Consolidation Tips For Young College Students

 The following article was written by Audric Stevens. He is the one behind Debt Consolidation Care. To know more about Audric, you can add him on one of your circles in Google+.

Money and bills: Consolidation tips for young college graduates

Usually, students lack the necessary personal finance skills that are necessary to stay out of debt problems and to build up sturdy nest egg before they retire. Like learning is a life-long process, so is managing money.

Therefore, if you want to stay in safe financial harbor, then you’ll have to find out the tricks of smart money management.

Money management lessons for college graduates

Here are some of the financial lessons that you as a young graduate must be aware of in order to emerge as a smart money manager for yourself:

Get back to study – No don’t worry, you won’t have to sit for yet another university examination. Here, study is being referred to as reading good personal finance books. There are hundreds of books for young adults like you that can provide some very niche financial tips keeping in mind your age group.

For example, you can start reading a book by U.S News & World Report’s senior editor Kimberly Palmer titled ‘Generation Earn: The Young Professional’s Guide to Spending, Investing and Giving Back’. You may research on the Internet for more options and better rates.

Stay with your parents – At this age of yours, moving in with your parents will help a lot to trim down your monthly housing expenses. However, it is considered that they are not averse to you sharing accommodation with them or that they don’t charge you rent for that. If this happens, then consider yourself lucky since you can put that money to pay off your other monthly bills.

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Moreover, you can even start raising an emergency fund with the leftover cash that is one of the top priorities for anybody starting off with his/her life’s journey.

Reduce your debts at the earliest – It is very likely for recent graduates like you to have student loans that remain to be paid off. So, if you can, then get them consolidated to get rid of them faster and with much ease. Treat each and every loan that is in your name as your biggest enemy and act accordingly.

Try to pinch as much money as you can to make larger debt payments and to avoid paying too much as interest on those loans. Here, you can save some money on interest by making automated monthly debt payments.

Apart from your student loans, you must be having credit card bills, utility bills, medical bills and so on to take care of at the end of each month. So, if it seems to be overwhelming for to you to manage all sorts of monthly payments, then you can opt for bill consolidation as one of the ways to resolve this matter. However, you must find out a reliable, genuine debt relief company first with whom you can make your bills manageable.

Ways to locate a trustworthy bill consolidation firm

One of the foremost places to approach for help in this regard is banks and credit unions. Ask for the debt consolidation loan quotes and weigh their offers carefully. Opt for the most suitable one with affordable rates as well as terms and conditions.

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However, you can even try out peer-to-peer lending as a bill consolidation alternative. Still, higher the number of dues or outstanding loan balances you have, the tougher for you will it be to qualify for the best bill consolidation loan in town.

While trying to consolidate your bills with a larger loan, just make sure that the financial institution or lender, whoever is offering you the credit have the requisite license to do so. Moreover, the product or service a company or lender is providing you with is actually bill consolidation and not something different.

Author Bio

Audric Stevens is the one behind Debt Consolidation Care. To know more about Audric, you canadd him on one of your circles in Google+.

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