Posted on: 6th October 2014 in Finance
With the new college year around the corner, students will be enjoying their first taste of independence over the next few weeks. But according to new research, one in every 5 students is likely to face financial difficulty sooner or later. (CitizenNews, 2014) For many students leaving home for the first time, university life is seemingly highlighted with excitement. It is also a time when they have to make a number of unfamiliar financial decisions. Generally, students may feel that they lack sufficient information and experience in financial management, resulting in them being more likely to make mistakes that can have repercussions for years to come. In extreme cases it may even force them out of university. Below, we have put together a few basic guidelines for new students to help manage their daily finances: Set a budget – and stick to it! The costs of books and supplies, living expenses and travel to and from school can get expensive as each academic year passes. It is advised to determine a figure of your spending outside of the tuition costs before the beginning of each semester. Include savings you plan to use, any money you may receive from your family and the income you can expect from any jobs. Each semester usually last about four months. Divide your projected total to determine your monthly expenditure after deducting the amount for books and stationery at the beginning of the semester. It’s also commendable to track your actual spending throughout the semester, so that you can more accurately project and adjust your budget for the remaining course.We have 18 offices across the globe and we manage over $2billion for our 20,000+ clients
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