Students money management advice

Each year in the summer, the end of the Kiplinger I took our interns out to lunch, they asked two general questions: how did you learn during your time with our personal finance, what advice you give your fellow students on the financial

Over the years, the answer to the first question has been almost unanimous: they are the number one takeaway Kiplinger saving for retirement. In fact, Ryan Ermey, former intern who is now a full-time staff, is help Kipling 401 (k) plan, even when he was working as an intern on a shoestring budget, and to the side waiting list (see shrewd financial move for the young adults.

However, we also teach us a thing or two interns. If this is true, young people are more LIK Erie take a lesson, heart, from them if they peers to hear it, then they (and their parents) can learn a lot from this summer’s intern. Dylan Cunningham, a senior at the University of North Carolina at Chapel Hill, and Kaiselinmu Di, a senior at Indiana University, they offer some tried and true advice AccFast.

Watch your spending. Dylan’s AP economics teacher in high school, including a lesson last week class budgeting “it has been more than one day-to-day basis on any supply / demand curve I learned how to attract more help.” even though it looks like a trouble, Dylan said, “drafted in Excel Budget can really go to help you keep up with your finances long way to go. ”

Keep things simple. Dylan Excel spreadsheet includes basic column SUCH as rent, food, and social club dues expenditure. “I would not say I stick to their allocated 100% of the time, but even in some organizations to help me understand my money I can not afford to spend.”

Wary of online banking. Katherine pointed out , online banking has made it convenient for students to check their balance, but sometimes you can lose track of your expenses is the way. “when you do not have experience to write down, and your checkbook to join the digital red tape, it is easy to deceive yourself into thinking that you did not spend so much, “she would like to not have to write everything down it really can make people more aware of their spending (Note: YesAnd Catherine, but it does to write things down, and even save the receipt, provides you with a vi. SUAL clues, make consumption more real – just hand over the cash, rather than using a credit card)

Unexpected spending plans. “Strange things will suddenly appear,” Catherine said. In her case, her car’s transmission began to act. Then, her cat was sick, she ran a veterinary bill. “You might as well put aside for a rainy day savings habit, while you are young and your parents as a safety net.”

Regardless of Dylan and Catherine emphasize how important

It is to allow students in their economic interest in education; their parents pay more, less or worry that students feel responsible for their expenses. Dylan is fortunate to have a National Merit Scholarship. “It’s not a lot of money, but any little help,” he said. Kathleen, who lives in Kokomo, Indiana, won a scholarship to specify the residents of Logansport, Indiana, because she recently qualified applicants. “Apply, apply, apply,” she suggested.

Catherine scholarship fund and the use of small grants, cooperative cover her expenses to get from the student media. Dylan including income and expenses of his summer; while his internship, he has been waiting for a table on weekends. “I do not pay tuition or rent, but everything – utilities, groceries, membership dues, a textbook – it’s me, so I have to know how I budget my money,” Dylan said. “I can not say only concern for students is to try to play his father’s credit card is not the same as the maximum extent.”

For the record, neither Catherine nor Dylan have a credit card – so far they have done enough no one.