5 Things Every Student Should Know About Money

They say teach them young and that includes how to take care of finances. Studies show that most students today are more savvy about money but if you haven’t joined them yet, here’s what you need to know about money whether you’re still in high school or you are now in college.

1. Take control of your money

As you get older you need to take better care of your money. Monitor how you spend and what you spend it on and make better decisions. Ask yourself if you really need what you’re about to purchase or if you have to eat out everyday.

2. Budget

Being a students means you are still relying on someone to give you an allowance and it’s not going to cover all the things you’d like to have. Learn to budget your money. Avoid using your debit card and opt for cash instead, it’s easier to keep track that way.

3. Stop chasing the latest technology

The reality is you will never catch up, you don’t have to chase after every new mobile phone that comes out. Technology can be a money pit. If you have a descent phone that still works, it’s wiser for your budget to keep it unless it’s broken, then you can upgrade.

4. Embrace the stock market

Despite what your relatives or parents have experienced with the stock market like losing money, it shouldn’t be a discouragement to you. Investing in stock market is a great strategy for long term savings. Start investing now!

5. Avoid debt

Debt is not bad, a bad debt is. It’s not only adults who get caught up in credit card debt, young people too. Mind what you get on credit because it might take you years to pay off with all the interest rates and fees added.