7 Lessons You Don’t Learn About Finances In College

7 Lessons You Don’t Learn About Finances In College

So, you graduated from college. Now what? No longer do you have a cozy dorm room with a convenient meal plan. Now you are officially on your own. Unfortunately, living on a budget is not always the easiest thing to do and often the adjustment from dorm life to total independence can be a bit trying. Fortunately, like many things on life, what doesn’t kill us only makes us stronger and the same can certainly be said for learning valuable financial lessons. I will tell you a little about what I learned from my own transition for collegiate lifestyle to new grad.

1. Create a budget.
If your parents paid for your college education, they are probably expecting you to begin paying your own bills now. I calculated how much income I would have coming in for the month, which was an amazingly small amount, and figured out how I would pay all of my bills. Looks like I’m not finished with my Ramen Noodle diet.

2. Save money on extras.
Although while in college I was able to find cheap entertainment – it is a little more difficult now. Instead of stopping by the convenience store for my morning coffee, I make my own at home. I can stream movies online for a fourth of the cost of going out. Instead of stopping for the sale at my favorite store, I put the money aside for rent.

3. Put “extra” money into a saving account.
Since I got some money from family and friends when I graduated – I immediately spent it on frivolous items and instant gratification. Now I know that when I get a bonus from work or extra tips on a busy day from the restaurant – anything over what I need for my budget goes straight into a saving account.

4. Be responsible with the credit cards.
While in college I was inundated with offers for a credit card. Since they called my name, I soon found myself with several. What I didn’t realize is if I don’t make the payments on time – the interest rate goes up – consequently, my payment goes up.

5. Go out on specialty nights.
Just because you are out of college does not mean you want to give up going out to the clubs and having a good time. Just make sure you go on specialty nights when you can get free drinks or food.

6. Shop for cheap car insurance.
If you own a car – you know it can be a big expense. Once your parents take you off their policy, you need to shop around for cheap auto insurance and only get the minimum you need.

7. Spend money on things you need.
Right out of school you may be tempted to buy all of the luxuries you enjoyed while living at home. Only make the purchases you absolutely need – remember it took your parents years to set up their household.
Sam is a recent grad and writes about a variety of financial topics in his blog posts ranging from how to manage a budget to when or why you might need to considering a short term loan.

7 Lessons You Don’t Learn About Finances In College

How to Use Student Loans Consolidation to Reduce Debt

When it comes to debt there are a lot of things that we can do to help get rid of the debt; debt consolidation is something that is the one thing that you can use to repay the loan off.  When a debt consolidation works, it will be that the interest will be lowered considerably so that you can actually repay the loan off much easier.

There are many debts that you could have to deal with after you are out of college; student loans are going to be the biggest debt that we can have.  That is why reducing the debt is going to be so vital; try thinking about a consolidation program that could work for you.

You should firstly think about knowing your credit history so that you can see how badly or good your credit history is so that if you do have a good credit history then you are more than likely to get good negotiating terms.  You can go to any lender that you have taken a loan out and get those rates reduced.

When you have got a loan then think about looking for a loan calculator to help you to understand what the numbers are going to be for your consolidation plan.  Everyone is going to be different so think about the possible choices that you may have.

When you are going to have a federal consolidation plan then you can apply that through the internet; this should be done away from any other student loans, a student loan from anyone other than the federal government should not be included with a federal consolidation program.

If the need for a consolidation program is needed for any loan then it should be thought about going for a real professional over your loans so that this can be taken care of quickly.  Before you think about getting any loans however think about which banks or loan companies are going to be the best for you; think about interest rates and the repayments schedule.

What you should try and do will be to get any repayments lowered if possible; try to get the payments lowered considerably by around at least half way, fifty percent or more, sixty would be a good percentage to aim for but it will be difficult.  Try to get any and all interest rates that you have over the payments to be frozen, don’t get any more interest rate added to debt so make sure that the interest is not going to be added any more.  Keep it at the same percent.

After the consolidation is completed try to get the amount of time that you can pay back the student loan is lengthened considerably.  If you do have a federal loan then think about the way that you could go for a federal consolidation plan if you are going back to school to study.

It is always a good idea that you should think about a consolidation plan for you when you are trying to get your debts reduced.

How to Use Student Loans Consolidation to Reduce Debt