Boulder, Colorado: Money Management Tips For CU Boulder Students
Article by Robert Steinhall
Boulder, Colorado: Money Management Tips For CU Boulder Students – Education
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For students, one of the most important steps to properly managing your finances is to build a budget. This budget should outline your regular expenses and income. Budgets are great tools that can help you determine where exactly your money is going. After you have established your budget the next thing you need to consider is your roommate selection. If you don’t think the roommate you choose will affect your finances you are sorely mistaken. A great roommate can actually help you build a good rental history as where a bad roommate can hurt your financial future. This is because a lot of the time both of your names will be on contracts, leases, and other lawful documents. If your roommate is not responsible and can not pay their end of the bargain you could be held liable for their share. Therefore it is also important for you and your roommates to stay current on your bills.
Even though college students are adults, it is still wise for each and every one of them to have a piggy bank and a savings account. Seriously, a piggy bank is a great way to save extra money that would otherwise get lost in your couch for things like extra spending money. It is also important to try to save some denomination of money every month even though things may be tight. This is because once you graduate you will want to have a little bit of money stashed away to help pad your transition for student to working professional. In order to do this, you must pace yourself throughout the school years. The best way to do this is to establish a set weekly spending limit in your budget plan.
One of the most common mistakes college students make is racking up absurd amounts of credit card debt. Charging something does not mean it’s free, in fact what it actually means is that you will eventually end up paying more in the end. Of course, having a credit card for emergencies and the occasional large purchase can be beneficial in helping a student build credit just as long as the balances are paid off quickly. Maxing out a credit card is always a bad option regardless of who you are and especially as a student. Once students graduate, most are left with a large portion of student loans to pay off and if you couple that with other credit card debt you could be faced with a staggering amount to pay off. Regularly paying more than your minimum payments is the only way to get ahead on credit card debt. It is also important that many employers are looking into credit scores for job applicants as part of their interview process.
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