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How to Pay Off Your Student Loans By Saving Money While in College

Oct 25, 2007
When teens live at home there are so many financial decisions that they never have to make. How much to spend money on food, essential bills, like rent and electricity, and clothes and entertainment often never cross the teenage mind.

Managing a college budget marks the first time, for the majority of college students that they have to be responsible for handling their own finances. It can be stressful and challenging. That is why you must have a solid plan entering college.

As the college years begin, high school graduates prepare themselves for a new life. College is full of life lessons and the biggest lesson involves handling money. First, new college students need to start with a budget.

To be fiscally fit you need to know how much goes in and out of your account. Keep monthly records of your spending either on paper on in the computer. You need to get organized so you know exactly what you spend from food, school supplies to gum.

The main goal of a budget is to see where the money is going and where you can cut back on. Smart spending equals savings. Find inexpensive ways to entertain yourself. Visit museums, parks, coffeehouses, consignment shops and the library.

You will be able to make many new friends that will be doing similar things to save money. Keep your car at home. Parking, insurance, gas, repairs, oil changes are additional worries that students could live without.

Purchase used books. Used books are usually in good condition and cost about half the price. Also check the message boards and the Internet. Food can be your largest expense. Some students opt to work in the college cafeteria.

There food is either free or sold at a very inexpensive cost. Buying food at a grocery store, cutting coupons and purchasing food in bulk will save you so much more than eating out. Live within your means.

Don't buy what you can't afford. Pay cash for what ever you buy. Credit card debt once it piles up, can take a huge chunk of your income in interest alone. And when going out on the evening take only what you can afford to spend.

Pay attention and protect yourself. Read your bills and statements each month. Keep track of your receipts, account numbers, and mail. Purchase a shredder to dispose of all personal material with private accounts and information.
About the Author
Court provides information about college student loans and helps people refine their internet marketing strategy.
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