As college students, what you're most probably concerned about are your grades, friends, clothes, or the allowances that you obtain from your parents. At your age, the topic of retirement may not strike you just yet. But understand that the earlier you plan for it and take some actions, the better quality of life that you can expect later on.
You might have seen or heard your parents discuss this or they might have already given you the principle behind it. But since you're still studying, the problem in your mind is "how to plan retirement"? You want to delve deeper into how you manage your budget. Make an effort to monitor all your incoming and outgoing cash by starting a financial records book or journal. List down all transactions everyday so you will see how much actually goes to valid needs and how much is spent on non-essential things.
Apply for and maintain a brand new bank account. Do not spend everything that you make from your part-time job wages or monthly allowances. Make it a point to allot a certain percentage from what you get and put it in your savings or retirement fund. Accomplish this simultaneous with your daily monitoring of expenses. As you cut down on unnecessary expenses such as clothes shopping, movies or dine outs, reallocate these savings to augment your savings bank account.
The fact that you haven't even started a career yet makes investing or purchasing a property as an investment seem impossible to accomplish. But applying for a loan to pay for a house or to use as capital for a business venture later on will be easy if you have good credit standing. It's in this regard that you have to understand that credit history is one of the standards that credit investigators and analysts are looking at before you may be granted a loan. This is applicable to your credit card use or whatever prerequisite the lending company will ask you to submit.
Do not let feelings of disappointment win over you if you perceive that the amount of money that you have is too little. What's important is your will to follow and abide by the above-mentioned retirement planning tips while you are still in your teens or early 20s. If it is saved and used properly, you can definitely look forward to a good life when you retire.
You might have seen or heard your parents discuss this or they might have already given you the principle behind it. But since you're still studying, the problem in your mind is "how to plan retirement"? You want to delve deeper into how you manage your budget. Make an effort to monitor all your incoming and outgoing cash by starting a financial records book or journal. List down all transactions everyday so you will see how much actually goes to valid needs and how much is spent on non-essential things.
Apply for and maintain a brand new bank account. Do not spend everything that you make from your part-time job wages or monthly allowances. Make it a point to allot a certain percentage from what you get and put it in your savings or retirement fund. Accomplish this simultaneous with your daily monitoring of expenses. As you cut down on unnecessary expenses such as clothes shopping, movies or dine outs, reallocate these savings to augment your savings bank account.
The fact that you haven't even started a career yet makes investing or purchasing a property as an investment seem impossible to accomplish. But applying for a loan to pay for a house or to use as capital for a business venture later on will be easy if you have good credit standing. It's in this regard that you have to understand that credit history is one of the standards that credit investigators and analysts are looking at before you may be granted a loan. This is applicable to your credit card use or whatever prerequisite the lending company will ask you to submit.
Do not let feelings of disappointment win over you if you perceive that the amount of money that you have is too little. What's important is your will to follow and abide by the above-mentioned retirement planning tips while you are still in your teens or early 20s. If it is saved and used properly, you can definitely look forward to a good life when you retire.
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