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Academic Support Platform Knobull Helps Students Become Financially Literate
First, a budget is needed as a plan for use of money. By tracking income and expenses, students can create a plan for spending and saving. With a flexible, sensible budget, money can be managed to avoid financial stress. It can help track spending and ensure there is enough money to meet living needs.
For a budget to be useful, it must be used for more than a few months. Tracking monthly purchases only takes a few minutes. It takes even less time with a budgeting app that links to bank and credit card accounts and automatically categorizes purchases.
In addition, credit is a major factor in today's economy and creates the needed reputation for a borrower. In order to have the best reputation, credit wise, take the time to learn about managing credit.
Figuring out how to secure financial well being is also one of the most important things that can be done. For many people, the path to financial security includes saving and investing. As a student, these topics may not yet be on your radar, but saving is a key concept for financial strength. If saving becomes a regular habit, even a small amount, a foundation for financial success can be built.
Navigating the tax code is the last part of financial well being. It is important to understand the aspects of the tax code that deal with education and college related expenses. For specific questions or additional information, visit the IRS site. Also explore use of a tax preparer and depending on your level of understanding, it may be prudent to use this type of service.
Bentley concluded, "Establishing financial goals will help plan and prioritize what's important so it's wise to set up a plan that aligns with personal priorities. It's a good idea to formalize these goals, and stay mindful of them through college and beyond."
Page Updated Last on: Nov 13, 2021