Curbing College Debt Plr Ebook

Table of Contents

Foreword

Chapter 1:
Keep Track Of Spending

Chapter 2:
Make A Plan

Chapter 3:
Entertainment Money

Chapter 4:
Pace Your Spending

Chapter 5:
Cut Down Credit Card Spending

Chapter 6:
Limit Your Spending

Chapter 7:
Deal With Your Roommate

Chapter 8:
Disperse It And Be Frugal

Chapter 9:
Ask For Help

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Synopsis

If you spend, spend, spend at the outset of the semester, you may be tapped out later. Give yourself a spending limit for every week. Stick to it and you won’t have to eat hot dogs or macaroni and cheese day-after-day in December.

Pace It

Now that you are finally in college you have the freedom to do, and spend, whatever you want. Before you blow a whole semester’s allowance in 3 weeks, review these budgeting tips for students.

Keep close track of your spending – Make sure to write down every single thing that you spend on and how much it was. At the end of each week review this list and you will find that by keeping track of your weekly spending you can identify your spending trends.

Do you really need to eat at your favorite fast food restaurant everyday? Do you really need to go to Starbucks instead of making coffee at home? Out of all of the budgeting tips that exist this is the one to pass on to students. Once you have done this and taken time to go over it you will be shocked at the amount of money you spend on everyday items.

Pace Your Spending – Did you obtain a Stafford Loan to assist in paying for your expenses? Remember that you only receive that one time per semester. Provide yourself a spending limit for each and every week to make certain you have money at the end of the semester. Trust me, eating noodles every day all day for a month straight will truly be a miserable experience.

Accept Reality – Figure out the difference between need and want then make adjustments in your priorities. This is probably the toughest lesson to learn, but remember that once you have graduated from college you will have to pay your loans back. What is the point to work so hard to get a great job only to spend 25% of your take home pay after beginning your new job because of debt you incurred in the past?

Look Past The Weekend – The next week is going to start whether or not you are financially ready. Plan ahead for things that you know are coming at the beginning of your semester and you wont have to miss any big events (since you blew all your money on unnecessary things such as pizza and beer). Try setting aside at least $25 every week for unplanned events. When it comes down to it you will be glad that you did.

Think Before You Charge It – The only time you should use your credit card is in case of an emergency. Don’t let yourself fall into the bad habit of using your credit card like an endless money machine. The more you do this the more you will find it harder to stop. It should not be difficult for students using these budgeting tips. All you need to do is to take the time and financially plan your semester.

Synopsis

In hard financial times such as these, the last thing you really need is to accumulate another extremely high balance on yet another credit card. Temptation can be great, especially if you frequently receive new offers for credit cards. The following are a few tips to keep a hold on your temptations and to keep your spending habits under control.

Curb It

Quit spending money you don’t currently have! Remember that while credit cards can often be a necessary evil when cash runs dry towards the end of the week they are “Real Money,” that you will have to pay back. A simple tip you can try is to put all of your credit cards into a bowl of water and put them in the freezer. Once the time comes that you wish to make a purchase you’ll have plenty of time to evaluate how badly you actually “need” the item while the cards are thawing out.

Never spend more on your credit card than you can pay off each month. Carrying a balance may sometimes be a necessary evil, but do the best you can to pay those debts off as soon as possible. “It’s on Sale!” you might think, but how much are you really saving if you’re paying off interest on the purchase month after month?

View all available rebates and incentives offered to consumers in hopes of increasing sales with a very cautious eye. Calculate how much you will be paying over the life of the loan if you take the rebate, or the zero percent interest. Very often when you choose one, you can’t choose the other. Ask yourself, which is the better deal?

When spending a large amount of money on something such as a vehicle, negotiate or bargain down the price to the lowest amount possible — then mention the fact you have a trade-in! If you have the sales manager calculate the price he/she can give you for the trade in before you’ve settled on the price you’ll pay, the cost of the item you’re purchasing may not be as negotiable. In effect, you’re not getting the best price for either your trade-in or for your purchase. (You might even be “paying them” to take your old item!
Whenever possible, pay for it in cash! Paying in cash keeps you from paying interest all together. Granted it can be difficult to save up until you can afford the item you want — but you simply recognize the difference between need and want. Often it pays to simply maintain and repair the old item until you have saved enough money to replace it. Always remember that interest on a loan adds up very quickly.

Do not hesitate to shop at consignment shops, second hand stores, and yard & garage sales. You can often find barely used, brand name items at very cheap prices. Sometimes you can even find items that have the original tags still attached! It will be your little secret where you got this item and how much you paid for it; nobody else will have the slightest idea.

Finally, if you must get a loan, pay the loan back as soon as possible to keep the amount of interest that accumulates to the least amount possible. Also, try to make at least one extra payment per year to trim back the life of the loan. If at all possible, pay 125% or 150% of the minimum or set payment each and every month to cut that balance down to zero as quickly as possible.

Synopsis

Have you ever discovered yourself wondering, “Why don’t I have a lot of money in my checking account when I know how much was recently deposited?” Have you ever sat and imagined, “Where did all that money from my last payroll check go?” Have you ever discovered that you spent more money on discretional items than you needed to and the result was that you didn’t have the money you had projected for monthly bills? Read on to easily arrange your system to help you stick to your budget, save more money, and limit your discretional spending.

Get A Handle On It

Sit down and make a budget. An easy way to make a budget is to begin with a top line item that is your absolute monthly income. Then list each of your monthly disbursements and don’t forget to include savings. It’s ideal to attempt to save at least 10% of your income if you’re able. You’ll want to make certain that you make expense items for all of your monthly and quarterly bills (for quarterly particulars, divide the amount due each quarter by 3 to get the monthly sum that you need to allow as an expense, so that you’ll have the quarterly sum when needed). Make certain you include fair monthly amounts for your essentials like groceries, gas, and clothing.

Utilizing your budget, take your sum monthly income and subtract each of your monthly disbursements to ascertain how much is left. The amount left is your discretional spending amount. If there isn’t as much left as you’d wish, attempt to reduce your other expenses. For instance, many individuals can cut their grocery expenses by at least 20% or more by merely cutting the Sunday coupons and utilizing them each week for the items they regularly buy. If you’re successful in cutting a few of your monthly expenses, consider padding your monthly savings amount with at least 10% of your savings.

Set up direct deposits (or plan for monthly and semi-monthly deposits if direct deposit isn’t available to you through your employer) once the appropriate bank accounts are set up. Most employers today offer the option to direct deposit your payroll check between several accounts. Have the total needed for monthly bills immediately deposited in the checking account. Set up to have your monthly savings amount directly deposited into your savings account.