College kids, budgets, and social media … oddly enough, these things do go together.
We all know for most college students, it’s a pretty frugal time of life, like it or not. With credit cards so easy to acquire, many students still rack up debt that can haunt them for years to come.
So besides laying off the credit cards, what else can they do manage their finances?
Being smart is the best bet for managing money, and any tips can come in handy.
Start by taking a look at social media for some financial tips; you may be surprised with what can show up there.
Debt Rates Rising
Besides the high rate of college loans students are undertaking, they are just spending and where’s that coming from?
Now more than ever, students are graduating with exorbitant rates of debt, much of it student loans, but other pieces and parts are from wayward spending. If students don’t go into college knowing how to spend smartly, debt can pile up without them even knowing it.
Social media can help, and college kids love social media!
YouTube and Pinterest
You know how you don’t have lots of money to go buy everything you want when you’re in college (or maybe ever)?
Take a look at these two sites for tutorials, projects and advice on being frugal and living within your means.
- Tutorials on YouTube and Pinterest are easy to follow about pretty much everything, from fixing a toilet to making Fettuccini Alfredo, and a pretty bouquet while you’re at it.
- If you need a costume or project supplies, check Pinterest for great ideas on using found items and developing and creative final product.
- Find advice and tutorials on money saving tips. Remember, these sites aren’t just for crafts and funny cat videos. You can find expert advice on budgeting ideas and managing money and one of the biggest advantages is that it’s…free.
Twitter is full of amazing information, and it’s actually quite easy to find.
Decide on some financial advisors you may want to follow, and you’ll be able to read their advice on a daily basis.
Look for these kinds of sites if you are just getting started…
The more you read, the more you’ll learn of other people and sites you’ll be interested in. You can begin to follow those and have a good support system to help you navigate the world of college budgeting.
- You can also find receive daily motivational tweets to keep you within your budget, kind of like dieting. Support helps!
- The nice thing about Twitter is you can easily sift through what is relevant to you at the time, so you’re not wasting too much time there.
Use Facebook to like and follow your favorite spots and stores.
You can score some great deals and last minute savings by taking this route.
College students need to work with what they have, not what they think they may have ten years from now.
Even if they are in a position to make tons of money down the road, the bottom line is that now finances are slim and need to be treated as such.
By garnering good information through social media and perhaps college presented seminars and wherever else they can find it, they’ll be off on the right foot once they get out of college and are earning that money.
Parents: How to help your kids manage money
Parents have a role in this, too, and though it should start at an early age, it’s never too late.
It may be tougher if parents have always given their kids exactly what they’ve wanted without teaching the importance of waiting for something or earning something, or even the simplicity of waiting a week and see if they really still want it. But it’s not too late.
- Parents can share information they find on managing money with their children. They can even do it through social media!
- They also they can dissuade their children from getting credit cards and instead use other options, like money cards or PayPal where parents can deposit set limits for spending and budgeting, instead of cosigning a credit card and being responsible for credit card payments and over-limits.
- Also, parents should allow their children to pay the bills (even if the money is coming from the parents). This allows kids to be involved in the transaction, like writing the check for rent or setting up bill pay for the heating bill.
Debt stinks and no one wants it.
By learning to be smart financially in college, you’ll be on the road to being a money savvy adult.