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5 Financial Things Every Student Needs to Know About

Being a student in school is often connected with not having a whole lot of responsibility yet.
Modern Times Apr 19, 2019

Own Your Finances

Finances can be a taboo topic at times, especially for young people. Not only do finances typically stress people out, but talking about them can often come across as boasting or complaining.

Not to mention, most older folks peg young people as irresponsible with money. It's time to take control of the narrative around finances.

1. Record Your Expenses

Recording your weekly and monthly expenses helps you to better understand what expenses need to be made annually.

Keep track of the necessary monthly payments like car or student loan payments and record how often you spend money on eating out. Consider cutting down on those unnecessary expense areas to save some extra cash each month.

2. Open a Savings Account

A savings account is a great to start saving up for big life expenses. Usually, the account requires that a certain amount of money be put in to start.

But, many have a savings account interest rate, which allows for your account amount to increase by pennies to dollars each month.

3. Watch Your Credit Score

It's a complete farce that checking your own credit score can cause it to decline, and you should really be checking it regularly to make sure you're in good standing.

If you're score is on a downward spiral, checking it can alert you and you can change your habits before it's too late. A bad score can be difficult to come back from.

4. Invest Your Money

Investing your money can be scary, however, it can also lead to great profits.

You'll want to trust a financial adviser to help you in deciding on where to invest your money: you bet on penny stocks or invest in stable companies that sell things like investment castings.

Either way, investing helps make your money grow.

5. Stick to a Budget

The last thing you'll want to do each month and week is stick to a budget. Based on your necessary monthly expenses, plan out how much you want to budget yourself each week for groceries, eating out and other things.

And then try as hard as you can to stick to that budget. This will allow you to live below your means and save money.

Start ASAP

Learning about finances can be a scary thing. However, it can also be very empowering. Don't be afraid to take control and start saving your money. You'll thank yourself for it later.