In the US, Americans celebrate the Martin Luther King Jr Day to promote equal rights among people, regardless of background or race. How can it affect you as a student, especially when it comes to your personal finances? Consider the following tips:
Think about your future plans. In honor of Martin Luther King day, ponder about your future plans. How can you make the most out of your college years, if you’re still in college? How can you make the most out of your studies if you’re a high school student?
Apply for a Martin Luther King, Jr. college scholarship. If you’re about to enter college soon check if you are eligible to apply for the Martin Luther King scholarship. Request for an honest assessment from your high school teacher and check out your options.
Celebrate with friends but don’t get into debt. Do you plan to celebrate with your friends by dining out or partying? If yes, see to it that you don’t get stuck in debt by not using your credit card to pay your restaurant bills or to purchase things. Keep in mind that credit cards carry interest rates and if you fail to pay off your full balance for the month, you will end up spending more on APR charges.
When faced with an obstacle, find your way around. Martin Luther King is known for his courage despite being faced with harsh realities and obstacles along the way, he did not give up on his dreams. Instead, he found a way around the problem and successfully prevailed.
You can apply this positive principle in your daily life, even with your personal finances. When stuck in financial crisis, don’t be afraid to ask for help from your parents or guardian instead of taking out high interest loan right away.
Work on building good credit. When it comes to your personal finances, what can you do to establish credit history or build good credit? How can you strengthen your personal finances even through you’re still pursuing higher education?
One way to build solid credit history and a high credit score is to apply for credit and manage it efficiently. Using a student credit card regularly to pay for small purchases is a good strategy so long as you can submit full payment on time. Keep in mind that you don’t need to continuously carry a balance to boost your credit score. What’s more important is for you utilize your credit responsibly and to submit your payments on time.
Believe in what’s possible and work towards your goal. Martin Luther King strongly believed in the power of the dream and working hard to achieve that dream. With regards to personal finance, it’s important to set definite goals even while in college and believe that you can make them happen by taking positive actions.
For instance, you can start building your personal savings now even while in college so that when you are confronted with emergencies or unexpected expenses, you won’t need to rely on commercial lenders or private lenders that offer short term loans.
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