Do students know how to manage their finances? Is the image of the “poor student” still alive or these days, thanks to all the lending tools and access to information, there is no longer a need for financial advice for students?
Practice shows that a significant number of students experience difficulties in managing their budget, but the reasons for this are different, they share from Easy Credit.
Insufficient funds
The number one reason for student financial problems is insufficient funds. This is understandable as most of them still rely on their parents, but at the same time their financial needs are like that of a working person.
In such cases, it is particularly important that a person devote himself to proper management of his money and take advantage of credit instruments when needed.
It is even more reasonable in this situation for the student to do his best to combine learning with work, preferably in the field of his education.
Misallocation of funds
Reason 2 for the unenviable financial situation of some students is that they fail to properly allocate their money. They have a particularly strong need for adequate financial advice for students, because this is the only way they will be able to put their money in order.
How money is generally distributed in a personal financial plan:
- Paying bills and loan installments – this is always in the first place. Living in debt means paying unnecessarily high interest rates and cutting off the possibility of future borrowing because of a bad credit rating.
- Food and clothing – there is a lot to improvise here – from second-hand finds to cooking at home with modern fast cooking appliances – the possibilities to fit into the budget are limitless
- Entertainment – Third on the list of financial tips for students, we put entertainment because we know that this is where the most money is spent. Sometimes the desire to demonstrate status sharply exceeds the real possibilities and leads to financial problems. Feel free to come up with different ways to have fun that DO NOT involve wasting money. Spending doesn’t mean having fun, right?
Lack of financial culture
We owe it to young people, because financial education is not yet widespread in secondary education.
Fortunately, however, there are already enough financial tips for students that can be easily implemented and produce results in the first months of implementation.
!This article does not contain professional advice and does not take into account your specific circumstances. If you need professional advice, contact a specialist. The present[MZ1] article is presented by “Easy Asset Management” AD, owner of the trademark Easy Credit, for advertising purposes.
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