Making the Most of Student Bank Accounts

If you are a student, start saving while you are studying!

As a student, managing money can be very difficult. But, with the right bank to establish your student account you can study and save at the same time!

When it comes to a bank account, you are certainly at benefit. Banks will offer you a wide range of perks and privileges to exclusive discounts. However, additional perks and benefits offered by banks will solely depend on its ranking.

Here are a few things to consider that can help you to make the most out of your student bank accounts:

Focus on the ‘Free’

By definition (and facts) students do not have a lot of money as they are usually funded by parents/guardian. Therefore (by nature)—you should be conscious when it comes to fee charges that would eat up most of your saved funds.

Financial experts recommend students to focus on banks that offer student accounts with: Zero maintenance fees, no minimum balance payment, free of cost debit and ATM cards, free of cost online banking, free check books, etc.

Blend it up

As a student, your savings and checking account does not necessarily need to be in the same bank. This is especially true when it comes to high returns on savings account in another bank. One bank might offer you best shopping deals and rewards while other can offer you better returns on savings. So, explore the bank market and look for all available options to get the best for you.

Explore

Generally, students are bound to open a student bank account to the nearest bank possible. But, that is a big NO. Do not opt for a bank just because it is near your school/university or only because it has tied up with your institution. As a matter of fact, financial guru’s advice students to explore into all banks first in order to determine which best suit your financial needs.

Check out ATM convenience

A checking account is what you need in order to get easy and fast access to cash. So, in order to access money, make sure to look out for banks that have ATM branches spread over. For example, most national banks will generally have their branches and ATM machines scattered throughout the city/country.

Likewise, you can look into banks that offer zero or minimum fee on ATM transactions and transfers (especially for students living abroad and require frequent money transfers from their respective guardians)

Think

It is always good to think ahead. When you apply for a student bank account, be aware of the age limit criteria that allow you to keep such an account. In most cases, when you cross the age, the account is automatically transformed into a standard saving account, and this might cause you extra fee which was initially waved in a student bank account.

The aforementioned information and tips can help you to make the most out of your student bank account and teach you diligent financial planning for future.…

True Financial Independence — 7 Keys to Achieving It

Almost everyone wants to be financially independent but why is it that only a few people are truly independent while maintaining a great lifestyle for themselves? These people generally have a good plan that helps them to go about. If you want to be financially independent and successful, read the following steps.

Be Sure About It

A lot of times people don’t achieve financial independence because they are afraid of it or aren’t committed enough. If you have a plan, you should follow it. Remember that you won’t go from 0 to 100 in one year. Financial independence is a complicated process and it takes a lot of time. If you have just started saving, you won’t put half of your paycheck aside. You will start with a small amount and will increase it with the passage of time. There are a few things that you need to know:

  • Know what financial independence is for you
  • Be realistic in your approach
  • Asses your goals and see how you will meet them

Plan Out Your Journey

You need to plan out your journey because financially independence consists of a number of different goals. You will have to establish a number of different goals that will change when the following things will change:

  • Increase of income
  • Change in spending habits
  • Paying off student loan
  • Settling credit card debt
  • Comprehending the saving patterns
  • Change in investment patterns

Avoid Overspending Money

If you want to become successful in life, you will have to stop overspending the money. Stop meeting the people who force you to overspend your money. Do not surround yourself with people who live in the moment because these are the kind of people who don’t think about the future.

Move Forward In Life

Your career and business should be your priority if you want to do something with your life. Make sure that your income increases at a steady rate because that will help you reach your goal much quickly.

Save Money

You should promise yourself that you will save money no matter what. Your main approach should involve decreasing your expenses and increasing your source of income. Have a look at your saving goals and see where they will take you a few years down the road.

Invest In Things

Investment is a surefire way to increase your income. Remember that the larger your investment portfolio will be, the more successful you will be in achieving your goals. Make sure that your emergency fund is well stocked before you move to investment. You should have a sound understanding of the investment market because sometimes it is not a good idea to invest. Your investments should be diverse and you should make it a point to invest in real estate, stocks, fixed income investments, and even natural resources.

Commit To Goals

Make sure that your goals are on track and will actually help you become financially independent.…