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| Credit Answers > Debt-Management-Articles-2010 > Grad's Spending |
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Whether you're graduating from high school or finishing post-secondary eduction, the money decisions you make now could set the course for your financial future.
Create A Budget That Works For You
If you are a high school grad heading to college or post-secondary training, responsibly sticking to a simple budget plan could help you save toward your debt settlement program and stay fiscally organized, encourage you
to avoid debt and build a solid foundation for a lifetime of good spending habits.
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A budget does not have to be complicated. All you need is a simple sheet of paper or you could create a spreadsheet in Excel. Consider major spending categories such as school
expenses, transportation, food, clothing and entertainment. You might find more budgeting tips and resources at www.FinAid.org
or www.JumpStart.org.
If you're a college graduate who has already experienced the advantages of sticking to a budget, keep up the good work! Consider future financial goals and income. If you have debt
to pay down you should also include that in your budget. If you haven't landed your dream job yet, it may be a good idea to take job search expenses into consideration.
A helpful budget tool might be www.Mint.com, a personal finance management site which can send you text messages regarding bank fees
as well as bills that are due. Whether you are a recent grad or not it may be a good idea to monitor your bank statements and bills in case of any discrepancies.
Don't Get Cornered By Credit
According to Kiplinger magazine, credit card companies are no longer permitted to issue cards to applicants below 21 years of age without an adult co-signer or proof of adequate
income. Even if you qualify for a credit card, resisting the temptation to use one will probably save you major financial headaches in the future.
Keep in mind that during the college years your income may be sporadic. You may not have the funds available to pay your bill each month. Recent college graduates should remember
that it could take a while in today's economy to find a job. As an alternative to credit cards during your college years, you might try a debit card or a prepaid card that can help
you get into the habit of tracking your spending. Relying as little as possible on credit should be something that lasts throughout your lifetime!
Be Aware Of Costs And Fees
Whether you are leaving high school or a college, you will be facing greater financial responsibilities.
Although debit cards can be a good way to manage money without relying on credit they do have some drawbacks. As with any bank transactions, you should be sure to keep track of
your deposits and withdrawals to avoid overdraft fees. In addition, keep in mind that you could be charged a fee for withdrawing from an ATM that's not part of your bank's
network.
If you are heading to college, try to be aware of any hidden fees or charges incurred through special activities that you participate in so you aren't faced with surprises you
haven't budgeted for.
Graduates of all ages should remember that paying bills on time will help avoid late fees and lead to building a good credit score.
Guard Against Identity Theft
According to the Federal Trade Commission, young people between the ages of 20-29 are some of the biggest targets among an estimated 10 million victims of identity theft each
year. Keeping personal information such as Social Security numbers, bank statements, PIN numbers, passwords and other sensitive data in a safe place could be a good habit to
practice.
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Get Debt Relief Now!
For a free consultation call 1-800-297-6417 or start by filling in the form below and one of our specialists will contact you. We are here to help you 24 hours a day.
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