Tips From Financial Advisor
Managing your wealth during college can seem difficult, but it is important to do in order to set yourself up for success after graduation. Scot French will discuss some tips on how to manage your money wisely and make the most of your resources. We will also provide some helpful resources that can assist you in making sound financial decisions. Managing your wealth during college can be challenging, but it is definitely worth it in the long run!
The first thing you need to do when it comes to managing your wealth in college is creating and following a budget. This will help you stay on track with your spending and ensure that you are not overspending on non-essential items. There are a number of ways to create a budget, but one of the simplest and most effective methods is the 50/30/20 rule. Under this rule, you would allocate 50% of your income towards essential expenses such as housing, food, and transportation. 30% of your income would go towards discretionary expenses such as entertainment and shopping. Finally, 20% of your income would be saved or used to pay down debt.
Once you have created a budget, it is important to stick to it as closely as possible. This can be difficult, but there are a few tricks that can help you stay on track. One is to automate your savings so that a fixed amount is transferred into your savings account each month. This will help you reach your savings goals and make it less likely that you will spend the money instead. Another trick is to give yourself a cash allowance for discretionary spending each week or month. This way, you will have a set amount of money to spend on non-essential items and will be less likely to overspend.