital. Paid internships are the perfect way to develop new skills, gain insight that could aid your studies, and meet new contacts. The fact that you’ll be removing some of the financial pressures in the process is simply a bonus. Above all else, this background in the industry will serve you well when seeking future graduate roles.

Build Extra Income Streams

In addition to an internship or paid role elsewhere, you should aim to increase your earnings through alternative methods. Every dollar helps, especially when the efforts won’t impact your studies. Becoming an investor or trader can be a particularly useful solution, although you must accept the potential risks too. Meanwhile, completing surveys or playing esports can help you earn money in a more recreational manner. The options are plentiful, which is why there is no excuse for missing out.

Borrow Wisely

Unless you are lucky enough to secure a scholarship, college tuition fees will hit you hard. For most, borrowing money via a loan is the only viable solution. If you are going to take this route, however, it’s vital that you use a lender that understands the student situation. This Lendkey review shows the importance of choosing a suitable lender while pinpointing the key factors that you’ll need to get right. Aside from the financial rewards of making the right selection, the emotional reassurance can make a world of difference. If nothing else, you’ll be ready to concentrate on your studies.

Spend Money Efficiently 

Accessing funds is great, but it’s important to remember that your finances are far from unlimited. Aside from tuition fees, there are various living costs to consider. Saving money on daily overheads will make a world of difference to your situation. From using coupons with Couponmom to buying used books from past graduates, those savings are key. Meanwhile, it’s always worth asking stores whether they offer staff discounts. When combined with improved lifestyle habits, like trading takeout foods for pre-packed lunches, you will see an impact.

Build Your Credit Score

Budgeting is a vital element for all students, especially with regards to social events and luxury items. Nonetheless, you will find yourself using credit options for some purchases and services. Therefore, finding ways to build your credit score as a student can be the key to seeking better deals. This will follow you into grad life too, which could be crucial in the first year or two of being a fully independent worker. Just remember to avoid bad credit, and dangerous items like store cards, and you should be fine.

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Smart and Surprising Ways to Save More Money

From new clothes and vacations to birthday celebrations, it seems like there are almost endless opportunities to spend money, and too few to save. However, that isn’t really the case, and you can save more money than you spend if you get your priorities straight and you do some of the following smart and surprising things to save you more money…

Get an App

Sometimes, saving more money can be as simple as downloading an app. Mint, for example, is an excellent app which allows you to keep track of your spending, savings and even investments, so you know where you’re at and what you can do to save more. It is also really good at helping you to stay on budget.

Fix Your Credit Score

Why should you fix your credit score? Because the higher your score is, the easier it will be for you to access lower interest home and car loans, for example. If you need to access these sources of ‘good debt’ then you’ll benefit from a good score.

How can I fix my credit? You can do numerous things from settling old debts to paying all of your credit cards, loans and bills on time. It really depends on what your current situation is, but make sure you do what needs to be done because it can be of huge benefit to your life.

Buy Produce in Season

Want to save money on your groceries? You can save a surprising amount of money by simply buying fruits and vegetables when they are in season. Because they are more plentiful, they tend to be cheaper and have a longer shelf life than out of season foods, which means you can save money on two fronts.

Take Out a Loan

How does taking out a loan save you money? When it’s a debt consolidation loan to clear your debts and lower the amount of interest you have to pay annually. If you have various debts, it is definitely worth looking into such a loan because not only can it save you money, but it can make managing your finances a whole lot easier too.

Be a Little Risky

I know a lot of people are hesitant to risk any of the money they have earned, but really investing in stocks, shares, commodities or even real estate is a pretty smart way to save more money, not least because, if you play it smart it will increase your capital by a little, or hopefully a lot.If you don’t know where to start with investing, ask a financial adviser to help you out. If you tell them you’re pretty risk-averse, they won’t advise you to do anything too scary.

Switch to Streaming

A lot of people are surprised when they hear that they can get a number of streaming accounts, including Netflix, Hulu and Amazon Video for a fraction of the cost of cable, making it a smart and surprising way to save more money. It’s also one that doesn’t see you losing out on anything.

What are your top tips for saving more money?