Happy Frugal Student
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About this ebook
This book is a guide for students and parents of students with regards to finance. It has information on how to educate children in matters of finance and what types of tips and guidelines to give them. It has advice on student loans, topping up loan amounts, making a budget and being frugal.
Rachel Henderson
I am a freelance writer born and based in the UK. I have written books on a variety of subjects which interest me. I like books that are short and to the point and therefore write my books based on this principle so that you do not get bogged down with page filling and pointless waffle, but get the information that you need, quickly and easily. I hope that you agree that this means readers can manage their time better and move on to actually applying the principles in the books.
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Happy Frugal Student - Rachel Henderson
Happy Frugal Student
by
Rachel Henderson
Copyright © Rachel Henderson 2013
Smashwords Edition
This ebook is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each recipient. If you’re reading this book and did not purchase it, or it was not purchased for your use only, then please return to Smashwords.com and purchase your own copy. Thank you for respecting the hard work of this author.
Introduction
Being a student is an important time for many young people. It is the first time that they get to move away from and be independent. They will learn a lot of new things, such as coping socially, cooking and managing finances. Some will take away valuable lessons but others will get in to bad habits that will remain with them. This is why it is so important to take a look at this book on finance and hopefully get in to good spending habits right from the beginning. By forming good habits you will not only leave university with less debt but you will also have started great habits to continue for the rest of your life.
The book starts off by explaining about what a financial education is and what basics everyone should know. It then discusses student loans and other ways of financing student life. It follows with tips on how to reduce spending. Lastly it has information on savings accounts and how to be frugal and happy.
Financial Education
Unfortunately, in school, many of us do not get much of a financial education. We are not taught about saving, debts, loan repayments and managing a budget and this is left to parents to teach us. Some parents do not teach this and others do not manage their finances that well and so do not have much to teach. Some unfortunately teach the wrong things or set a bad example. However, it is possible to teach yourself, if you have not got a good grounding.
It is good to have an understanding of the importance of good financial skills and well as knowing what those are. The basics are explained below.
Why financial skills are important
If you do not develop good financial skills then you could end up being in debt a lot. This may not be a cause for concern for some people, but it is important to understand the consequences of debt. Some people turn a blind eye to debt and others think that it is not a problem.
Debt costs money. If you borrow money, you have to pay a fee, in the way of interest and possibly other costs as well. These costs can add up. If you use a credit card to pay for an item and do not repay it for a month, then you will be charged a month’s interest. For simplicity lets say the item was £100 and the interest is 10% APR. This means that you will pay 83p for the loan and so the item cost you roughly £101. That may not seem much, but imagine you didn’t pay it back for a year. It would cost you £106. Or perhaps you didn’t pay it back for the term of your course – 3 years. That would cost you £116 after the three years. Imagine you borrowed £1000 then that would be £1053 for a year or £1155 back after three years. These are very low figures though it is more likely that thousands of pounds a year will be borrowed and the interest rate could be a lot higher.
It is very easy to get a collection of store cards and credit cards, which may have interest rates of up to 15%. Then by accumulating debt over the time that you are university and adding on the interest you could easily end up with thousands of pounds worth of debt and possibly no idea how you managed to spend so much.
It is important to remember that with some forms of borrowing, such