With college comes increased responsibility. Knowing how to manage your finances early in your college career can serve as a catalyst for managing greater earnings in the future and can help you avoid costly mistakes. It is extremely important that you do the necessary research and preparation to make sound decisions regarding your finances.
Here are some tips to help you establish a strong foundation for managing your money as a college student:
- Prepare a monthly budget. This is the most important step in the process. Identify your needs and their costs (rent, food, gas, phone, school supplies,…
As fall approaches, the days begin to get shorter, the nights get cooler and parental priorities shift towards the upcoming school year. Whether you have a child heading off to college or just starting elementary school, financial literacy is a very important part of the education process. Below are some financial tips for students of all ages.
Tips for the college student
- Effective Budgeting – Sit down and plan out what weekly/monthly bills your student will have. This will ensure that they know how much disposable income they have for “fun” purchases each week.
- Plan Purchases – Build larger item…
Your 20s may seem like an odd time to think of retirement, but it’s actually the perfect moment to start planning for your later years. That’s because the earlier you start saving, the more time your money has to grow.
Savers who begin setting aside 10% of their earnings at 25, for example, could amass significantly more by retirement age than those who wait just five years to start saving. You can use online calculators to see how much can save by the time you reach retirement if you starting investing now.
Building a nest egg on a starter salary…