I got some great money advice from my grandma that recently passed away. Back in the old days, my Grandma was the fountain of wisdom to who we'd pour fourth our every problem. My own grandma lived to be 99 years old, and never had a chance to go to college. But, my grandma told me "If you climb too high, you will suffer a great fall". College students will take loan to the extreme, and we sometime lose the essence of moderation. When going to college, students has a limited budget and we need to make major adjustment to maintain our frugal lifestyles into our working lives. Which can include living with a roommate, not going out to buy a new car, not eating out, and not spending too much money. We need to change our spending habits, especially if we are used to an expensive lifestyle. My grandma told me to create a budget. She told me the trick to any budget is that you need to stick to it. I know that it is hard to manage your money in college can be a constant struggle. Especially if we need to devote our time to our course work, living off our student loans, and trying to keep track of our expenses. But, if you sit down and look at your finances, you can map out your various stream of income, which includes money from your job, student loans and grants and you will be able to categorize your expenses. If you stick to your budget, you will feel confident on what is and isn't affordable. Don't try to live your life beyond your means! The Old saying don’t try to keep up with the joneses is true! A lot of people try to keep up with their neighbors, just because they bought a brand new sports car, and live in a mansion on a hill. This doesn’t mean that everyone should try mimic the people who make more money than carter has pills, especially when they are living on a fixed income! Most people are not happy living with bare necessities and want to live life beyond their means. But, do you want to one that lives pay check to pay check. I think not!
My grandma also told me to minimize your debts by spending your money on the right things. Many college student thinks that when they take out loans it like free money, but it isn’t. Loan need to be paid back and if you don’t watch out what you are borrowing it can sneak up on you and bite you. Many college students will use their financial aid to party with, to impress their friends. But, Grandma told me that temptation is a powerful thing. Loan money for college is for tuition housing, books etc. and not for social outing and pitching in for a keg party. Another wise thing my grandma told me: “Borrow only what is required”. She told me to only borrow money that goes only with the type of degree that you are going to obtained. Don’t be frugal by taking out more loans to live an extravagant campus lifestyle. So I you do want to have a social life that is going to need money, get a part-time job, rather than taking out a bunch of student loans. Work-study position on campus are flexible and is convenient to student. But of course working off campus you can make more money. One money important fact if you have any extra money start paying off your student loans while you are in college. My grandma was a wise woman, and I hope what she has taught me will help you out to. This is in honor of my grandma! I Love You Grandma.