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Help College Students Manage Money and Student Loan Consolidation

Updated on October 1, 2012

Money Management

There are so many ways to help students and manage their money and student loan consolidation is one way that may help! Help is the word used when trying to teach young people to manage money. Of course its not all young people but if there was a crash course on how to help college students manage money in this economy, I'm sure some parents would make sure their sons and daughters took that course. In some cases it is like teaching a child to read. Like reading, some become really good at it and some just never grasp it very well. I guess we progress with money management in steps just like learning anything else. Its just that it seems as though some of the steps would not be so difficult seeing as they are at an age where they may have had to do some of this before. It may be difficult to teach young people about money management because they have just never paid attention to the nitty gritty task of how to manage money in the past. Now they must learn. As those college bills, student loans and growing debt starts to multiply, students should consider student loan consolidation and debt consolidation to manage their payments.

It Would Be So Easy If I Had A Money Tree

Wish I had one of these
Wish I had one of these

Manage Money and Consolidate Loans

Step One: Teach them that Money Trees are not real.

Step Two: Figure out expenses

Step Three: Figure out a weekly budget

Step Four: Consider extra expenses that may arise

Step Five: Tech them to be conservative

Step Four: Look into ways to consolidate loans

Expand On The Steps To Manage Money

Many young people have been given things most of their lives. Cell phones, gifts, first car etc. Many working parents have taken on the responsibility of paying cell phone bills, paying for expensive gifts (for instance a T.V. for their room) and paying for car insurance. Eventually, it is time for the child who has now grown into a young adult to realize that money really does not grow on trees and that someone works to pay for these things. Eventually, they will be in that position hopefully. Going to college and getting an education may be that first step but also learning to manage money in college is important as a first step in being able to manage money down the road too.

One of the most important things to help a college student become aware of is what kind of expense will come up on a regular basis that need to be paid for. Is there rent due, are there utility bills that will need to be paid. Who will be paying for Cell [phone, internet, food and gas. Whether, a school loan or a part time or full time job are helping to pay these, it is important to figure out how much money is needed to cover the costs and how much is available. For most young people (college age), this is the first time they have had to worry about these types of concerns. It's not an easy chore to take care of all of them but it's when they are most ready to learn and when they have to learn.

Tips For Managing Money With Growing Student Debt

With help, these tips for the college student who is learning how to manage money with growing debt is usually successful but never without a few bumps in the road when it comes to expenses. Without help figuring it all out, it can be disastrous. On the other hand, it just comes natural to some.

A few tips for managing money while in college may include:

1. Use the money for what it is intended for

2. Make a monthly or weekly or even daily budget and stick to it.

3. Find more ways to make money while in college to help with the expenses.

4. Find how others have been successful at managing their money while in college

5. Take a course that teaches how to manage money and follow some of those principals.

6. Pay down student debt whenever you may have an opportunity

7. Always consider new ways to earn income.


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