Debt isn’t fun for anyone, especially for college students. The last thing you want to worry about when you graduate from college – on top of worrying about securing a job – is how to pay back your staggering student loans. It should be comforting to know that there is a plethora of other college grads that all feel the same thing – the crushing realization that your debts are about to swallow you whole. However, there are a number of ways to alleviate this feeling and it starts with becoming proactive – not reactive. At the end of the day, with a little resourcefulness and creativity, anyone can create a successful strategy to reduce their debt. Here are five ways to prevent being overwhelmed with debt after college.
Although the main reason to go to college is so that you can get the education that you need in order to get the kind of job that you want, ask just about any former college student and they will tell you that it’s also the time when you can develop great money management skills. After all, if there’s ever a time when an individual has to figure out how to make their money stretch as far as possible, it would while they’re in college.
If you would like some tips on how you can make your money last longer while you’re in college, we have five failsafe ones for you below:
Live on campus (or with your parents). Although it can be cool to have an off-campus apartment, with it comes a lot of financial responsibility including paying for rent and utilities each month. Our recommendation would be that you live on campus or with your parents, at least for a couple of years instead. That way, your money can stay in the bank rather than going to a landlord.
If you are looking at colleges to attend – filling out applications, writing admission essays and scheduling campus tours – there is a good chance that you are also looking for a loan. You may hear nightmare stories about college loans taking over and destroying people’s lives, but the truth is that if you find the loan that works best for you, you won’t have to worry about it hitting you on the head later. The secret also lies in going to college for something you absolutely love doing. If there is passion and motivation – you will mostly likely find a career with which you can use to pay back your loans. Here are some different types of student loans available for college bound teens.
When you made the decision to enroll into an MBA program, once you saw how much the tuition costs, you already knew that it was going to be a pretty big investment. After all, no matter where you go, you are looking to pay anywhere between $12,000-80,000 a semester.
And while there is a lot of data to support the fact that having your MBA can increase your chances of landing a dream job, can earn you more money and it can also provide you with the skills that you need to be a successful entrepreneur, we’re pretty sure that while you’re in school, you want to do all that you can to keep as much money in your pocket as possible.
That’s why, if you’re a first-year MBA student, we wanted to provide you with five easy ways that you can save money below:
Buy used textbooks. Out of all of the things that you might consider buying new, one thing that should definitely not go on that list is a set of textbooks. Used ones work just as well and sometimes even better because previously owners will sometimes already highlight the information that you need to know. Amazon, Book Byte and Half eBay are all websites that can get you the textbooks that you need at a really great (discounted) price.
Investing can be a tricky and nerve-wracking experience. But it can also yield great returns and provide the savvy investor with a comfortable amount of extra money over the long-term. Before you jump into investing, there are a few things you should know so you can evaluate whether investing is right for you — and decide how to begin.
Be Aware of the Risks
Each specific investment has its own level of risk attached. Knowing the risk doesn’t just mean being aware of how much money you could make or lose in a certain period of time. It also means knowing your own financial goals, your predilection to making emotional decisions, and how much time you can devote to research and reinvesting.
Get Assistance
An investment broker buys and sells investments on your behalf, and often does other things like consulting, offering advice, and managing portfolios. Brokers take a percentage of what you make from your investments, but having a broker is important, especially if you’re new to investing. They’re professionally trained to manage money, and have access to specific information and trends that’ll help you make investment decisions. Also consider following financial experts like Gary Crittenden on Twitter to get investment advice straight to your feed. You need to hire a reputable broker to ensure that they do not do undergo churning. Churning is excessive trading of assets in order to generate higher commissions. This will mean less profits for you in the form of higher costs to pay your broker, finding an honest broker reduces the chance of this and ensures you get a worthwhile service. Having a good rapport with your broker is essential to conducting successful trades in the market, as only when you trust each other can you commit to investments that the broker has recommended without worry.
Know How Much You Can Spend
Putting down a chunk of cash to purchase assets isn’t the only money you’ll spend. Brokers, of course, charge for their services, and many investments like mutual funds come with attached fees. Don’t forget about taxes, either, because they take a bite out of what you’re expecting to make. The number you see when your broker calculates your dividends and returns is unlikely the number you’ll actually be keeping. So factor these things in when considering how much money you can afford to invest.