MONEY MANAGEMENT SAVING TIPS
COMMUNITY COLLEGES SAVE NOW
The cost of community college credits is, on average, 60 percent cheaper than at four-year public college credits. This has the potential of bring a huge college savings by earning your their first 60 credits at a two-year public school before transferring to an in-state University
OPEN A 529 SAVING ACCOUNT NOW
A 529 savings plan is used to save for higher education. You want one because these accounts are not subject to income taxes, and when you use the funds to pay for qualified education expenses, the withdrawals are typically tax-free as well. When you open a 529, connect it to your checking account. Then set it up so that the amount you aim to save passes automatically from your bank to your 529 each month.
APPLY FOR SCHOLARSHIPS & GRANTS NOW
Scholarships and grants (aka the kind of funding that doesn't need to be repaid) aren't just for incoming first-year students. Your school and even private scholarship-granting organizations often reserve some of their cash for returning students. These may be need- or merit-based and may require an application, essays, and letters of recommendation. Start exploring scholarships and grants you may be eligible for now.
Hope this is helpful Lesly
1) Self Disciplined - Make Savings habit - “Do not save what is left after spending, but spend what is left after savings”.
2) Systematic - Save periodically (Weekly, Monthly or Quarterly), no matter if its small. It’s always better to save periodically rather than planning
to save later and in a lump sum. It will give less burden and also help to maintain the discipline
3) Start Early - Early birds get the worms. Early you start, you reach to your goal early. Power of Compounding helps to generate bigger corpus
4) Save For Emergency - Emergencies like Job loss, no earnings during accidents / illness or illness in family can cause huge financial losses.
Most debts traps happens due to emergencies, which force to liquidate your savings or Sell your assets or even end up
in taking some expensive loans. Its always recommended to have 6 To 8 months of expenses as Emergency fund.
5) Stay Away From Debts - One should always avoid expensive debts like Personal loan or Credit card over dues, these are most expensive loans
and can eat all of your earnings. Such loans can temps one to buy things like expensive gadgets or going for tours.
Such things (expensive gadgets or going for tours) should be planned by saving more rather than taking a loan.
6) Secured from unplanned Events - By having adequate Insurance one can ensure to secure current life style for their loved once . There are
insurance products which can help to take care of unexpected events such as Critical illness, Disability and
many other unplanned events.
7) Save & Spend Wisely - One should control the emotions like greed, being impatient and fear while saving, these can causes huge losses to the
savings. “Do not buy the things which you don’t need, else you have to sell the things which you need”.
Once you start tracking your expenses, you can then set goals for yourself. Example: I want to save $200 per month. If you know what your spending trends are each month, take action to make room for that saved $200 - skip going out to dinner for a few meals, try taking public transportation, etc. Hopefully these brief steps will help you get on the right track for money management.
If I were working, I would save as much as possible, look at a "state" or community college and understand where you can qualify and get some scholarships to support your education
- be disciplined about saving .. hope this helps
each and every day you have to track your expenses by note down in any source which is convenience.
ensure create budget for everyday and do not spend more than that so you can manage and keep your money without worry.
I've tried using different money apps on my phone, a simple Excel spreadsheet and even physically writing things down but nothing seemed to be a good fit for me. Until I found GnuCash!
For the past decade now I've been using the free accounting software GnuCash. It's really easy to set up and gives you a lot of options to help you budget and keep track of your money.
When you look at the format of GnuCash it might look super outdated, but it's the simplicity that I appreciated. And the fact that it's free! :)
I hope this helps!
- written on behalf of a group of volunteers at HPE
Lesly, it is so exciting that you are thinking of going to college and smart that you recognized that money management is an important first step!
First, you need to create a plan -- write it down to make it "real" and easy to track. Document where you are now and how much you need to save, then set aggressive, timebound goals. Check your progress regularly and refine your plan. You'll be able to see the results of your efforts!
You can educate yourself with a free, quick course in personal financial planning (for example - visit: https://www.edx.org/course/introduction-to-personal-financial-planning for a great, no cost option)
Understand where you are spending your money now and where you can be more efficient. Begin by looking at categories that are discretionary/optional (like your "Fun" category); evaluate if those are right-sized (or too much). Next, understand your expected expenses for college (tuition, room/board, books/supplies, social). You may want to consider lots of different options (universities, community college, on-line studying, living away/living at home). What experience do you want? What can you afford?
Investigate and apply for as many scholarships as you can! There are hundreds to consider: academic, based on affiliations, hobbies, family connections
As you begin to track where you are spending your money each month, use a free app like mint.com to track your personal finances and manage your budget wisely.
Check in weekly on how you are doing against your plan. Be especially careful if you are planning a big weekend to not overspend (service fees and overdrafts are wasted money). Watch your money grow and your college plans come together - good luck!
Some tips I used to manage my money when I was in school / university were:
1. Document your spending / saving habits over a month or so. Once you figure out what your habits are you'll have a better understanding of what to change and what you're sinking money into.
2. I have separate bank accounts for my long-term savings and my everyday living funds. Keeping things separate meant that I can always check how much my savings had grown. I only have a card for my everyday account, so it also makes it tricker for me to access the long-term savings. (Tip: when you set up a long-term savings account I recommend you shop around at different banks and get a good interest rate. Some banks offer bonuses if you don't take money out of your account!).
3. Set up an automatic transfer of funds to your long-term savings account. I'd forget to do this when I did it manually so having it automatic works well for me.
4. Side hustles or part-time jobs. They might not pay a lot, but even something is better than nothing! You can't save unless you have income.
Hope this helps!
The very first thing I would do is make yourself a monthly budget. There are many good apps/online tools you can find online. Many online tools can help you categorize certain expenses and they usually have graphics that can help you visualize your progress. You can also do it the old fashioned way on Excel.
After you set up a budget the next best thing you can do is sleep on it and really ask yourself if you need the item. I would encourage you to really think through what you will use the item for and for how long. Also, think about the big items in life you need to save for such as a house, possibly kids, retirement, etc. You are never to young to start saving for these big ticket purchases in life.
The last thing I would do is don't compare yourself to others. One of the most dangerous things is comparing yourself to people and thinking if they can have it so should I. Don't fall for that trap of "keeping up with the joneses" because comparing yourself to people and their things is not a good idea. It will only lead to misery and feeling like you are failure.
Hope some of the above provides insight.
Everyone is different but alot of the same variables seem to be introduced through life in categories such as wants, needs, and should. One of the best things I think you can do is to begin organizing all of your spending in a way thats easy for you to understand. Sometimes, people allow for a bad habit to take place which is to not keep track of spending, and even transactions in general. I would keep note of all your financial obligations and literally write it out so you develop a sense of financial literacy. Ask around, see how many people in your personal or professional life have advice, see what is out there at libraries or book stores to learn about financial plans, long term and short term and see how it can ultimately benefit you and your life. Keeping spending in categories or beginning to think in percentages might help as well! For example, keeping necessities to 50% of spending might help alot, this might include rent, food, and transportation. Ultimately, see what works best for you in order to achieve your goals.
Written on behalf of a group of volunteers at HPE.
Use public library and used books - read good books on personal finance and follow the advice(Psychology of money, Rich dad Poor dad etc.,)
Save first spend later
Use public transport
Look for better use of time, value of time >>> value of money
Cut down on needless expenses - explore minimalism, less is more - less clothes, less bags, less shoes, less social media time => less choices to make = more time for self improvement
Harshitha recommends the following next steps:
Define need vs want.
Avoid want until you have a balance to pay for the tuition.