Financial success: How to obtain it

Being a college student brings on many required expenses that range from general fees to room and board., books and whatever else comes along.
To deviate some of these costs, scholarships, grants, and loans are available.
According to Southern University’s Financial Aid Counselor, Michael Wells, there are two basic types of financial assistance—scholarships, what he calls “free money”, and loans. Wells, advises students to take all you can of “free money” and borrow only what you need from loans.
It is the job of responsible college students to create a financial plan that will provide for accurate rather than frivolous spending, according to the FAFSA information pamphlet located in the financial aid office,
Economics professor, Vineeta Hingorani, agrees that there are various financial plans for an individuals everyday budget. Hingorani also advises college students to use credit cards wisely because of increasing interest rates.
Business experts recommend that college students divide their finances into three steps that are sure to help develop effective spending strategies.
ÿ Deciding where money goes
ÿ Setting up spending accounts
ÿ Using common sense
To decide where money goes, estimate what expenses will be each week, month, semester, and school year. Use the cost estimate provided by Southern University and financial aid as a guide. Draft a plan that includes fixed, variable, and periodic costs.
When setting up spending accounts, look for banks that offer checking accounts with no minimum balances and no monthly fees, and savings accounts that can be used as overdraft protection for checking accounts. Look for credit cards with a fixed interest rate below 12 percent and a 25-day grace period, without an annual fee.
Using common sense is said to be the most essential step to effective spending. Keep an eye out for those scams that seem too good to be true, because nine times out of ten. They usually are.
These three simple steps can provide for a life long benefit for your financial future. Apply these steps to your everyday spending routine and watch how much more can be accomplished through organized spending.