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Thursday, December 23, 2010

College Students Need To Read This!

Why do you go to college? To learn, live life and to get a job right? The truth is that most students will have a very tough time finding a job within their field when they are done with school. And for this reason it is important to be very smart with your money during school. Here are some hard facts....

  • 64% of consumers ages 18 to 24 don’t even know the interest rates they pay on their credit cards.
  • 83% of college students have at least one credit card.
  • 21% of undergrads with cards have high level balances between $3,000 and $7,000.
  • Students double their average credit card debt – and triple the number of credit cards in their wallets – from the time they arrive on campus until graduation.
  • Graduating students have an average of $20,402 in combined education loan and credit card balances.
  • The fastest growing group declaring bankruptcy is young adults age 20 to 24.

These Facts are scary! Here is a list of 5 things you can do as a college student to help cut costs and to help you get ahead instead of way behind....

  1. Share Meals - There is nothing wrong about getting with your roommates and planning who will cook what meal. In fact, It is a very smart thing to do. You can save hundreds of dollars by just planning out who will cook and pay for one meal a day. If you have an apartment with five roommates(yourself included) than you will only have to pay for one meal during the week. Yes, you do have to cook for more people but you will save a lot of money in the long run. You will still have to pay for your weekend dinners but you are saving money on the other four days of the week.
  2. Carpool - Ride together! Most people want company while they drive anyway so you might as well hitch a ride with them. Work it out to where an equal amount of driving is done by each person and boom, you are saving money on gas. Its an easy solution but a smart one.
  3. Group Discounts - Lets be honest... if you are a college student you are most likely there to have fun and get some education while you are at it. You can use this to your advantage. Most entertainment places have group discounts. Get a bunch of people together before you go bowling or to the movies. It will save you cash and you will have more fun.
  4. Cheap Dates - Here is another "Lets be honest" statement... Most of the people that you date are not going to end up being your husband or wife. So don't go spending tons of money on someone else's spouse! Find fun and inexpensive things to do. Get creative. I guarantee that a girl (or guy) will appreciate a creative date more than an expensive one.
  5.  You Don't Have To Live Large - Find inexpensive housing. Sure it is nice to live in the best place in town but you have your whole life to live in nice places. And think about this... Save your money now and you can live in a way nicer place later in life. Live in a luxury apartment now and pay off debt for years.... You choose.
College is supposed to be fun. You should have fun. But make sure that you are thinking and planning for the future. Saving dozens of dollars now will help you to be earning tens of thousands in the future.

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