![]() However, by maintaining a simple and consistent approach to finances, these students can further set themselves up for success both in and after their college careers. As they juggle majors, jobs, social circles and many other activities, it can be easy for financial literacy and health to get lost in the shuffle. Students have a lot of elements to navigate during their educational journeys. Establishing credit and knowing your credit score can not only benefit you in the short term, but also be good for long-term financial health as well. Positive credit can help you secure financing for large purchases, lower interest rates, and achieve greater borrowing power. Having access to credit can be an important part of your financial life, and building good credit now is an investment in your not-so-distant future. Whether things get off track or there’s more left over in the budget than anticipated, regularly consulting the budget can help to know when to adjust things and continue toward meeting your goals. ![]() Clothes, entertainment, and hobbies are enjoyable, but they are expenses that you may need to reduce or cut if you have any budget gaps. This can help you determine what might be coming up and help you plan for the times when you want to potentially splurge on an experience or bigger purchase. Calculate predictable income sources and expenses across a weekly, monthly and yearly basis.Here are a few things to keep in mind as you create your budget: Committing to tracking income and expenses and keeping within a budget can help you more simply manage and navigate the expenses of college. Just as you would proof a paper before submitting to your professor, proofing your taxes for errors can help to not only ensure everything is included, but also avoid issues like over- or underpaying.Īs the saying goes, what gets measured gets managed.This can include identifying income sources, obtaining appropriate tax documents from employers and getting the right forms to file. Having materials in order prior to starting the filing forms can greatly simplify the process. What some might not realize is the parallels between success with the filing process and success with coursework. Tax season has arrived and many college students may find themselves filing for the first time. 2Īs these students return to campuses and classrooms, here are some key financial tips to help them consider how to succeed financially as well as in the classroom. 1 And despite the uncertainty caused by the pandemic, back-to-school spending by college students continued to rise from year to year. An average student can spend close to $53,000 on rent, transportation, and personal expenses throughout their four-year college career - which is 12% more than the amount they spend on academic needs like tuition and books. As colleges begin to resume in-person instruction, some students returning to campus will again tackle the reality of the expenses of college.
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