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Important Money Lessons to Learn Before College

By SiliconIndia   |   Wednesday, July 30, 2014
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BANGALORE: School is a place where the kids learn some important life lessons, which will help them throughout their life. But our schools don’t teach the kids about the money management. And a student should step into a college with a little knowledge of money management.

Ask yourself, if you will come out of the college with a degree or a heap of loans along with it.

Managing your money is a critical issue for adults as well as students. Here are some money lessons that you should learn before you start up with your college:

Keep track of your spending:

Unless you don’t keep a count on how much you are spending, you will never know how much you are left with and what you can afford with that.

Today, college students are living a life that seems incomplete without a Smartphone. Learn Vest, Mint and Level Money is some of the apps, which will help you to monitor your financial wealth.

The simplest way to track your spending is the low-tech way. With a notebook and a pen you can track where exactly your money is going and you can transfer it to the spreadsheet whenever you are comfortable.

If possible try to save all your bills, your card receipts and include them in your spreadsheet. It’s easy to track your spending if you focus on a short timeframe.

Don't grab every treaty that comes your way:

It is said that do not miss out the opportunity, but it is not applicable at every place. Sometimes it is important to check out whether you can afford the deal or not.

In this context internet is flooded with attractive deals, you just need to sign up and give your credit card number to buy an item. But that might lead you to unexpected troubles. Think before you spend on something and don’t forget to compare the deal.

It doesn’t have to be so radical you check your account regularly and maintain a minimum balance in it. You need to learn to distinguish between the deals that are worthy and non worthy.

READ MORE: 2014's Best Tools for Financial Planning

Top 5 Money Lessons No One Will Tell You

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