You’re probably a recent high school graduate who is preparing for the upcoming college semester. Maybe you have taken a break from the classrooms (or virtual learning), and are ready to take on a brand new chapter in your education. Those pricey expenses and student loans can quickly add up and leave college students in an extreme amount of school debt. Being on their own can introduce new financial challenges, making it difficult for many college students to manage their money. Taking a look at these expenses can help you avoid college debt and keep more cash in your pockets with these money-saving tactics.
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The first step is to create a budget plan, but before doing so, take into consideration the people involved in financing your college education. Communicating these expenses will give everyone an idea of what is coming out of whose pocket and how. Whether it’s out-of-pocket costs, financial aid, or scholarships, having this agreement about your finances will benefit you in the long run.
Setting a budget is crucial when saving money. Budgeting helps you track your monthly expenses and gives you knowledge on where your money is going and what you need to cut back on. Aside from your college tuition, think of any additional expenses you need to pay for like textbooks, transportation, living arrangements, etc. Keep in mind your wants and needs and minimize your spending on unimportant things.
Set Budgets and Avoid College Debt With the New Digit App
Digit app reviews are really good , they store your info safe and the app is really good when it comes to helping people save. Managing your money in college can be made simple by tracking your expenses with the new Digit app. Digit is a mobile app that allows you to save money, make investments, pay off debt, and prevent overdrafts. When you link your bank account, it will describe your previous expenses. Every two to three days, Digit will withdraw about $5 to $50 out of your bank account and into an insured Digit savings account. Digit offers a free trial membership for 30 days. Once the trial period is complete, your Digit membership will be $5 per month.
The Digit app offers a less complicated way to track your bills. With your Digit subscription, you will save up to almost $2,000 per year. You can set goals for your savings like emergency funding. Digit allows you to withdraw unlimited funds as often as you wish, with the option to can receive instant payment for just $0.99. Moreover, Digit carries an overdraft prevention policy which will allow them to take money out of your savings account and place it into your checking account.
College students can now pay off student loan debt quicker using the new “Student Loan Payments” option. Simply activate the “Student Loan Payments” tool and build a goal. If you are a current Digit member, you can alter your saving goals to an amount that works for you. Once enabled, Digit will do the hard work by helping you save money and make further payments on your student loans, additionally to your minimum payments.
