Op-ed: College students and the finacial struggle

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by Tyler Aragao

College students often struggle mightily with their money management and these financial issues can lead to debt and affect classroom performance.

There are a multitude of reasons for college students struggling financially. with the number one being credit cards. Jeremy Vohwinkle discusses in his article Money Mistakes College Students Make how credit cards have become a big reason for financial issues among college students and young adults. Possessing a credit card makes it easy to spend money. However, it also makes it easy to lose track of that spending. This leads to poor credit scores and credit card debt. Maintaining  a solid credit score is something Vohwinkle stresses young people to do.

It is not just poor use of credit cards that is dooming college students financially, it’s also a lack of budget. While students constantly spend, most never really stop and look at what they’re spending money on. This leads to having no money or being in debt. Vohwinkle highlights the importance of a budget and how a simple budget plan can simplify spending. Doing something as simple as managing good credit and developing a budget are effective ways for college students to combat the debt they will most likely face as they pay for school, loans and other things.

It is no secret college tuition has gone up dramatically. With things only getting more expensive it puts more stress on students to spend their money wisely. Managing finances can be stressful for anybody, but seven out of ten college students say they’re stressed out about their finances. Sixty percent of students say they worry about having the necessary finances to pay for school and thirty-two percent of students say they’ve neglected their studies due to the money they owe, according to the Ohio State University.

College students can better their financial habits. Establish a budget, monitor credit, develop saving habits and take advantage of discounts. These are various ways students can establish strong financial habits, habits that will pay dividends once they enter the perils of the “real world.”

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