The first two semesters of a four-year college programme are perhaps the most difficult of all. That’s because, in addition to academics and other challenges, there are dozens of first-time hurdles to jump through, like living on a tight budget and earning enough money to maintain a reasonably satisfactory social life. What are the techniques young people use to navigate the tricky first year of higher education?
Luckily, a short checklist can offer clear guidance for anyone who wants to face financial matters head-on. Applying for a credit card is a smart way to manage money and have a backup source of funding for emergencies. Most young adults find it beneficial to monitor and track their spending, develop a credit history, open accounts at local banks, and work 5 to 10 hours per week to earn pocket money. Consider the following suggestions.
Apply for a Credit Card
Having a credit card is a good idea for young adults who are trying to establish a financial history and need a backup source of funds in emergencies. If you are currently operating from a monthly budget on your own, it’s essential to know which cards offer the best deals, low initial deposits, favourable interest rates, low or no annual fees, and other features. Get started by gathering information and reviewing a helpful guide that lists the top choices of cards for college students. Always make sure to pay back credit card spend on time to avoid high interest rates and only spend what you can afford to avoid debt.
Keep an Eye on Spending
Budgeting is the most practical way to maintain control of your money. But it’s particularly critical to monitor spending, which represents an outflow of cash from your precious storehouse of financial security. Try an educational experiment that lasts for 30 days. During that time span, record every penny you spend, noting what the money went for and where you made the purchase. Review the data to gain a clear understanding of your habits and weaknesses.
Open Checking & Savings Accounts in Your Name
Visit a local bank and make minimum deposits to open savings and checking accounts. Use your legal name and current address when filling out the official forms. Try to add a small amount of money to savings every month and use the checks to pay regular bills.
Get an Online Micro Job
Many first-year collegiate pupils fear that if they take on a part-time job their grades will suffer. While there is some truth in that notion, millions of young people with demanding course loads entertain the idea of working online micro jobs for a few hours per week. Most anyone can deal with the pressure of academics while setting aside a small amount of time to earn some additional pocket money each week.
Check out the top micro work platforms and select short-term assignments based on your skills and preferences. Note that most of such sites require users to build and post a short profile page, which serves as a bare bones resume. You won’t get rich this way, but the limited effort will supply you with a regular stream of income that can support a modest social life and pay for basic amenities.
