Part 1: While You’re In School
Nathan Carmany, a Purdue Alumnus, is a Certified Financial Planner for Watermark Wealth Management
The spring semester is underway. Companies are recruiting and having conversations with
your professors about ideal candidates. You attend networking events, purchase new interview clothes, and hopefully land the perfect position for the summer. To stay ahead of your finances, you need to make a conscious plan for your earnings.
PAY HIGH INTEREST RATE CREDIT CARDS
The average balance for a college student in 2013 was $499. The average interest for student credit card interest is 13.42% stated as an APR, however, the effective rate after compounding daily is actually 14.34%. What better way to cut expenses than eliminating high interest obligations?
CREATE A SPENDING PLAN
Consider creating a spending plan for the summer and school year to stretch the duration of the funds. Paul Arden stated, “Don’t look for the next opportunity. The one you have in hand is the opportunity.” Think about what opportunities you may put into your own hand with a well thought out spending plan.
PAY FOR YOUR SUMMER CLASSES
Don’t overlook that your credits for the summer internship can cost money. Why not use some of the funds to possibly pay for those? Reduction of your total amount borrowed before interest is capitalized and recommended for faster loan payoff.
Be on the lookout for Part 2: Post-College Tips on Friday, March 11th.