Today’s guest post comes from Valentina Wilson, personal finance blogger at Bestdebtconsolidation.org.
Are you a college student?
Do you have a tendency to overspend? If yes, then you might fall into the debt spending trap.
In our country, student debt crossed $1.5 trillion last year, becoming the second source of consumer debt.
According to the U.S. Federal Reserve, about 75% of college students use credit cards, and the average card balance is about $3,173 dollars.
Since summer is underway, it’s the perfect time to start thinking about savvy spending!
First and foremost, set a budget for yourself and differentiate your needs from your wants. You should be primarily focused on your needs rather than wants. Budget-savvy students manage their finances well, and you should borrow some ideas to achieve financial solvency.
While choosing a degree program, make sure you evaluate the associated costs too.