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Finance Tips for the Graduating High School Student

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It is fast, once you graduate from high school and attend college, you get tempted to keep credit cards, spending money and party with friends quite often. However, many of you fall into a debt trap that you cannot manage your finances well.

This is the same story with many high school students, when they suddenly get a taste of the newfound freedom and keep out long time with friends, splurge on the pub, and buy girlfriends or boyfriends gifts. If you plan your finances well, you will save yourself from debt and learn the secrets to save more. Here are some tips.

When it comes to money, planning plays an important role. Get help from elders to administrate your finances and advice when it comes to spending. Before you buy a credit card, understand how it works. Know methods of payment and the time allocated make the payment. In addition, it is good to not be greedy and have more than one credit card. When you pull your card make sure there is a real need. Try to use hard cash to the extent possible. Note also the time when you must make the payment without having to pay credit card company interest on outstanding loan amount. Not to be able to pay the credit card money you will earn a bad history that can spell big problems later.



It is good to know that you cannot spend more than the amount you receive as pocket money or wages. Spending more but what you get is a clear way to debt, unless your parents keep you out of it. It is good to put some amount in savings account, some products for the emergency, and then spend the amount. That save you from falling into debt, and would add money to your kitty.

Compose budget always helps. JOT down monthly expenses, the amount you can put in the bank, and amount you can spend. Try to stick to a budget unless an emergency comes up. To come up with a detailed budget, you can track expenses for a month and then come up with it. This will also help you realize if you have to spend more and in accordance with measures to cut down expenses.

If you intend to take a loan, make sure you use only for your college needs. Do not take a loan to spend on the rich non-essentials, as this will only get you in debt trap, making it difficult to get out. Before taking a loan, it is wise to involve their parents in the decision, so that there are no mistakes. Use only the amount of loans pay for their fees, books, fees and other costs associated with your education. Remember that you must pay the amount of interest on your loan and if you spend on stupid things, you simply invite trouble.

When you start saving and spending in the proper way, you will never have problems managing your finances. In this way, you can do more in the near future with its quantity stored, and would not have to worry about bad credit history. So, have fun and most well planned financial future now.
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