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Student's saving money strategies
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Financial planning for a student is vital to successful completion of a college degree and ongoing success after college. The objective of this assignment is to evaluate four ways someone in my position could save money and budget. By planning finances carefully a student can avoid a pause in learning due to financial trouble and set themselves up for success after college. In the list provided below I will provide four tips I will use to navigate my way around the possible financial peril that presents itself to each student. 1. Track it. According to Lucy Lazarony of Bankrate.com, tracking spending for a minimum of two to four weeks can help a student figure out where their money is going. I agree. She presents the question, “Are four trips to Starbucks a week really necessary?” in an attempt to remind students the necessity of financial reflection. Lazarony quotes Vickie Hampton, a financial planner and an associate professor at Texas Tech University in Lubbuck, Texas, "They don't realize how much they spend on little things…[t]hat's the most common revelation." Lazarony adds what Mark Oleson, director of a financial counseling clinic at Iowa State University, stated, "Usually, just by tracking expenses, you'll start to curb expenses" ("Savings: Money management tips for college students"). As stated above, tracking spending can provide a student insight on what they are actually spending their money on. This provides valuable data that can then be analyzed and help determine what their priorities are. The downside of tracking spending is clearly the time it takes and its repetitive nature. I believe this is why a limited time frame is recommended in the article. However, I could see repeating this exercise from time to time ... ... middle of paper ... ...ve for each area of their lives during college and after. Each student should know how to avoid the obstacles in the finical road to their success. Sound financial planning and help with staying on budget from the beginning is crucial to long-term financial stability. True scholars will always benefit from some advice. Works Cited Lazarony, Lucy. "Savings: Money management tips for college students." Mortgage Rates Credit Cards Refinance Home CD Rates by Bankrate.com. N.p., 22 Aug. 2008. Web. 15 June 2011. RC. "25 Smart Budget and Money Saving Tips for College Students." Think Your Way to Wealth. N.p., 22 Aug. 2008. Web. 15 June 2011. Robison, Tamara. "10 Budgeting Tips For Students | Made Manual." Mademan.com. N.p., 3 May 2010. Web. 15 June 2011. Siddons, Sarah. "10 Tips for Staying on Budget." HowStuffWorks "Business & Money". N.p., n.d. Web. 15 June 2011.
“The Good, the Bad and the Ugly of Student Loans” references many great points that recent college graduates or futures college graduates should follow. These include paying student loans fully and on time, as well as consideration of refinancing. The article’s main purpose is to help college graduates prepare to pay off their student loans carefully and correctly. It chooses to focus on the good points of paying off student loans, giving hope to those who may be worried about paying them off.
Reilly, Lucas. "By the Numbers: How Americans Spend Their Money." Mental Floss. N.p., 17 July 2012. Web. 04 Feb. 2014.
Although a college education grows more and more expensive every year. People begin to question whether college is a good idea to invest in or not. “As college costs continue to rise, students and their families are looking more carefully at what they are getting for their money. Increasingly, they are finding that the college experience falls short of their expectations”(Cooper. H Mary). Many people believe that the cost of a college degree has outstripped the value of a degree.Studies show that a college degree will increase your earning power. A lot of people say that a college degree now is worth what a high school diploma was wor...
Children of the twenty first century spend nearly 13 years in school, preparing for what is college, one of the only ways to achieve the so-called “American Dream”. College is the best way to start an advanced career and go further than one possibly could if college degrees were not available, allowing people to achieve their view of the American Dream; whether it be large houses, shiny cars, multiple kids, or financial comfort, college is the stepping stone to achieve the American Dream. But all great things come with a price, college dragging along debt. Students who attend college struggle to find ways to pay for it, leading to applying for student loans. These loans a great short term, paying for the schooling at the moment but eventually the money adds up
Many students struggle with college for various reasons, whether it is financial, academics, or personal. We may not fully understand why college students struggle the way they do; however, it does not mean help is unavailable. “Clearly, many of the benefits that accrue from a college education are explained by the knowledge, skills, and contacts that students gain from their time on campus and in the classroom (Brock 2)”. A certain degree of success in life can be related to the amount and quality of education which can also relate to income.
A lot of lessons have been learned this past decade. The biggest lessons Americans have learned about is how to save money, to be more money savvy and not to keep our heads buried in the sand. In truth, we are saving more than ever before, or at least trying to. We, however, have many hurdles and ills i...
Through my research I hope to explore the consequences of education debt on college graduates’ lives, including career choices, consumption pattern and lifestyle choices. Meanwhile, I want to discuss some feasible alternatives to minimize student loan debt. My intended audience will be the American college students and their families. The other audience I want to reach is those education policymakers. The contribution of this research will be to help students better understanding the consequences of indebtedness and making informed and careful decisions on paying for college. Also, it will raise the awareness of education policymakers, prompting them to improve our existing student loan policy. As a college student, how to finance a higher education is closely related to my personal life. Through the research I hope that I can acquire enough information on the pros and cons of student loan, and other options to minimize the student loan debt, so that I can make careful decision on financing my college education.
There may have some short term goal and long term goals depending on the time frame we set out. Setting a financial goal should be serious and a realistic goals because we could fall out with every goals if we have no outstanding set of goal. For example; I want to become a network security but I have no financial support or set of goal, I would not make my dream to come true. The finance follows everything that we do in order to success. Without a financial goal, it is like climbing on a tree without ladder. During my short term goal, I decided to save money as much as I could to support for myself. I also could get help from my families but I do not want to rely on them. I only accept their support for activities such as taking vacations. I decided to save money for my college and retirement plan by myself since I could able to work on full-time or part-time jobs. Financial goal also require prioritizing times and managing skills. As for myself, I need to know where the money come from and where it going in order to track my financial goal. I have to decide which is important or urgent, do I want or needed. I would not care if something that I do not seriously need for anything that doesn’t relate to my goal. I always have to figure out an accurate amount of money I spend and talk to my family if I need help. I could also go and talk to the Donnelly Financial Aid Advisor to let me know how my financial aid will reflect on the classes that I would take. I also set my retirement plan as a long-term goal, so I am going to start before reaching my short term goal by little as little. I believe I would be able to save money for retirement of the next fifty years if I save day to day or month to month
This research paper is a brief discussion of budget management analysis. Budgeting is the key to financial management, and is the key to translates an organization goals or plan into money. Budgeting is a rough estimate of how much a company will need to get their work done, and provides the basis for evaluating performance, a source of motivation, coordinating business activities, a tool for management communication and instructions to employees. Without a budget an organization would be like a driver, driving blinded without instructions or any sense of direction, that’s how important a budget is to every organization and individual likewise (Clark, 2005).
In conclusion, the best way to manage your money is to keep a budget and record all your transaction to see where your money is going. Living with a budget isn’t the easiest thing in the world, but it can be a great alternative to worrying about how you are going to pay for your expenses. Budgeting allows you to create a spending plan for your money; it ensures that you will always have money for the things that are important to you. Following a budget will also keep you out of debt. If you don’t balance your budget and spend more than you make, you will have financial problems. Many people don’t realize that they spend more than they earn and slowly sink deeper into debt every year.
Developing a thorough financial plan is a process that comprises a comprehensive analysis of a particular individual’s financial position and their long-term commitment to apply and observe the set financial plan through one’s life. The plan includes but not limited to, how an individual spends, saves monies and invests his or her financial assets. It encompasses knowing how to budget, manage cash and taxes, borrowing of funds, the use of credit cards, minimizing risk, investing and planning for retirement. Such a plan also requires a vigilant thought process for the future so he/she can tweak their financial plans as needed due to changes in lifestyle and economy.
The future is always uncertain. However, having a financial plan for the future can save a person a lot of grief. More importantly, it can help tremendously for that young adult who is fresh out of college, and at the beginning stages of life; for the young adult who is preparing to attain his or her Doctorate, and will be living, most likely, completely on his or her own.
A reflection of the work done to date in this course has given me much clarity on the goals that I wish to achieve in my life and the directions that I need to take to achieve them. In module three, I was able to start a financial planning process, in which I was able to determine my current financial situation concerning income, savings, living expenses, and debts through the utilization of a balance and income statement; financial objectives and personal goals sheet. I prepared a list of current asset and debt balances and amounts spent for various items providing me with a foundation for financial planning activities. In module Five, my financial process continued through the evaluation of a home affordability in which I used Maximum Mortgage
Personal financial planning is important because it helps you prepare financially for the future. My first short-term financial goal is to have an 8-month emergency savings account. This class helped me understand the important steps needed to achieve my financial goals. “Successful financial planning requires specific goals combined with spending, saving, investing, and borrowing strategies based on your personal situation and various social and economic factors, especially inflation and interest rates” (Kapoor, Dlabay & Hughes, 2012). First I evaluated my spending habits. This allowed me to see where I was