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Take Control of Your Financial Situation

This article is part of the series, The Summer of George- The Most Productive Summer a College Student Will Ever Have.

Do you think that you don’t earn enough money have to worry about managing your finances? If so you are dead wrong. If you get into the habit of properly managing your finances at an early age then these habits will hopefully follow you into your 30s and so on. Let this summer be known as the time where you finally took control of your financial situation.

Open a retirement account. Even if you put $20 into this account once a month it still beats not having a retirement account setup. I started my first retirement account when I was 17 and my Mom had to co-sign it.

Start an emergency fund. As a college student an emergency fund may not be your top priority but when you graduate it becomes an important issue. The reason an emergency fund [3] becomes an issue after graduation? Simple, this will most likely be your first step into the “real world” and unexpected events WILL happen. You can’t prevent certain emergencies from happening but you might as well be financially prepared.

Setup a debt repayment plan. If you are using student loans to fund your college tuition then you definitely need to start thinking about how you will pay off your debt. Will you consolidate your loans? Will you start by paying off your high interest debt first? These are decisions and payments you need to begin making this summer not after your college graduation.

Keep track of your spending. Summer is probably the worst time to keep track of your spending because it seems like there is always something going on and always a reason to spend money. However, there is no sense in waiting to begin keeping track of your spending. Start the moment you read this article. No excuses, try to keep track of all of the money you spend to see where you stand. This means you might have to use your iPhone for more than just going on Twitter.

Automate your finances. This final point ties this whole article together. I just listed four major points that most college students will not even consider due to the amount of work they think is required. Here’s a little not-so-well-known secret you can automate every aspect of your financial situation. How can you do this? Well I don’t know how the banks exactly do it but after filling out a few forms you can automate your finances even if you earn $100 a month. A little saving is better than no saving.

We all want to have a productive summer but we just don’t know where to start. Here’s a little secret: you can start by reading The Summer of George- The Most Productive Summer a College Student Will Ever Have:

This is a guest post from the blogger behind Studenomics [7] a personal finance blog that offers common sense advice for college students and recent graduates. Studenomics is the ultimate resource for young people looking for advice on how to survive this current recession, grow their careers, manage their finances, and still be able to enjoy the weekends.