I can’t believe both my sons are almost ready to transfer to a university. However, as a parent with college kids, I know how important it is to guide and teach them the value of financial management. Unfortunately, my parents didn’t teach me this skill, so I know firsthand that learning how to manage finances and create wealth is a crucial skill that will benefit my boys throughout their entire lives. Lucky for them, with the advancement of technology, there are now many financial management tools available for college students. These tools can help them create budgets, invest in stocks, manage their expenses, borrow money, and even prepare for taxes. So I thought today’s story would cover Best Financial Management Tools for College Students.
Best Financial Management Tools for College Students
Learning how to manage finances and create wealth is an important skill for anyone. When you first get out on your own, everything is new. Creating budgets, learning to invest, and even doing taxes can all be very overwhelming for college students. Thankfully, modern students have access to some of the best financial management tools in history. Not only can they budget from their phone, but they can easily pay bills, borrow cash when things are tight, and more. Here are some of the best financial management tools for college students to consider.
One of the easiest ways to track spending habits and be sure to spend only what you have is to create and use a budget. A budget helps you plan where your money will go, and then make sure it goes there. It helps reduce the likelihood of overspending on your Amazon wish list or forgetting that you have a car payment due this month. Using a budget helps you to see if there are any areas where you might tend to spend a little extra as well. There are numerous budgeting apps on the market that can help college students create and manage their budgets more easily.
College students who want to get a head start on investing can use apps like Robinhood or Coinbase if they want to try their hand at cryptocurrency assets. By investing only a few dollars at a time, these apps can help savvy college students learn how to grow their wealth before they even step into their career field. These investing habits will set them up for a successful future. As they learn more about investing, they can even find other ways to buy stocks and bonds for long-term holdings, day trading, and more. These apps even make it easy for college students with a low risk tolerance level to get started.
Money Lending App
Sometimes your paycheck is delayed or a college student is waiting for student loans to help pay the bills. A money lending app can help them easily bridge the gap. Plus, they are a fantastic way to build credit so that later you can borrow money to buy a house, a car, or anything you need. Some lending apps allow you to even loan money to family and friends in a convenient way.
Tracking your expenses, income, receipts, and more can get very overwhelming. You need this data to help you when tax season rolls around, but bookkeeping your personal finances can feel unnecessary to some college students. Tracking your data can help you maximize your returns. This is why a bookkeeping app like Wave can be so beneficial. You can save receipts electronically, track your odd jobs and income, as well as document and categorize your expenses. You can even pull reports to look for trends in your finances.
Banking on the go is so easy nowadays. Most banks offer their own apps that allow you to check balances, pay bills, and even set aside money easily into savings accounts. Plus, you can make transfers to family or friends by using something like Zelle if your bank offers it. You can even use a banking app to do mobile deposits so that you can put money into your account even if you can’t get to a bank nearby.
Tax Preparation App
Preparing for taxes can ensure that you get the most out of your tax returns and that you get all the deductions you qualify for. Tax preparation apps are a great way to get organized and stay on top of everything you need for taxes. You can use these apps to find deductions and tax credits, as well as file your taxes electronically. They also allow you to keep track of your expenses so that when it comes time for tax season, all the information will be there.
College students have more financial tools available to them than ever before. There are so many apps in each of these categories to consider using. By learning how to invest wisely, create and use a budget, and even borrow money shrewdly, college students can start creating a great financial future before they even graduate.