Five Tips for College Students to Manage their Finances

tips for managing your money

College is over, the batch of 2020 have graduated and they start their journey into the real world into a world where money matters. Earning money is equivalent to happiness, in turn-key to surviving in this world. Hence one needs to be smart about their finances and where they invest their money. This sort of education is essential. Individuals need to learn how to manage their own money and learn to invest, as well.  

In schools and colleges, this sort of knowledge is given only to ones with a business background. But, the need for this sort of training is an essential tool for an individual in every field. Everyone needs to possess a certain necessary amount of knowledge about their taxes, finances, and investment. 

The first step towards investing and filing taxes is to understand your money and be accountable and responsible. To do so, one needs to learn to finance their cash personally. 

Five tips for managing your money

  1. Manage and formulate a Budget 

Once you start earning, your money is your responsibility. If you make $1000, and you know how much you need to pay for your rent, food, transportation, essential utilities, loans, insurance, entertainment, and luxury items, and after all this spending also remember you have to save some amount of money. Many ask what the point of saving is: it acts as a source of emergency money, and if you keep spending the entire $1000, you would not be able to afford things in the long run. 

  1.  Monitoring of Credit 

As a college student, you are in debt, and you need to save money to pay the loan. Hence you need to monitor your credit as the credit acts as a score sheet, if you do not pay your dues on time, then your score decreases, and you would not be liable for a loan. Hence restrict the usage of credit card if you aren’t able to clear your dues. 

  1. Keep a check on your Student Loan. 

Remember that you have an impending student loan that you need to clear. If you aren’t able to pay the mortgage for some reason, there are different options that you should know.

  1. The priority of your money 

Prioritize where your money goes, prioritize paying your loan over luxury items, or save for the future by not buying more than you need. Emergency saving is vital, as you prepare yourself for the worst outcomes. 

  1. Make Saving Fun 

All this seems like a party popper, but you can make this fun and keep yourself aware. For starters, you can start cooking your food, have days where you stay back and entertain yourself at home, look out for deals and lastly, focus on free entertainment such as hiking or public libraries. 

Final Thought 

It might all seem very intimidating, but as you start inculcating this habit, it will come naturally to you, and you will be able to be tension free. Make your financial goals clear to you, and it’s okay to make mistakes but also remember you are responsible for your money. 

Sproutt Life Insurance Review- Is It Worth It?

Choosing a term life insurance policy can be challenging. Especially, when you are making a decision based on some information you’re collected from a friend, co-worker or relative. Also, in today’s internet era, most people do not trust financial advisors. 

Financial advisors have ties ups with insurance companies and they are more likely to suggest a policy that makes them the most money. Very little attention is given to your individual needs. 

In such a dire situation, it is best to go to a tried and trusted online service which presents all the information related to term life insurance to you. You are the one making the decision, not anyone else. 

About the Sproutt 

Sproutt is a Fintech firm based in New England, United States. It is one of the rare and upcoming companies that use Artificial Intelligence to help people find the best insurance policy for them and their families. Sproutt was founded in the year 2018 by Assaf Henkin, Itai Brickner, and Yoav Shaham. Their motto is to reward people with the best life insurance policy so they can live a happy and peaceful life.

How Does Sproutt Life Insurance Work?

So, how do you get started with Sproutt? Do you have to pay an additional fee in advance? The whole concept is based on a metric to measure the quality of your life. This metric is known as the Quality of Life Index (QL Index). Artificial Intelligence takes five parameters from you to accurately determine your OL Index. 

These are the five parameters:

1) Movement

2) Sleep

3) Emotional Health

4) Nutrition

5) Work-Life Balance

To know your QL Index you have to answer a few simple questions. These questions will normally be based on your lifestyle, habits, relationship status, career, health, etc. Next, the Artificial Intelligence-based software will determine the QL Index based on the answers you provide. 

By the way, it is not a great idea to provide dishonest answers as you are the one who will suffer in the end. Plus, the information you provide is not shared with anyone, even the team at Sproutt will not have access to them.

Further, you can use the QL Index to browse through various Term Life Insurance policies with great rates. The software also offers you some great advice based on your QL Index. You don’t have to pay anything to Sproutt. The insurance company will compensate them.

What I Like About Sproutt Life Insurance

Sproutt has solved a major problem most insurance seekers used to face a few years ago. The application process for insurance used to be tedious and slow. Sproutt, with its Artificial Intelligence-based software, has made the application process easy as a pie. In five simple steps, you can get the verification, medical checks and payments done.

What I Don’t Like About Sproutt Life Insurance

The customer service can be improved. They should call and notify the customer via email about the verification status of the policy. Sometimes, their financial advisors do not answer all of your queries.

My Recommendation

Picking the right insurance policy is not easy. In particular, when your requirements are very distinct and narrow. Sproutt exposes you to a large network of insurance providers. That too without charging you any money. Hence, I recommend Sproutt Life Insurance to anyone who has a busy life and does not have ample time to manage their finances–the traditional way.