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How Millennials Can Start Being Financially Responsible

Financial advice when we are young adults is a rare commodity. To have been personally a student for 8 years, very few advisers came to explain to me the basics of personal finances. But here I am to give my list of 5 small financial tips for serious students or millennials!

I believe if there is a time during which it would be pertinent to have good financial advice it is when one begins to sail with one’s own wings. However, very few counselors are interested in helping students. These advisors have nothing to gain because student wealth is often in the red, especially if you are a young student. From watching severalfox news stream and reading numerous investment experts, I came up with my 5 tips easy to set up when you are a student. The goal is to start your financial life on the right side.

Optimize your income and expenses

You may have earned income or a student loan. It can become easy to spend more than you earn. Review your expenses with a magnifying glass. If everything is practically essential, try to get credit (margin or credit card for example).

Obviously, in this case, impose these basic rules to build your credit properly:

• Repay the balance of your credit card monthly;
• Respect your commitments to banks;
• Keep a budget to know where you are going!
• Think of insurance even if you are young

The world of insurance has its impacts at every stage of your life. As a student, if you are like me at the time, you love traveling and enjoying the summer to escape. But be careful; think of bringing you insurance so as not to jeopardize your school year.

For example, it can cost you terribly much to be sick or have an accident abroad. Good travel insurance will prevent the worst. It is really easy to ruin your schooling with one of these necessary expenses .

How to repay your credit

A student often lives on credit. Without good savings, it may be impossible to repay certain loans. This is the best way to have a bad credit and start your financial life on the wrong foot.

To avoid this situation, it is possible to subscribe to insurance that will complement your repayments for you if a something unexpected happens to you… while maintaining a good financial image in front of banks…

How to use financial products

By starting your financial life, it becomes tempting to use credit cards with some care. Therefore, do not live above your means. Banks will be happy to lend you money, but all this generosity is at a price.

There are often student credit cards (with low rates). I know there are even products deferring interest rates. Interesting right!

Protect Your Credit Rating

Start developing healthy financial habits early. Maximize your borrower behavior to build a good credit history. You will be happy when purchasing your first home. This is important since your credit history shows the lender whether he can trust you or not!

As a homeowner, I systematically check the credit records of my future tenants. Protect your credit rating from seriously impacting your current and future financial life.

This was posted in Bdaily's Members' News section by brad sugar .