Student Budgeting and Credit Cards

Student Budgeting and Credit Cards

Donald M. Fink has over 40 years’ experience in helping clients, including students with investments and increasing their retirement portfolio.Students have a lot of tough financial decisions to make during the start of their college years. It basically shapes how financially successful they will in the future. Along with the mental and physical stress they face while in college, they also must make sure they don’t mess up their credit for the future and how to budget if they are receiving student loans.


Budgeting is one of the most important tools a student has at their disposal, however it requires discipline and control to follow through and execute a budgeting plan. Statistics pulled from various banks who offer student loans show that a large demographic of students who approach their lender with a budgeting plan, pay off their loan without any penalties, late fees or interest rate increases. When budgeting, students need to make basic needs such as food, shelter and necessary clothing their main priority. Savings and disposable spending such as entertainment are secondary and tertiary. Discipline is key to a successful budgeting plan.

Credit Cards

Credit cards are like double-edged swords; they can help you but they can harm you as well. They can be used for emergencies and they can also help you build your credit.Banks plan on how to allow students to have a little bit of that financial freedom so they can spend when they don’t have, but can pay it back as soon as they get paid from their job. A credit card can also spiral out of control if you don’t match your earnings with your spending, which can cause huge ramifications on your credit and your financial situation in the future.

For students, when applying for a credit card, don’t let the rewards and points fool you as you do not want to be spending more than you have. Instead, you want to find a credit card that can help you, for example, a secured credit card that takes a deposit. The deposit is also put into a savings account that accumulates interest which is a great savings technique.

At the Advisory Co, we have an impeccable record of providing sound financial advice to our clients. Call us today at 702-869-1919 and let us get you setup with a retirement expert.

Donald M Fink has been advising and helping high income individuals and business owners with strategies for over 40 years. He continues to consult with private clients in the areas of estate planning, wealth management and asset preservation and to this day maintains Life & Qualifying membership and Honor Roll status in the Million Dollar Round Table (MDRT).