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Financial Stress On College Students

Many times college education is expensive and those students who do not have the means crumble down under financial stress. But many college students face financial stress due to their reckless behavior. Breaking away from the control imposed by parents and teachers they feel free to lead lives their own way reaching college level. Many are lured by friends into a reckless life style. Overspending and lavish style of living put many of them in the terrible pit of heavy debts.

College education is expensive. Everyday you have to spend money for some or other purpose. But if you spend carefully you can stay free from financial stress. By following financial discipline you can pay off your debts and even save a few pennies. There are various methods which you can ease the financial stress.

Few tips on where to save the money while you are studying:

– Design a budget plan for daily and monthly expenses and try to follow it. If you know how much you can spend you will be more rational when buying new things. This will help you to control the expenses and you will find it easier to spend only for the things that you need and not for the things that you want.

– Do not go out to often. This includes partying as well as eating out. If you go for a party try to limit the spending and stay away from expensive drinks. When you eat out go to student restaurants and avoid expensive restaurants where one lunch or dinner can be as expensive as cooking at home for several days.

– Limit the budget for clothes. Do not buy too many clothes and specially avoid things you do not need. Go through your closet and see how many things are there, if you try to follow trends that means that you will change your set of clothes on a yearly basis therefore you will need a lot of money.

– Avoid spending for unnecessary stuff and gadgets. Why buy an expensive iPhone if other cheaper cell-phones may suit your current needs. You probably also do not need the best laptop on the market and you should be happy with the one that will enable you to perform your work and studying tasks.

– When you are planning a summer trip make sure you try to spare some time for summer work. This way you will earn some much needed money during the summer and you will not only spend. The best way is to go on vacation somewhere where you can get summer short-time work. This way you will be in a great place and meanwhile you will be earning money.

And what to do if you save as much as possible and still do not have enough money for monthly expenses and to pay school tuition. Well one option is to take loan, but when you are applying for the loan make sure you choose the proper one with fair interest rate that you will be able to pay off. Federal loans are available these days for the benefit of students. You can choose the best one that suits your need. But one has to be alert while going for a private one to avoid spending more than what is required. Various grants and scholarships are also available for the deserving candidates. These are provided by the federal organizations for the advantage of worthy students. Summer jobs are ideal for students who are facing a financial crunch.

You can earn money while having fun through these non taxing jobs. It is also important not to get fooled by credit card companies. They promise low interest rates, but later it will be too late when you face the reality. Hence remember to use credit cards only during emergencies. It is highly advisable to follow a budget. This will help you to keep track of your expenses and make necessary adjustments to reduce your financial burden. College students also should have the will power to say ‘no’ to situations when friends entice them to spend just for fun or social status.