Financial Considerations to Understand as a Student

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Student life is said to be most critical stage in every individual's life as it is the stage of life where we decide what we are going to in our life, we take many decisions for upcoming life. We learn alot of things at this stage. which will going to help us in build our career. 

 At this students suffers lots of financial breakdowns as well like of resources and money, which affects them directly or indirectly. But everything can be managed by doing proper management and planning.

lets learn about dome major financial problems which student face :-

1. Not Taking Advantage of Financial Aid

By not applying for financial aid, which comes in the form of grants, federal loans and work-study programs, you may be missing out. Take time to fill out a Free Application for Federal Student Aid (FAFSA), which could help you get additional funding for your college expenses.

2. Not Creating a Basic Budget

One of the most common financial problems for college students is not having a budget. Without a budget, you may have a hard time keeping your money in good order. Start with a basic budget by listing your expenses — such as tuition, books, room and board, food, school supplies, computer equipment, clothing and entertainment — and income. Don't forget to include one-time expenses, which can consist of things like travel costs for spring break and the holidays and bedding for your dorm room.

3. Not Knowing the Difference Between Wants & Needs

Are you often flooded with slews of images for alluring products with convenient "buy now" buttons? In the digital age, many people are more inclined to buy stuff they don't need.

But before you give in to the impulse to buy something, take a step back and ask yourself:

Will this product make my life easier?

How will this product add value to my life?

How many times will I actually use this product?

4. Credit Card Misuse — or Disuse

Your college years are a great time to start building credit. As you may know, having a stellar credit history — and, in turn, an excellent credit score — could help you save money as a consumer. Without good credit, you may not qualify for the best rates and terms on a future car loan, mortgage or personal loan.

5. Not Planning for the Future

You'll spend most of your time in college studying for exams, doing coursework, sitting through lectures — and making the most of what college has to offer. College life is so busy, so it may seem like a tall order to drum up a plan for the future. But it could help to ensure you have a parachute before you jump into the "real world."