This week, I would like to share with you and expand on some personal finance tips that I came across in an article written by Sue Armbrecht, Market President at MidWestOne Bank. With the implementation of these ideals in your daily lives towards your money, I believe you will be able to effectively and efficiently manage your money. This will help you achieve both your short and long term financial goals, and prevent additional financial stress.
The first tip is to understand that you are in charge and responsible for your finances. Act accordingly and be sure to create a realistic budget for yourself and become disciplined towards it. The next tip, which goes hand-in-hand with the idea of a budget, is to watch your spending. Have a good understanding of where your money goes, and how to properly pace your spending towards necessities and luxuries.
The third tip I would like to share with you is to build your credit history wisely. Proper building and handling of your credit now can have a direct positive effect on events you may encounter after graduation. Also, be sure to look for money. Apply for as many scholarships as you can find, and continue to research for new scholarship opportunities that are available. Furthermore, be skeptical of people you trust with your money. This includes friends, classmates and salespeople that may ask you favors or pitch opportunities to you.
Lastly, be sure to continue your financial education. Continue to prepare for the unexpected by saving, and pay close attention to how you use your money. You will be pleased with the results.