Why Smart Record-Keeping Is Key to a College Student's Financial Success

College is about more than learning and academics. It’s also about preparing you for a lifetime of real-world success. This means that it is absolutely critical that college students begin to prepare themselves for living independently, and one of the ways that they can do this is by preparing themselves to become financially independent. As any adult knows, good record-keeping is vitally important to financial success. Here are three reasons why this is so important for college students to learn.

Helps You Make Plans

Every college student needs to keep good financial records in order to make plans for the future. After all, record keeping of financial information, like taxes paid and pay stubs from jobs, can help determine financial aid and tax information. Additionally, it is impossible to budget without having good financial records, and personal budgeting is a skill that all college students should learn. There doesn’t have to be a formal process here, but at the very least, ask your parents to review budgeting with you.

Identify Negative Financial Habits

College is a time of learning, but that learning needs to be about more than just academics. While in college and with the help of others, college students should identify their negative financial habits and learn how to address them. Examples include overspending, failure to keep accurate records, and not maintaining receipts from major purchases. The receipts one is an easy challenge to address, and it’s an important one. Because of how they’re printed, most receipts won’t last for very long, so you’ll want to make a separate record of them.

Teaches Other Good Habits

As a college student, learning to keep track of your financial records is more important than just ensuring that you become a good guardian of your own finances. It’s also about ensuring that you learn how to live independently and develop good habits. Part of a good college experience is learning how to live independently, without needing help every step of the way. As such, students need to learn that they are responsible for being adults on their own, and keeping their own financial records can help with this process.

College is all about learning, and figuring out, as a student, how to be in charge of your own financial fate and success is a critical lesson you must learn. As such, students should learn how to keep their own financial records and practice doing so.

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