It is very easy for recently independent college students to spend too much money on fun entertainment activities, like visiting clubs and nightspots. Avoid this temptation, and take charge of your finances so you can avoid getting into debt.
A great way to get a handle on your financial health is to look for bargains and discounts whenever possible. Forget about your attachment to specific brands and instead buy what you have a coupon for. If you have found no difference in quality or performance between two different brand name items, buy the one you have the coupon for if that will result in the greatest savings!
Don’t fall for moneymaking scams that sound too good to be true. This is a trap that many Internet marketers fall into. Learn as much as you can, but rather than constantly spending money on books and seminars, put that knowledge to work.
Keep an envelope with you on your person. You can store all your receipts in one place with this envelope. Store these items away more permanently when you arrive back home. Although, the chance is small that you’ll be double charged, having the receipts will make it easier to see on your credit card statement.
Your home and your car will almost always be your biggest purchases. Paying the interest on these things often eats up a lot of money each month. Try to pay them off quickly by making extra payments or applying your tax refund toward the principal.
Protect your finances by ensuring you have the proper medical insurance policy. It is inevitable that you will get sick some time or another. Good health insurance is crucial in those situations. Bills for medical care can easily run into the tens of thousands of dollars. The bills can leave you in a terrible position financially.
Writing down your monthly expenditures can help you understand where your money is going. If you just write this information in a place you do not look at frequently, it may not have a great effect on your behavior. A good idea is to get a large whiteboard for use in your office or home as a reminder to keep listing your expenditures. This way you will be confronted with it often, and the message will stay in your mind.
Get rid of old-style incandescent bulbs, and replace them with energy-efficient CFL bulbs. Not only will you be lowering your electric bill as a result, but you will also be doing something good for the environment. CFL bulbs also last much longer than traditional light bulbs. Also, you will be saving money by not having to constantly buy new bulbs.
Reducing the number of meals you eat at restaurants and fast food joints can be a great way to decrease your monthly expenses. Providing a home cooked meal for your family will not only save you money, but will also give you a feeling of accomplishment.
Try setting up a savings account that automatically takes the money out of your checking. This can be a great way to ensure that you save consistently without having to maintain rigorous self-discipline. This can also help tremendously if you need to save for a future event like a wedding, vacation or other event down the road.
When obtaining student loans, make sure that you will be able to pay them back when all is said and done. If you go to a private college, you should be sure of what you want to do as a career.
Avoid becoming overwhelmed with debt and a larger pile of unpaid bills each month, by creating a budget and shopping list that makes the most of your income each month. Keep these ideas in mind in order to remain solvent and free from bill collectors.