As many college students in New Jersey are looking forward to their future, there are many that may also be hoping that 2013 is a better year financially than it was last year. With record numbers of people losing their homes and filing bankruptcy, many people are struggling to find a way to recover from the recession. Making financial New Year's resolutions may give not only college students, but everyone a head start on personal recovery.
Many college graduates in New Jersey would attest to the fact that student loans, while helpful, can also be a trap. Students may want to consider only taking the minimum of what they need and nothing more. Many college students don't consider the ramifications of having to repay large amounts of student loans. Being educated on what the repayment terms will be may help students avoid taking out more than they need.
If college students are able to make saving money and creating an emergency fund a priority before leaving college, they may be able to continue that practice long after they graduate. Knowing at least the basics of saving, investing, personal finance and budgeting could help college students from being trapped in debt as many in our country have become. There is a fine balance between building good credit and drowning in debt. Learning these basic principles before entering the workforce may help recession proof our nation's college students.
Many people in this country were caught off guard when the recession hit. Through no fault of their own, they have found themselves struggling to make ends meet. For many people in this situation, bankruptcy has been a safe haven and has given them a fresh start financially. After receiving a bankruptcy discharge, many people have been able to implement these same practices in their own lives.
Source: Fox Business, "Five Financial New Year's Resolutions Every Student Should Make," Emily Driscoll, Dec. 26, 2012