Category Archives: Student Debt

How to Earn Income as a College Student

Nine times out of ten, most young people decide to attend college after finishing high school. While this decision can be beneficial regarding success in various occupations, earning at least one source of income during one’s time in college is always an advantageous decision.

Earning income not only grants students the ability to have their own money but moreover breeds personal responsibility. However, there are certain jobs and opportunities which are best suited for students who must prioritize university and their studies. The ultimate key to succeeding as a college student entails recognizing the best opportunities and then knowing how to make the most of them.

Take Advantage of the Gig Economy

At this point in the world of work, the gig economy is the best friend of college students seeking to earn income without losing focus on their academic studies. There are countless opportunities for financial gain within the gig economy; many options are listed on The Penny Hoarder and include (but are definitely not limited to): selling schoolbooks, driving for Lyft or Uber (assuming that the student owns a car), selling class notes, tutoring other students, setting up accounts on freelancing platforms like Upwork, Fiverr, or Freelancer, etc.

The flexibility and variety which inherently come along with the gig economy will also be quite helpful for young people in college. Jobs can be done during free time and will not interfere with students’ academic work assuming that they properly manage their time.

Of course, different opportunities in the gig economy will be better for different people. Students may have to experience mild degrees of trial-and-error until they discover the jobs which work for them.

Pursue Job Opportunities on Campus

One of the most obvious ways for college students to earn income is by seeking out job opportunities which are already available on their campuses. The majority of colleges and universities understand the importance of young people working and engaging in productive activities during times when they are not in class; moreover, working on campus may allow college students to dedicate a percentage of their earnings towards paying off student loans.

The ability to pay off student loans before graduating from university truly comes in handy; student loans have a way of insidiously piling up. Interest added on top of the aforementioned loans can make matters worst and be financially devastating. Virtually everyone is familiar with the horror stories which chronicle the years (or sometimes decades) which pass before people finally pay back what they owe to the government.

Look Into a Paid Internship

One of the upsides of attending college comes in the form of exposure to internships. Even though these opportunities generally last for relatively short time periods, paid internships are great for earning income and learning information in various fields. Furthermore, taking up an internship can (and often does) lead to additional business openings and even a successful career in the future.

Many college students wind up making invaluable connections and coming across inspirational mentors during their internships.

 

Authored by Gabrielle Renee Seunagal

Financial Advice for Teenagers

Financial freedom, financial security, and financial prowess are feats which some people spend decades working to achieve. Like most things in life, the earlier one begins to practice, the better off they will be. In the case of financial independence, teenagers who learn advantageous skills prior to adulthood are more likely to succeed than their unaware counterparts who have to learn via various mistakes.

Financial missteps can be quite costly; recovery can sometimes take anywhere from months to years to decades. This is why having helpful information and knowledge in one’s arsenal at a young age almost always serves people well and helps them to avoid falling into some of the most common financial pitfalls.

Open a Checking and Savings Account

One of the best ways for teenagers to become acclimated with money, finances, and managing funds is by opening a checking account and savings account; this can be done at a local bank or credit union, as cited by Midwestone. Not only will this help young people familiarize themselves with building up money in these accounts, but they will also have to exercise discipline. Avoiding overdraft fees, making ongoing deposits, learning how to use an ATM, putting money aside in a savings account (and leaving it there!) are skills which every teenager can benefit from. These are critical skills which young people will have to master and implement once they enter adulthood. The earlier they start, the better off they will be when it’s time to enter the real world.

Differentiate Between Needs and Wants

Everyone has needs and wants; this is applicable regardless of whether one is a teenager, full fledged adult, or senior citizen. However, the ability to differentiate between needs and wants is absolutely paramount to financial success. Rent, utilities, groceries, phone bills, etc are some of the things which fall into the category of needs. Eating out, shopping, going to the movies, traveling, etc are wants. Now, there is nothing wrong with having wants and desired experiences. They are a part of life; one of the greatest feelings in the world is being able to comfortably do as one pleases without having to stress over funds.

Nevertheless, there much always be a clear mental distinction between needs and wants. Moreover, teenagers should understand that they have the obligation to make sure their needs are covered and taken care of first and foremost. Once these matters are settled, they can then move on to addressing their wants.

Take the Process in Stride

At the end of the day, there are countless tips for teenagers who are seeking financial advice. However, similarly to opening a checking account/savings account and differientiating between wants and needs, taking the process in stride is also of great importance. Being as prepared as possible is great, but some things take time. Very few individuals will start off their adult life with a complete awareness of how to effectively manage money and make the best financial decisions. Nevertheless, following the steps mentioned throughout this piece will certainly prove to be beneficial.

Authored by: Gabrielle Seunagal

How to Financially Prepare for College

In many regards, college is viewed as a rite of passage into adulthood. While various individuals maintain different opinions regarding college, its merits, and potential pitfalls, there are certain occupations where a professional degree is absolutely paramount. However, nothing in life comes without a cost.

This is especially applicable regarding college; higher education is notorious for its costliness, especially in the United States. Therefore, being financially prepared for college is critical; those who are not prepared often find themselves ensnared in debt. Student loans are not pretty; neither is the associated debt which often accompanies it. This is why the following steps will prove to be especially helpful for current (and future) college students.

Maintain Excellent Grades

In a perfect world, all parents would stash aside money for their children to attend college. However, the world is far from perfect. Therefore, being proactive and taking the proper steps to prepare for college may very well fall on the shoulders of young people; according to The Simple Dollar, maintaining great grades can open up a lot of doors. Many of those doors can lead to financial opportunities for college, such as scholarships, grants, and even the ability to forego certain classes which other students may be mandated to take due to poor marks.

Set Up A Budget

Although college may seem like the time to party, immerse oneself into new activities, and soak up such a new phase of life, students should still be sure to have a budget in place. Having a precise and detailed list of expenses (such as monthly phone bill, groceries, personal care items) can particularly come in handy. Dividing up expenses and having an exact number regarding the amount of money coming in and going out can make a great difference and help students truly assess their current financial state.

If a college student finds him or herself having an extremely tight budget, they may want to consider taking up a part time job. The job should not interfere with their studies, but provide an income stream which can reduce financial stress. Many people who attend college can sometimes work to pay off their student loans; this can truly pay off down the road.

Avoid Common Traps

Believe it or not, there are a litany of mistakes which are quite common for college students to fall into. The Balance documents some of the aforementioned mistakes as mismanaging student loan funds, choosing overly expensive colleges, and going crazy with credit cards. While each of these pitfalls have their own unique elements, the great equalizer between them is the lack of frugality.

Virtually everyone loves to spend money and have nice things, but this comes with time. In the case of college students (and others who are just starting off in life), frugality is wisdom. Racking up credit cards, damaging credit scores, and otherwise spending money that one doesn’t have are common mistakes which college students often make due to a lack of knowledge and real world experience. The foregoing traps should always be avoided.

 

Authored by Gabrielle Seunagal

Tips to Avoid My 5 Personal Money Mistakes

Depressed and stressed university student. CREDIT: Janine Wiedel/Getty Images

Finances can be confusing to many young Canadians across British Columbia–and stressful, I know this personally. It is never easy admitting mistakes we might have made in the past, especially when it comes to your money and spending–but it is the only way you can really transform for the better. Now, it is common to make money mistakes in your 20’s and 30’s, and even sometimes into your more mature years–definitely if it’s about investments gone awry. Hopefully our tips we share with you here will help you to avoid any and all types of financial blunders throughout every phase of life. It would be helpful, wouldn’t it?  Please read on for some of the most common, and easiest financial mistakes people make daily.

Financial Mistakes That Are Totally Avoidable

Remember, there are unique financial mistakes for different phases of life, some more critical than others even. For example, when you’re 18 you don’t think much about how you’re spending money, but it can have an impact. However this isn’t as detrimental as it would be when you’re at the age of saving for retirement. Something to think about, right–because really, you’re never too young to start saving. Let’s look a bit closer at what works and what doesn’t and how you can stay ahead of the financial game!

tuition-nat-macintosh-130914_lead_media_image_1

Mistake #1 Why are you trying to keep up with all of your friends? You don’t need to splurge and spend money like a crazy person just to look cool, this isn’t high-school anymore! Looks can be extremely deceiving, so don’t fall into the trap you’re trying to avoid.

Mistake #2 Lose the reckless attitude about managing your money because you’re young. It’s all too common. You think that you don’t have to worry about managing and saving your money properly because you’re just a college student. Well, think again. Developing the right mindset about money when you’re young helps you better manage it when you REALLY need to!

Mistake #3 Don’t go into credit card debt! Too many college students go into debt to pay for college, or to get by while a student. Many creditors take advantage of young people during this time, so try your best to avoid credit cards and other high interest loans. These money mistakes can have long-term consequences.

Mistake #4 Don’t spend too much on a car! Going into large debt for a car can be a college students biggest mistake. If you can save the money for a good running vehicle, a few years older, it will be the best solution for you. This will help you avoid the stress of making a car payment month after month.

Mistake #5 An inability to start a budget can cause financial stress when you don’t need it. You’re never too young to begin keeping track of what you spend and where your money goes. You should plan and document all of your transactions, finding ways to mend holes and begin putting money aside for that possible rainy day.

Stanford University students listen while classmates make a presentation to a group of visiting venture capitalists during their Technology Entrepreneurship class in Stanford, California March 11, 2014. Stephen Lam/Reuters (UNITED STATES - Tags: EDUCATION) - RTR3QTMX

Canadian Students Can Save Money And Have Fun Too

150708_FF_StudentWorries

If you’re a young adult who is going off to college the end of August, it is certainly time to prep on the values of money. While college life can be hard, and yes, financially strict, it doesn’t have to be depressing, or extremely stringent at all.  It’s important for parents to explain budgeting and smart spending to their child, no matter how old they might be.  Since becoming a college freshman is a stage of life, there is no better time to begin planning and making a budget.  Again, college is expensive, so in order to make the transition easier, poor spending practices need to be left behind!

The following list has been put together to share advice and give ideas on ways college students can enjoy extracurricular activities with little to no expense at all.  Money savings is everywhere, you just have to have an open mind and be smart about how you manage money!  Now, every college campus is different, and each has their own activities for students around the campus.  However, this will give upcoming college students a general idea on what to expect and where they might be able to save, or cut back. Remember, this is all about being smart about your money while being a full-time college student, but smart spending habits are extremely savvy to have all throughout life!

College Students Get Their Fun On And Save A Bundle

College Students

Yes, they can!  Canadian college students can have an abundance of fun on and off campus with free and partially free activities.  Just follow the list below to get some great ideas on what you can expect as a new freshman, entering an amazing stage of your life!

  1. Summertime provides a great deal of free entertainment for college students, specifically if they live in a big city.  From free movie nights to cheap local city activities–just pay attention to what is happening around you!
  2. Most local businesses off college student discounts, so take advantage of these every change you can!
  3. Local bicycling can be a way to get in some exercise and get out and about to enjoy the environment around you, and it’s free!
  4. Students on scholarship, or Financial Aid (possibly other financial aid gifts) can choose a meal plan to save time and plenty of money, but you shouldn’t then waste money off campus going to coffee shops and restaurants.  Being wise and taking advantage of a plan like this is a straightforward way to save.
  5. Instead of paying for a membership at the gym in the city, use your campus workout facility.  Go at times where you know it’s not that busy (you’ll avoid that loud football team) and get that workout in–totally free!
  6. Have a fun get together where everyone brings a pot luck!  You could have a movie night, with friends helping with the snacks!

Canadian money