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Student life is the time for enjoying life to the brim. There is hardly a chance that one is serious about personal finance issues. Most of the important decisions are either not paid heed to or left for parents to consider. However this is the prime time when the financial structure in the life of a student gets framed. One small wrong decision with your finances can get you into serious trouble. If you do not have a steady budget it is likely that you may face student loan issues which may further lead you to debts. It thus becomes necessary that you keep track of your expenditures and cut it down to the minimum. Here are a few tips to keep you stable with your financial planning and not sway with reckless ventures. A careful consideration of these can keep your student life balanced and debt free:
1. Make a note of your loans: It is very important to know your financial crunches before you set aside your plans. Design an outlay plan of all the debts and advances you owe as a first step. This will help you to know where you stand with your finances. It will also be useful if you can specifically note the interest rates on each advances and the time you have to repay them. This can prove useful as you can save yourself from faltering with the repayment dates.
2. Start to save before it’s late: Saving as a habit should grow from the student life itself. It can help you have an edge during emergency situations. As students you have access to only a fixed sum of pocket money. Yet it is important that you keep aside a few bucks from that money every month as your savings, and use them to pay off your debts later.
3. Part time jobs can come handy: If you can manage to get an extra source of income with some part time jobs, it will be of great help. You can bear your college expenses and also pay off your credits in due time. If you can save a few bucks you can use them for your fun filled activities. At times there are also certain exchange programs organized by college where you get to work along with studies. Taking advantage of those programs can be fruitful.
4. Group activities and workshops: At times colleges arrange for certain group activities and workshops for students looking for debt relief. Taking an active part in these workshops can get you some lucrative ideas about how to get rid of your financial crunches. Advices from experience holders can be highly useful in getting a clear idea.
5. Grants and scholarships funds: The scholarship schemes and grants offered by many colleges can be a useful arena which you can utilize to get rid of your financial issues. If the scheme offers to cover your college fees your one part of the problem is solved. You can instead utilize the money you had earlier allotted for your fees to pay off your credits.
With thus a little understanding and a proper financial management plan you are likely to waive off your student loans without much chaos.
Author bio: Jonny Pean is a financial consultant and writer for EasyFinance.com. He helps people to tackle their financial problems related to loans, personal finance management and home equity issues.