Going to college and working turned out to be two different but very closely related, especially in the matter of financial management. A poor degree of knowledge about financial matters will impair poor financial planning, especially if they are an overseas student that branches away from their parents. In developed countries, the number of students with poor financial planning is almost halfway through. This was significant because poor financial planning caused a drop in hopes of continuing the study and many of those who have no money in crisis time, therefore each student needs to understand how to make good and daring financial planning to look for other sources of income.
Poor financial planning caused a decrease in hopes of continuing the study. So many students ran out of pocket money that they had to starve at the end of the month. This could be because of extravagance constantly or it could be because of the physical needs of education that need to be met (Allen & Kinchen, 2009). The monthly money given by their parents often cannot get everything they need and compel them to find a way to last the next month. And the worst part was that they chose to be in debt as a way to last until the next month (Archuleta, Dale, & Spann, 2013). In this condition find out many students have considered quitting college because of poor financial matters.
A lot of students overseas suffer because don't have money in crisis times. Perhaps just before the crisis, they didn't think long enough to spend their monthly money. They do come to hang out with friends or just drink coffee and some desserts in a cafe together and enjoy reading books. However, without realizing it can spend their money if it's done continuously or almost every day. Until the time of their crisis comes they were perplexed because they did not have enough money and exactly affect their needed in the future. For example, suddenly their lecturer compelled all of his students to buy expensive books or practical equipment. And because they couldn't afford it, they interrupted their study. It is a serious negative concern about financial stress in a student academic (Heckman, Lim, & Montalto, 2014). Not having money in hard times is mostly happens for many students.
Understanding by students about good financial planning can help them raise their hopes to continue to educate in college. Start by listing what needs and wants, then record income and expenses each month. Make sure the expenses are not greater than the monthly money amount. In addition, avoid debt even if it is owed to close friends by small amounts. Also, by saving money even if only ten percent of income. It does not matter if they allocate only a small fraction of pocket money, where discipline comes from, and refrains from taking the savings. Achievement in managing money would be just as important as college performance since both would be supporting each other for success in college. It is better not to allow financial problems to disturb the mind and cause learning to lose focus (Solis & Durband, 2015). Good financial planning needs to be known since it helps many students.
Daring to look for other sources of income can lead to being provided an emergency fund. As students with many needs, it may cost a considerable amount. If monthly money is not enough to provide emergency funds in a time of crisis, then students can find a second job. Some examples of work a student can do are as an assistant lecturer, copywriter, or graphic designer. There is even the easiest work to do while studying called sell online (Ansong & Gyensare, 2012). From this side job, a student could have an allowance that could be set aside for emergency funds. These emergency funds can provide instant college needs or may help them in time of fall ill so that the crisis doesn't feel so terrible to them. Emergency funds from other sources of income are really useful during times of crisis.
In short, students with this poor financial planning that leads to the declining expectation of going to college and also leaving many of them penniless in a time of crisis are two issues that are critical to the 21st-century generation. Students should understand how to manage good and daring financial planning to seek an income from other directions. Of the solutions suggested, students can do so from now on, even if it seems difficult but if done slowly and disciplined surely result in success. With a poor planning rate on financial problems resulting in the two already mentioned problems which are occurring in the lives of most students in the developed world, these steps must be taken by the student as an action to address the problem.
References
Allen, K., & Kinchen, V. (2009). FINANCIAL MANAGEMENT PRACTICES OF COLLEGE STUDENTS. GLOBAL JOURNAL OF BUSINESS RESEARCH, 105-116.
Ansong, A., & Gyensare, M. A. (2012). Determinants of University Working-Students' Financial Literacy at the University of Cape Coast, Ghana. International Journal of Business and Management, 126-133.
Archuleta, K., Dale, A., & Spann, S. (2013). College Students and Financial Distress: Exploring Debt, Financial Satisfaction, and Financial Anxiety. Journal of Financial Counseling and Planning, 50-62.
Heckman, S., Lim, H., & Montalto, C. (2014). Factors Related to Financial Stress among College Students . Journal of Financial Therapy, 18-39.
Solis, O., & Durband, D. (2015). Financial Support and Its Impact on Undergraduate Student Financial Satisfaction . College Student Journal , 313-444.
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