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How to Manage Bills in College
from:Students generally find it very challenging when learning to pay
their own bills. It is just new territory and setting limits on
yourself is not always the easiest thing to do. Until college,
your parents probably took care of all of the financial
responsibilities of the family. Learning to teach yourself how
to budget and make responsible on-time payments is easier said
than done.
College is about more than getting your degree. It is literally
about learning to live a responsible adult life. Getting your
degree is only the first step in setting yourself up for a
financially secure future. Paying your bills on-time may sound
like a small part of college, but really it can have a
long-lasting affect on your life.
Many students blow off a bill to take a weekend trip with their
friends, go shopping, or in some cases, buy groceries! The truth
is, many people only become educated about the ramifications of
missing payments by actually missing them. This can take a very
long time to recover from and it really is not worth learning
the lesson the hard way.
Unfortunately, many people are under the false impression that a
penalty fee is the only repercussion to paying a bill late. This
may even seem true for a little while, until it is too late. You
go to buy that first car or home and you simply get denied. This
is because utility bills, rent, credit card bills and student
loan payments all flag your credit when you miss a payment.
After a couple of flags, you suddenly are labeled as a person
who overextends themselves financially and then does not manage
their time or money well. Once you are seen this way, it can
take years of on-time payments to prove otherwise.
Even one late payment can blemish your record. This means that
if you do qualify to buy that house or car, you will end up
paying a lot more than your peers. This is because banks and
loan institutions will require a lot more money down to cover
the loan. They will also charge you a much higher interest rate
than people that pay their debts on-time. Many mortgage
companies require that all bills be paid on-time for at least
one solid year before they will approve a loan at any interest
rate.
The bottom line is that you really have to take every single
bill seriously. Keep your credit as clean as possible so that
you can eventually qualify to buy a house or car at low enough
rates to afford it. Make sacrifices to pay your bills on-time.
Have your paychecks direct deposited if possible and have your
bills automatically withdrawn the day after your paycheck
clears. Open a second bank account that is specifically for
money other than your bill money so that you do not accidentally
dip into your bill funds before you get the chance to pay them.
Take every precaution necessary to keep your credit card
payments, student
loans, and utility bills paid in full and on-time.
About the author:
Evelyn Saunders, a retired teacher, is the editor for student-loans.net, a provider of student loans and
information on how to get private student loans as well as consolidation. For more information, please visit http://www.student-loans.net.
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