During the university period the income is non-existent and at the same time the economic commitments and debt levels are minimal. The university students do not have in their priorities the control and the planning of the expenses and for that reason their money usually escapes from their pockets easily.
What they will most likely not learn in a university master class is that acquiring good financial habits during this stage will be decisive in defining the behavior they will have in adulthood in relation to money management. For this reason, it is important to consider these tips to avoid zeroing in financial behavior:
Unless they originate from other places and must pay rent and services, most university students do not have a defined income item and their fixed expenses are practically zero. It is important to establish a cap of money for transportation, school supplies and food and of course allocate a certain amount to savings, in order to be prepared for eventualities.
Set limit to fun
If they feel that the money does not reach them even though they have lunch at home, do not spend on transport or rarely buy books, it is most likely that trips with friends on weekends are taking over the entire budget.
Be careful with debts
If you are a student and want to access any type of credit (credit cards for example) keep in mind that, although borrowing at the university stage turns out to be a good opportunity to start building credit history, you should do so responsibly avoiding All costs incur debts to cover daily expenses.
It is important to rent a home that is consistent with the needs and the money available. Do not compromise your other expenses by paying a whim that is not within your pocket.
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