No one wants to start life with huge loans to pay each and every month! Yet the current trends indicates that the average American graduates with more than $18,000 in debt, and most of this is due to Student Loans obtained to finance their academic goals. This in turn results in an average of $250 monthly payments which is quite a big number for a young person just out of college. The moral is to be aware of distant elephants. It may seem a petty amount when you take it out but when reality hits and those monthly payments starts to accumulate down the road, the tiny payments can really become a financial drain that burns a hole in your pockets each and every month.
With the proper attitude and correct mindset, you can handle this before it even becomes a problem. Let's look at some tips to manage your finance well during those college years that will save you thousands of dollars later in life.
1. Choose Wisely
Select the college you want to join carefully. Being enrolled in a pricey school may not be too expensive after all if it is situated in a low cost geographical area and you can offset the high college fees living with the low cost of living.
2. Public Transportation
It is a good idea to take public transportation to take you places instead of purchasing a car. It may seem fashionable and sexy, but the price you will pay down the road may not be worth the benefits you are getting. The skyrocketing price of gas, parking space tickets, maintenance and the monthly installments of your new automobile means more expense to you every month. It can severely ruin your financial future if you apply for additional loan to support this lifestyle. Live frugally now and enjoy the benefits later.
3. Avoid Eating Out
Try to cook your own meals if you can. This small move can save you hundreds of dollars a month and thousands of dollars down the road. You will get healthier meals too and be able to prepare your favorite dishes according to your own taste and preference.
4. Avoid Excessive Trips
If a summer escapade to Europe seems tantalizing enough, ask yourself if you can really afford the vacation and what it will cost down in the future. Unless you have ways to produce the funds, perhaps Europe can wait for some other time when you are in a better financial situation.
5. Reduce Alcohol
Drinks can be a luxury item you can forgo during college years. There may seem like a thousand reasons exists to justify why you should binge, but be wise and keep your senses in perfect order under difficult circumstances. There are other ways of managing stress and you can certainly get by without spending too much on alcohol.
6. Look for Jobs
There is plenty of opportunity for you to earn some extra cash while you are at college just get online and you will discover ways to earn income through affiliate marketing, writing articles, SEO work and a zillion other possibilities. Alternatively, go for the traditional way-get a job at the local fast food for some extra cash.
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Education is one of the most basic right of any human, but with the increase in prices and the costs involved in education this has made these rights turn into a privilege which very few can enjoy. Any normal person today in the whole of United States has to take an education loan at one point of time to pay for their education fees.