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Time Business News
28-05-2025
- Business
- Time Business News
How to Manage Money as a Student: Budget Tips for College Success
Managing money as a student isn't just about skipping lattes or buying used textbooks. It's about building smart habits that stick with you long after graduation. When you're balancing tuition, living expenses, and limited income, every dollar counts. And while budgeting may sound like a chore, it can actually give you more control and peace of mind. Here's a practical, step-by-step guide to help you get a handle on your finances during college—and set yourself up for long-term success. The first rule of money management is knowing what's coming in and what's going out. Start by listing all your sources of income—whether it's part-time work, a scholarship stipend, parental help, or financial aid. Then, break down your monthly expenses. This includes: Rent and utilities Groceries Transportation Phone and internet Tuition and fees (if not paid up front) Subscriptions and entertainment Categorize them into 'needs' and 'wants.' This doesn't mean you can't have fun. It just means you need to know where your money's going so you can make intentional choices. Apps like Mint and YNAB (You Need a Budget) make this easier by tracking spending and helping you set limits for each category. Once you have your budget mapped out, fund your essentials first. Rent, utilities, groceries, and tuition payments should always be covered before discretionary spending. A common budgeting rule is the 50/30/20 model: 50% of your income goes to needs of your income goes to needs 30% to wants to wants 20% to savings and debt repayment While this may not fit every student's situation perfectly, it's a solid starting point. Adjust the percentages based on your actual income and obligations, but don't let savings drop to zero. College students have access to a surprising number of perks—if they know where to look. From transportation and software to restaurants and streaming services, student discounts can significantly reduce everyday costs. Websites like UNiDAYS and Student Beans compile current offers and exclusive deals. Many major brands also offer educational pricing directly on their websites. For example, companies like Apple and Adobe have special pricing for students that can save you hundreds of dollars a year. Using student discounts wisely allows you to afford the things you enjoy without sacrificing your financial goals. Life is unpredictable. A sudden car repair or medical bill can derail your entire budget if you're not prepared. That's why even a small emergency fund matters. Start with a modest goal: $300 to $500. Keep it in a separate savings account, ideally one that earns a bit of interest. This buffer will help you avoid relying on credit cards or borrowing money when the unexpected happens. Remember, the point isn't to save thousands overnight. It's to develop the habit of saving consistently, even in small amounts. Credit cards are useful tools—if used correctly. They can help you build a credit history, which you'll need for future goals like renting an apartment or buying a car. But they can also be dangerous if you treat them like free money. Here's a smart approach: Use your card for small, planned purchases (like gas or groceries) Pay off the full balance each month Avoid using more than 30% of your credit limit And never take out a credit card just for the rewards. If you're not confident you can manage it, stick to cash or debit until you are. Between classes and assignments, your time is limited. But even a few extra hours of paid work each week can make a difference. Look for jobs that fit your schedule and skill set: On-campus jobs (library, tutoring, front desk) Freelance work (writing, design, coding) Part-time remote gigs (customer service, virtual assistant) Some students also explore work-study options, which are often more accommodating to academic responsibilities. Just be sure your job doesn't interfere with your grades. The return on your education is your top investment. Budgeting isn't something you do once and forget. Your expenses and income will fluctuate, especially in college. Check in at the end of each month and adjust your plan. Ask yourself: Did I overspend in any category? Are there recurring charges I can cut? Did I save as much as I planned? Over time, you'll get better at spotting trends and avoiding financial pitfalls before they happen. You don't need a finance degree to understand how to manage your money. But you do need to know the basics. Look up concepts like: Interest rates Student loan repayment options Budgeting strategies Credit scores Resources like Investopedia offer clear explanations and guides that are beginner-friendly. The more you know, the better decisions you'll make—and the fewer financial regrets you'll have later. Managing money as a student isn't about being perfect. It's about being proactive. Every meal you cook instead of ordering, every discount you claim, and every dollar you save adds up. These small steps create a mindset of responsibility and independence that will serve you well beyond college. It's not always easy, but it's always worth it. Start now, and you'll thank yourself later. TIME BUSINESS NEWS
Business Insider
25-05-2025
- Business
- Business Insider
I retired at 52 and only have enough money to be financially secure for the next year. I'm still happy with my decision
Walter Green worked in IT for 30 years before retiring in 2024. His job's retirement fund match and a six-figure inheritance allowed him to retire early. Green said he doesn't mind working part-time or pulling from investments in the future. This as-told-to essay is based on a conversation with Walter Green, 52, from Northwest Arkansas. It's been edited for length and clarity. I officially retired from my 30-year career in technology at the end of 2024, at the age of 52. When both my parents passed away, at 85 and 91 respectively, it recentered my priorities. I always thought I'd work until the typical retirement age, 65 or 70, but I realized I wanted to retire while I was still young and healthy enough to enjoy it. I experienced euphoria after retiring, but it's not all easy. I don't have enough money to go the rest of my life without working My job gave me a generous retirement match, which I had contributed to for many decades. I also received a six-figure inheritance from my parents, which was the bump that made me really believe I could retire earlier than expected. Still, it's not enough to stop working for the rest of my life. There's this widely accepted idea that retirement means you're done working for good, but I see it as a new phase for me to fill as I'd like. It's a great season to take some time off and do jobs that perhaps pay less but can provide a lot of fulfillment. Before retiring, I started tracking my costs very closely Before retiring, I started using You Need A Budget or YNAB, an online service with a subscription fee. I wanted to truly understand how much money I needed to cover essential needs while feeling comfortable doing some extra fun things here and there. There are some common retirement guideposts to follow, like the 4% rule or having 25x your income in savings, but for me, it felt most important to stick to my basics: food, healthcare, utilities, transportation, and veterinary care. I've used websites such as Boldin, FI Calc, and Honest Math, which have free tools that allow me to view my savings aggregately, predict investment returns, and project future expenses. Retiring was a scary decision, and it felt like a lot was at stake I had some hesitation because what if I found myself in a tough financial position after I quit my job? I questioned whether I'd be able to go back to my old employer or even get a job as an older person with a career gap. I also worried whether it was responsible to potentially impact my family — my wife, who does not work, and our three adult children, who depend on me — by making this decision. The economy changes, personal things happen, and I have a general plan, but I am ready to tweak it as needed. An important aspect of my retirement plan is flexibility. I'm loving my freedom, but it's been stressful spending money I'm loving the slow mornings and freedom of retired life, but it's been stressful spending money without having a paycheck coming in. I have to keep reassuring myself that I have the financial resources to spend money and go do fun things. I'm still fine-tuning my budget, but I find reassurance when I go back to my spreadsheet and see that I have at least enough money to be fully secure for the next year. Despite not having a steady paycheck, I'm happy with my decision I see retirement as a blank canvas of endless opportunity. I can choose to work again full-time, volunteer, or work part-time; it doesn't matter. It's a new chapter of life to find purpose, and I can't wait. I probably think about budgeting and money more than I should, but I've redefined what retirement means to me.
Hamilton Spectator
20-05-2025
- Business
- Hamilton Spectator
New to finance apps, trackers and spreadsheets? My pro tip guide to getting started
It doesn't matter how simple or fancy your financial tools are, the only way your money situation will improve in these turbulent economic times is through consistent effort to try to make it better. That means developing good spending and savings habits. If you're committed to that, selecting the right tools for your situation gets easier. Here's what you need to consider as you wade through the thousands of options. Different tools are designed to excel in specific areas, and that's a good thing. Are you wanting to focus on budgeting, which involves tracking daily expenses, income, bills and recurring subscriptions? Is your priority saving? Perhaps you have specific targets for an emergency fund, down payment or vacation. Is debt reduction most important? There are tools for managing loans, paydown calculators and even your credit score. Do you want to start investing, or simply progress the investments you already have? Once you're clear, your search for the best tools becomes easier and you're less likely to end up with one that only does part of the job you need it to do. I've supported students with math degrees who can't work through simple budget spreadsheets, and artists who leverage AI to paint themselves a literal picture of future retirement income. Everyone is unique. The right tools are out there for your style, in your preferred colour scheme, level of detail, degree of automation and more. How do you thrive when learning something new or trying to get better at a skill? Are you a mobile-first or desktop user (small screen vs. big screen vs. face ID or not)? Do you like to manage money daily, weekly, monthly? My pro tip here is that you should be looking at your money situation a minimum of once per week. Do you like when you get to DIY a lot of the inputs, or prefer it to be automatic? Are you someone who appreciates incredible detail (YNAB and Monarch Money do that, btw), or are you better served with basic overviews like in the free version of Goodbudget? When in doubt, start with a more simple tool. Some tools directly connect to your bank accounts so they can pull balances, transactions and other data that help formulate key insights, like categories of spending that seem to be problematic or investment portfolios that appear off-balance. But you might not be comfortable sharing your personal data with these tools and apps. Perhaps you are, but need to do a deep dive on how security measures work, like bank encryption and t wo-factor authentication . If you're worried about security, you can always take the path of manually updating your own data into a spending tracker, budget or net-worth spreadsheet, and deduce things like investment performance via quarterly and annual performance reporting from the financial institution that holds the accounts. The same goes for debt-payoff calculators; updating remaining balances each week as you crush the highest interest ones first. If you need a hand figuring out what all the numbers mean, a financial adviser or money coach can help you digest this information and provide you with customized insights. They'll almost certainly charge a fee for this service, so keep that cost in mind. No matter your comfort level, I recommend automating as many of your bill payments as possible so they never get forgotten. If you're up for some personal reflection, keeping a money journal can be super helpful as a place to jot down goals and process any big feelings you might be having about your finances — it's nearly impossible for an app to help with that! Some tools are free and others are paid, and certainly if you're leveraging any kind of investment platform you'll be paying fees associated with the particular investments and level of service you've subscribed to. Factor the costs into your budget just like you would for a subscription to Netflix. I also recommend taking advantage of the free trial period before you sign up. Paid budgeting and net-worth monitoring apps typically cost about $100 over the course of a year, but fees vary widely, promo periods end, service tiers change. Keep in mind these tools should be giving you powerful insights to help save you money; if they're not doing that, especially if they're not even covering their costs, they, or your habits, aren't working for you. If you've had a hard time sticking with programs or tools in the past, choose simpler, free financial tools rather than feature-rich platforms you'll abandon quickly and waste money on. Now it's time to search for tools that will work for you, and AI can really help. Input prompts like 'highly detailed spending tracker for a hands-on learner' or 'seeking best free mobile app for checking credit score in Canada' or 'insights-driven net-worth trackers for ETF investors under $15 per month.' Compare the results with recent user reviews on Reddit, Google, app stores and in community groups. As an example, I belong to 'Moms at Work' on Facebook and we are always chatting about money, new personal finance tech and more. Consistency with budgeting, spending wisely, investing and saving is the secret ingredient to financial success. And consistency, though not easy, is free. There is no app required for that.
Toronto Star
20-05-2025
- Business
- Toronto Star
New to finance apps, trackers and spreadsheets? My pro tip guide to getting started
It doesn't matter how simple or fancy your financial tools are, the only way your money situation will improve in these turbulent economic times is through consistent effort to try to make it better. That means developing good spending and savings habits. If you're committed to that, selecting the right tools for your situation gets easier. Here's what you need to consider as you wade through the thousands of options. Figure out your financial priorities Different tools are designed to excel in specific areas, and that's a good thing. Are you wanting to focus on budgeting, which involves tracking daily expenses, income, bills and recurring subscriptions? Is your priority saving? Perhaps you have specific targets for an emergency fund, down payment or vacation. Is debt reduction most important? There are tools for managing loans, paydown calculators and even your credit score. Do you want to start investing, or simply progress the investments you already have? Once you're clear, your search for the best tools becomes easier and you're less likely to end up with one that only does part of the job you need it to do. ARTICLE CONTINUES BELOW Honour your learning style I've supported students with math degrees who can't work through simple budget spreadsheets, and artists who leverage AI to paint themselves a literal picture of future retirement income. Everyone is unique. The right tools are out there for your style, in your preferred colour scheme, level of detail, degree of automation and more. How do you thrive when learning something new or trying to get better at a skill? Are you a mobile-first or desktop user (small screen vs. big screen vs. face ID or not)? Do you like to manage money daily, weekly, monthly? My pro tip here is that you should be looking at your money situation a minimum of once per week. Do you like when you get to DIY a lot of the inputs, or prefer it to be automatic? Are you someone who appreciates incredible detail (YNAB and Monarch Money do that, btw), or are you better served with basic overviews like in the free version of Goodbudget? When in doubt, start with a more simple tool. Check your comfort level with certain features Some tools directly connect to your bank accounts so they can pull balances, transactions and other data that help formulate key insights, like categories of spending that seem to be problematic or investment portfolios that appear off-balance. But you might not be comfortable sharing your personal data with these tools and apps. Perhaps you are, but need to do a deep dive on how security measures work, like bank encryption and t wo-factor authentication. If you're worried about security, you can always take the path of manually updating your own data into a spending tracker, budget or net-worth spreadsheet, and deduce things like investment performance via quarterly and annual performance reporting from the financial institution that holds the accounts. The same goes for debt-payoff calculators; updating remaining balances each week as you crush the highest interest ones first. If you need a hand figuring out what all the numbers mean, a financial adviser or money coach can help you digest this information and provide you with customized insights. They'll almost certainly charge a fee for this service, so keep that cost in mind. No matter your comfort level, I recommend automating as many of your bill payments as possible so they never get forgotten. If you're up for some personal reflection, keeping a money journal can be super helpful as a place to jot down goals and process any big feelings you might be having about your finances — it's nearly impossible for an app to help with that! ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Paying for tools won't guarantee results Some tools are free and others are paid, and certainly if you're leveraging any kind of investment platform you'll be paying fees associated with the particular investments and level of service you've subscribed to. Factor the costs into your budget just like you would for a subscription to Netflix. I also recommend taking advantage of the free trial period before you sign up. Paid budgeting and net-worth monitoring apps typically cost about $100 over the course of a year, but fees vary widely, promo periods end, service tiers change. Keep in mind these tools should be giving you powerful insights to help save you money; if they're not doing that, especially if they're not even covering their costs, they, or your habits, aren't working for you. If you've had a hard time sticking with programs or tools in the past, choose simpler, free financial tools rather than feature-rich platforms you'll abandon quickly and waste money on. Now it's time to search for tools that will work for you, and AI can really help. Input prompts like 'highly detailed spending tracker for a hands-on learner' or 'seeking best free mobile app for checking credit score in Canada' or 'insights-driven net-worth trackers for ETF investors under $15 per month.' Compare the results with recent user reviews on Reddit, Google, app stores and in community groups. As an example, I belong to 'Moms at Work' on Facebook and we are always chatting about money, new personal finance tech and more. Consistency with budgeting, spending wisely, investing and saving is the secret ingredient to financial success. And consistency, though not easy, is free. There is no app required for that.
Yahoo
08-05-2025
- Business
- Yahoo
I'm a Financial Advisor: This Is the Worst Possible Way To Pay For Groceries
Buy now, pay later (BNPL) broke onto the scene as a payment method in the past few years with the premise that it's superior to credit cards because it promises not to charge interest, and can break larger sums into smaller, more manageable payments. Find Out: Read Next: It's become a popular form of payment, as evidenced by a Lending Tree survey that found that 25% of respondents are buying their groceries this way (up from 14% in 2024). Christopher Stroup, CFP and owner of Silicon Beach Financial, warned that BNPL may seem like a better deal, but it actually isn't. BNPL turns recurring expenses into future debt, Stroup warned. 'When you're financing perishable goods, you're committing income you haven't yet earned to purchases you've already consumed.' This leaves you vulnerable to overdrafts, missed payments and a cycle of dependence on short-term credit. Check Out: BNPL can also encourage overspending 'by minimizing the psychological pain of paying,' Stroup said. It may feel like a 'free solution,' but late fees, overdraft charges and the risk of stacking debt across platforms can quietly destabilize your finances, especially when used for nondiscretionary items like groceries. Another problem is that frequent BNPL use 'can fragment your budget and obscure your true cash flow,' Stroup said. Many services don't report on-time payments but will report missed ones, which hurts your credit. Over time, this erodes your ability to plan, save and invest with intention. While 'zero percent' is tempting, Stroup said it doesn't mean zero risk. 'You're still creating debt. Miss one payment and you may face fees or credit damage.' Plus, relying on BNPL for essentials is likely a sign of a deeper cash flow problem that needs solving, not financing. Before leaping onto a BNPL solution, Stroup urged consumers to start with a clear budget that prioritizes essentials. Use things like cash-back debit cards or high-yield checking accounts for everyday spending. Explore local food co-ops or assistance programs. 'If cash flow is consistently tight, revisit fixed expenses or negotiate recurring bills before reaching for credit,' he said. Support yourself with budgeting, shopping or spending tools like YNAB, Goodbudget or Rocket Money to help track spending and set grocery limits, he said. Also look into community-supported agriculture (CSA) boxes, local food banks and double-up food buck programs to stretch your dollar without relying on credit. Start by redefining what 'relief' really means, Stroup said. Temporary fixes like BNPL only delay discomfort. 'Real relief comes from clarity: knowing where your money's going, building margin into your month, and making intentional trade-offs that support your future self.' More From GOBankingRates 5 Types of Vehicles Retirees Should Stay Away From Buying How Far $750K Plus Social Security Goes in Retirement in Every US Region 4 Things You Should Do if You Want To Retire Early 12 SUVs With the Most Reliable Engines Sources Matt Schulz, 'BNPL Tracker: 41% of Users Late in Past Year, More Using Loans for Groceries' (Lending Tree) Christopher Stroup, Silicon Beach Financial This article originally appeared on I'm a Financial Advisor: This Is the Worst Possible Way To Pay For Groceries
