30 Financial Tips and Tricks for Students

30 Financial Tips and Tricks for Students

30 Financial Tips and Tricks for Students

Craving great wine but budgeting for beer? In other words, you appreciate the finer things in life but don’t have enough means to finance a lavish lifestyle. This is right; Most college and high school students are on a low budget. If not, it is probably the students who are caught in the economic trap. While neither pleasant nor simple, you can improve your financial management skills and start budgeting in college. Being aware of how you spend your money is the key to long-term financial success. Financial tips and tricks are very important especially for the students as it is the beginning of a long financial journey for them.

Read on to know about the 30 best financial planning tips that will help you in the long run!

Table of Contents

Financial Tips and Tricks

1. Get started with the financial calendar

If you don’t trust yourself to pay your quarterly payments or pull your credit report regularly, consider scheduling these important financial tasks like a doctor’s appointment or car tune-up. A financial planner/calendar is a good place to start!

2. Track Your Interest Rate

Q: Which loan do you think you should pay off first? A: The loan has the highest interest rate. Q: Should you start a savings account or checking account? A: The one with the lowest interest rate. Q: What gives us such headaches when it comes to credit card debt? A: The cumulative interest rate is to blame. The bottom line is this: interest rates can help you determine which loans or savings obligations you should prioritize.

3. Track your net worth. Financial Tips and Tricks

Your net worth, which is the difference between your assets and debt, is a big picture that can tell you where you are economical. Keep track of it, and it’ll keep you informed about your progress toward your financial goals—or alert you if you’re falling behind.

4. Check Your Budget – Period.

Your budget is the most important aspect of your life. This is the starting point of stability.

5. Consider the Cash Only Diet. Financial Tips and Tricks

If you have a habit of spending more than you need then this will help you to come out.

6. Take a Penny Minute Every Day

Alexa von Tobel, founder and CEO of LearnVest, vows to set aside a minute every day to monitor her financial transactions. This 60-second act helps detect problems faster, keep track of goals—and set the tone for your shopping for the rest of the day!

7. Set aside at least 20% of your income for financial goals.

Financial Tips and Tricks
By priority, we mean preparing for crisis, paying off debt and growing your retirement corpus.

8. Spending on your lifestyle should be around 30% of your income.

This includes things like movies, restaurants, and happy hours—basically anything that doesn’t cover the basics. If you follow the 30% rule you can save and join at the same time.

9. Create a Mood Board for Your Financial Future

A vision board can help you stay on track with your financial goals by providing incentives for you to start practicing healthy money habits and save money as a student.

10. Establishment of specific financial objectives. Financial Tips and Tricks

Instead of just words, use numbers and dates to describe what you want to achieve with your money. How much debt do you want to pay off, and when do you want to get it? How much money do you want to set aside, and when do you want to set that money aside?

11. Adopt a spending verse and stick to it. Financial Tips and Tricks

Choose positive words to serve as a guideline for your spending.

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12. Make money goals that are easy to accomplish. Financial Tips and Tricks

According to one study, the farther a goal appears and the less certain we are about when it will happen, the more inclined we are to abandon it. In addition to focusing on bigger goals (such as buying a home), set smaller, shorter-term goals that can produce rapid results—for example, saving money each week.

13. Toxic money thoughts must go. Personal Finance Tips

Welcome to the world of inner prophecy! You’re setting yourself up for failure if you put yourself out there (“I’ll never pay off debt!”) before you even start. So stop being pessimistic and start repeating more positive mantras.

SEE ALSO: Tips To Make The Most Of A Limited Budget

14. Get your finances — and your body — in order.

According to one study, exercising more is related to higher pay because you’re more productive after sweating. This is one of our most important financial wellness tips.

15. Learn to Appreciate

Savoring is about enjoying what you have now, rather than attempting to find happiness through the acquisition of more things.

16. Invest in a Money Buddy

People with comparable characteristics can learn excellent behavior from one another, and this applies to money as well. So bring a group of friends together for a regular money lunch.

17. When negotiating salary, tell the company the figures first.

You have no way of knowing whether you are lowballing or highballing if you pay your current salary immediately. If you persuade a potential employer to mention the figure initially, you can overstate them.

18. More than just your salary is negotiable

A prospective employer may be willing to discuss your working hours, official title, maternity and paternity leave, vacation time and what projects you will be working on.

19. Don’t assume you’re not eligible for unemployment benefits

During the recent recession, among those eligible for unemployment benefits,

20. Make Salary Discussions About Your Company’s Needs.

Your firm cares more about keeping a good employee than whether

you want more money to buy a bigger house. So, when it comes to negotiating wages or asking for a raise, emphasize how valuable you are to the organization.

21. Begin With Small Debts To Help You Overcome Larger Ones.

If you’re drowning in debt, research suggests that paying off smaller bills gives you the confidence to tackle the bigger ones. For example, paying off a minor balance on a department store card before moving on to a card with a higher load.

22. Cosigning A Loan Is Never A Good Idea | Financial tips and tricks

30 Financial Tips and Tricks
30 Financial Tips and Tricks for Students

If the borrower—a friend, family member, significant other, or anybody else—misses payments, your credit score will suffer, the lender will be able to pursue you for the money, and your relationship will most likely be destroyed. Hence, cosigning a loan can jeopardize your financial future.

23. The FAFSA Should Be Completed By Every Student.

Even if you don’t think you’ll qualify for assistance, it’s a good idea to fill out the application. Because they didn’t complete the form, 1.3 million students missed out on a Pell Grant—which doesn’t have to be paid back!—last year.

24. Federal Student Loans Are Always Preferred Over Private Student Loans.

Federal loans have flexible repayment options if your post-college job goals don’t work out.

25. Look Into Repayment Options If You’re Having Problems Making Payments On Your Federal Student Loans.

Simply contact your lender and inquire about graduated, extended, or income-based plans.

26. Choose A Mortgage Payment That Is Less Than 28% Of Your Monthly Income.

When determining how much housing you can afford, this is a typical rule of thumb.

27. Calculate The Cost Per Use Of Your Purchases | Financial Tips and Tricks

Buying a trendy $5 shirt over a standard $30 shirt may appear to be more cost-effective—but only if you overlook the quality element! Before determining if you’ll use or wear the latest electronic toy, kitchen gadget, or fashion item, consider how many times you’ll use or wear it. You can also think about the cost per hour when it comes to adventures!

28. Spend Money On Experiences Rather Than Things.

Spending your money on experiences like a concert or a park picnic rather than on expensive tangible items provides you more bang for your dollars.

29. Focus On The Real You, Not The Idealized You

It’s all too simple to shop for the person you aspire to be: chef, skilled stylist, athlete.

30. Get Rid Of Your Overdraft Protection | Financial Tips and Tricks

It may appear to be a nice notion, but it’s a way for banks to get you to overspend so they can charge you a fee.

5 financial planners share unusual tips and tricks to help their clients save more money

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