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Tuesday, March 29, 2016

Financial Planning for College & Beyond

financial planning for collegeStudies show that most college students have a negative net worth when they graduate since they may lack the time to work, but continue to accrue debt from student loans, credit cards, and other sources. College is an important time to begin planning for academic and financial success. It can literally change the trajectory of your life when you take steps to track your money, build savings, and avoid consumer debt.

3 Basic Steps to Fiscal Responsibility in College

1. Spend less than you earn. This may sound intuitive, but it’s easy to fall into “I deserve it” mode after a long night (or a long semester) of studying. For some college students, shopping becomes a costly hobby. Remember, financial success takes sacrifice. When you commit to sacrificing now (cooking vs. dining out, buying used books, or riding your bike to class), you set yourself up for financial freedom later in life.

2. Create a budget. The best way to track earnings vs. spending is to create a simple budget using a free, online template like Every Dollar, Mint, or Buxfer. Some online budgeting software allows you to link your bank accounts for tracking ease, while others require manual updates. Choose a program you are comfortable with so you are more likely to keep up with the process month-to-month.

3. Avoid consumer debt. Coming out of college with a car loan, credit cards, and student loans is planning for financial failure. Take advantage of scholarship opportunities, ride a bike or buy an inexpensive car, and avoid credit cards like the plague. Make wise decisions about activities: Choose to stay home and watch a movie with a friend, or get together for board games and pizza. Committing to sobriety makes it easier to save money, too—since you won’t be whipping out your credit card to pay for drinks.

Financial & Vocational Coaching at Hope Academy
If addiction has compromised your financial future, the professionals at Hope Academy sobriety college can help you get back on track. Providing a different kind of recovery experience for young adults ages 18 to 26, we offer life skills coaching, college and vocational training programs, and supportive sobriety communities. You’ll join a community of sober young adults who are developing the financial, personal, and social skills to pursue a purposeful life. Call 866-930-4673 now to learn more.

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