• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The Sonic Boom

  • Home
  • About
  • Travel
  • Music
  • Business
  • Lifestyle
  • Health
  • Home & Garden
  • Finance
  • News
  • Blog
  • Contact

August 24, 2020 by Eddy

How to Become Financially Independent in College

Being able to live on your own requires a stable income. Money is one of the top stressor’s adults face, so learning important skills and protecting your financial future when you’re young is a great idea. At this stage in life, one of your major concerns is determining how to pay off your student loans. Although it can be challenging, you can implement several repayment strategies that can help you achieve your goal. Although you may not be able to avoid every fiscal pitfall in life, there are steps you can take to give yourself a solid foundation while you’re in school.

Start Sticking to a Budget

Budgeting apps like Mint can help you learn how to track your money and make smarter choices. When you’re young and likely relying partially on others, it’s easy to consider any extra cash you have as spending money. But what if you put it into a savings account instead? How much could you save per year if you downgraded your streaming subscription to a cheaper package? When you think about these things and determine exactly how much money you’ll spend each month, you’ll also be able to save more. Even $50 each month leaves you with $600 a year.

Pay for Your Own Education

One of the greatest debts people have from their parents is college tuition and loans. Although it’s wonderful if your parents have savings and are willing to help you pay for your degree, you may want to consider whether you could do it yourself. Research private student loans that you can take out without a cosigner. This will put you solely responsible for the debt and give you greater independence from your parents.

Get a Part-time Job

Whether you can only work over summer break or hold down a weekend job, it’s important to establish your own stream of income as soon as possible. You’ll no longer have to ask your parents for spending money or rely on anyone else to pay for your living expenses. Part-time jobs for college students help build important skills like time management and self-discipline. You can even explore jobs online that you can do right from your laptop, whether you’re hanging out on campus, in your dorm or in your bedroom at home. If you have any talents or skills like copywriting or coding, you could even consider looking for freelance gigs.

Build Your Own Credit Score

Apply for a student credit card that you can use to pay for small expenses like food, entertainment and gas. It’s best to choose a card that you can pay off monthly, which raises your score without putting you too far in debt. You could also become a joint cardholder on your parents’ card, which will reflect on your own history. Explore your options carefully and pick a card that has a good reputation, valuable rewards and makes sense for your budget. Just remember that credit cards are not free money. You owe what you spend and then some thanks to interest.

Think About Where You’ll Live

You may not move out until you graduate, or you could be wondering where you’ll go after you leave the dorm. It’s a good idea to start researching the cost of rent and living in your area now. The earlier you start to save up to move out, the easier it’ll be to find a place that works for you. You’ll need a stable income for your rent and monthly utilities, but there are other costs to consider, too. Your security deposit, renter’s insurance and personal expenses like loan payments are all part of the picture. Saving now will give you a greater cushion to start building a budget as an independent adult.

 

Filed Under: Finance

Primary Sidebar

About Us

Hi Everyone. My name is Eddy and I'm a 28 year old American guy. I live outside the box and do things on my own terms. I quit my job a few years ago to pursue my writing passion, so here I am sharing this blog with you!

Connect with us

  • Facebook
  • Google+
  • Instagram
  • Twitter

Newsletter

Future Post

img

Are You Marketing Your Workshop Effectively?

Marketing is the lifeblood of an industry. This process involves the advertising and branding cycle and is where your company and products really get to shine for the clients you are hoping to cultivate. With a strong marketing plan, you can watch your firm flourish before your eyes, but without any marketing activity, your brand […]

How To Train Your Employees For Promoting Cybersecurity In 2021?

Studies suggest that more than 50% of all cyberattacks that had happened in 2019, took place because of human errors. In other words, the end-users or touchpoints and their lack of action allowed spammers and hackers access into systems and processes. For many companies, training their employees constitute one of the top strategies to boost […]

How to Choose an iPhone Case Correctly?

Often, the first accessory purchased by happy owners of iPhone is a case. And this is the right decision since dangers lurk your gadget at every step. But the case not only serves as a protective function, but it also serves as an ornament and expression of the style of the owner of the device. […]

Factors to Consider When Exploring Auditing Franchises

The business environment is highly dynamic and complex. A startup owner will face several in-advert challenges while trying to get the business established in the market. Several aspiring audit practitioners invest in franchises from established audit franchise providers instead of building an audit practice from scratch. This article throws light on what factors you should […]

man, woman and child holding hands on seashore

Retiring Abroad: UK Expat Considerations

Thousands of UK citizens work and live abroad. After some time, these people consider retiring in their residence country or elsewhere outside the UK. But before making this life-changing decision, there are many things you need to consider. Apart from your safety, healthy, and living arrangements, you also need to get your finances in order. […]

Investing 101 for Ex-Pats: A Simple Guide to Your Investment Opportunities

The investment options available for ex-pats typically differ from those living in the UK. For example, the Individual Savings Account (ISA) is a popular UK-based investment option that isn’t available to ex-pats. This is unfortunate because the ISA is largely viewed as one of the safest, most convenient, and most tax-efficient options for people looking […]

Learning how to write daily

Most creative people are often victims of procrastination. Suddenly, when you want to write, all those online distractions and errands need to be attended to. Successful and professional writers have to go through many landmines and efforts to improve their writing process. Different people have different skills, but accomplished writers have one thein in common. […]

6 Ways Promotional Products Elevate Brand Visibility in Brisbane

Brisbane, the capital of the Sunshine State, is experiencing a progressive economic and business environment. With many domestic and international businesses relocating or expanding into the Australian market, it has made Brisbane a hotspot for many new brands and companies. With such an increase in competition, brands and businesses are coming up with different strategies […]

Footer

About Us

Hi Everyone. My name is Eddy and I'm a 28 year old American guy. I live outside the box and do things on my own terms. I quit my job a few years ago to pursue my writing passion, so here I am sharing this blog with you!

Latest Post

  • Are You Marketing Your Workshop Effectively?
  • How To Train Your Employees For Promoting Cybersecurity In 2021?
  • How to Choose an iPhone Case Correctly?
  • Factors to Consider When Exploring Auditing Franchises
  • Retiring Abroad: UK Expat Considerations

Connect With Us

  • Facebook
  • Google+
  • Instagram
  • Twitter

Copyright © 2021 · Executive Pro on Genesis Framework · WordPress · Log in