Student Financial Planning

Student financial planning is an essential skill that can lead to a lifetime of responsible monetary habits. Learning about debt, savings, and even retirement at an early age can give students the tools they need to reach their long-term dreams without making common mistakes that plague many adults. Students often receive information about successful personal finance organizing from many places as they become young adults. Some of these influences, like credit card advertisements, often isn't in the best interest of students. This is why the advice of a student financial planning expert can be a valuable resource to students in high school, college and beyond.

As students sort through well-meaning advice from parents, unsolicited words from friends, advertisements from credit card companies and financial aid packets from colleges, it is sometimes difficult to determine where misinformation lies. A financial planning advisor can help young adults understand how money works so that students can make smart decisions for themselves, both for their immediate and distant future. It's never too early for a student to seek professional advice from a financial expert.

Planning for College

Paying for college is often the first big monetary decision that a student faces. While still in high school, students must decide whether to attend a private university, a state school, a local community college or a vocation school -- all of which will require a significant investment for an expected return. While some students are lucky enough to have parents who can cover their tuition, most high school graduates will pay for their degrees with a combination of financial aid, student work programs and long-term loans, giving students some serious money-related issues to consider as they start planning their futures.

College is also the first taste of monetary freedom for many young adults, who are often inundated with credit card applications and pressures from friends to spend money on spring vacations or weekend entertainment. Because of the mistakes a student can make by racking up high-interest credit card debt or failing to prepare for new expenses like student loans once they graduate, student financial planning with a professional finance advisor can be as important to a student as choosing a major or meeting with an academic advisor.

Even before approaching their college years, students can start learning good money habits by becoming involved with the family finances. Learning the crucial basics of savings, debt management and the importance of planning ahead for retirement from a personal finance advisor can help kids understand and respect the value of money. Planning for a long-term goal like buying a bike or going on a school trip also gives kids an early taste of what it's like to save for something they want and connect delayed gratification to long-term happiness. The lessons kids process at a young age will help them as they learn more about student financial planning.

Beyond Graduation

After young adults graduate, the student financial planning they learned in college will be put to an immediate, sometimes eye-opening test. Tasks that have become routine for financially savvy adults, like planning a budget, securing health insurance or enrolling in a 401k plan, can seem overwhelming as new graduates face many new decisions at once. Add the overload of starting a new job and moving to a new city, as young adults often do, and new graduates can let the stress of their situation get them into immediate financial trouble. A professional finance advisor can help young adults start their new lives without developing poor spending habits or seeping into credit card debt.

One of the most basic, yet important skills that a student financial planning expert can teach new graduates is simply how to live within their means. Learning to create a budget that covers necessary expenses and life's little pleasures without having to draw from parents or credit cards, even if it means getting a second job, is one of the best lessons a new graduate can take from student financial planning. Student financial planning also teaches young adults about the importance of preparing for retirement, something many people ignore much longer than they should. Contributing to 401k plans or individual retirement accounts before age 30 allows compound interest to build for decades, leading to a significantly enhanced nest egg.

Good financial habits are best formed at a young age, when the impact of smart decisions can mean big returns thanks to compound interest, while poor habits can be easily corrected. Finding a local professional finance advisor can help students learn about saving for emergencies, putting money aside for retirement and avoiding high-interest credit card debt. When it comes to student financial planning, seeking the advice of a finance expert is one of the best ways for young adults to learn good monetary practices for life.

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