THINK. TANK. Scholarship Essay
NuVision’s advice on managing finances, saving money and building good credit will stick with me through college, and life beyond. These tips provided basic knowledge to enhance my understanding of finances as well as advanced inside information that will put me one step ahead of my peers.
I will apply this knowledge by first starting to save as much money as I can before I enter college and while I’m in college for personal expenses. One way I can save money is by spending less on stuff I don’t need and prolonging my existing necessities. By being resourceful and finding to maximize the life span of expensive and needed items such as electronics and basic appliances, I will eliminate the need to renew these costly items. Another way I can save more money is by purchasing used items and reselling old ones. I believe buying used items that work nearly as good as new ones is a great way to save money. By reselling items, I will make a little extra cash back and it will be essential for the long run in college when money gets scarce. One more way I plan on saving money is by bargaining when shopping. Bargaining is a unique way of curbing spending because it also teaches you techniques to get the most out of the trading experience. It also strengthens social skills and gives a psychological edge in everyday life.
Without keeping track of my expenses, saving money will be pointless. I plan to download iPhone apps that keep track of spending and notify me when I go over a set amount of spending and notify me when my account gets low to avoiding overdrawing my account. Doing this will make me a more responsible person and contribute to the effort of saving as much as I can. In addition to that, I will repay debts strategically by paying the ones with the highest interest rates first. As a result, the total debt becomes cheaper to pay off in the long run. Also, I will set up an emergency fund in case anything goes unexpectedly wrong. Preparing for the worst in terms of finances will assure that I will not have to take out even more loans to cover an emergency.
Ultimately, building good credit while in college will make major purchases after college such as buying a house and a car much easier. I plan to save enough money to allocate towards monthly credit payments. Consequently, this will let lenders know that I am responsible with money which will make me eligible for lower interest rates. Lower interest rates will make paying mortgages more manageable. Another way to keep my credit score high is to lessen the utilization of the card and keep the account open for long as possible. Credit scores are directly related to account age and account balance. A higher credit score makes for a more efficient Financial life after college.
My newfound knowledge from the “Think.Tank.Challenge” will serve as building blocks for developing good financial habits which will help me become more successful in life. By saving, establishing good credit, and closely managing my accounts, I will give myself the greatest chance at living a gracious, fruitful lifestyle.