July 31st, 2009 by admin
Do you need financial aid to fund your college study? If you need it, do you know what type of financial aids you can look for? Most students will search for scholarships first before they look for other alternatives while other students may just realize a few of them, making them miss the other opportunities to get money to fund their education. Let’s explore the type of financial aids available for college students so that you have a better idea on what to look for.
There are many types of financial support given out by various organizations, universities and colleges, either private or government bodies to college and universities students. While a few of them are free money which do not to be paid back, others financial aids are offered to the students in a form of loans that need to be repaid after the students complete their study.
In general, financial aids for students can be categorized into 4 groups:
Group 1: Gifted aids – Grant, Fellowship and Scholarship
Most students know what scholarship is. But many are confused with grant and fellowship. What are the differences between these three and how you can qualify for any of them?
In fact, both scholarship and fellowship are sub-group of grant. Grant is the gifted financial aids that provide to the students without the need to be paid back. In some extend, fellowship is the same with scholarship which is the free money given to students for funding their education. Most often, fellowship refers to a fund awarded to graduate students at universities or colleges. Whereas, scholarships are awards at degree or certification levels based on merit or academic achievement. Since, they are gifted free money, many students are competing to win them and you need to outperform other competitors in order to secure one. Hence, when you apply for these grants, make sure you are qualified to apply and meet the application requirements, else you application may not even get reviewed.
Group 2: Student loans
Most often, students who fail to secure any grant will turn to apply for student loan if they really need a financial aid for their study. Student loans need to be paid back. But, you should aware that there are student loans being offered with zero interest by charities and associations. If you need to apply for a student loan, you may want to give first priority to the loans with zero interest, so that you just need to pay back the amount you have borrowed. Other than the zero-interest loan, some student loan may offers in partial scholarship form. It allows you to pay back only a certain percentage of the loan amount if you achieve excellent result in academic or merit.
Group 3: Work study
Most colleges and universities offer jobs to their students so the students can earn money to fund their education cost. This is a type of financial aid program to enable students to work at the college or university where they study and earn the money to support the tuition fee and part of their living expenses. Because of the vacancies are limited, you need to apply it early. There are not many requirements you need to fulfil in order to qualify for the work study as long as you show to the school you need the job to get the money to fund your education.
Group 4: Waiver
Under some special circumstances, schools may allow the students to attend their degree program without the need to pay for tuition fee and other related costs. This is a special financial aid program that enables students to attend the degree program for free, but it has rather strict eligibility requirements that you need to fulfil if you want to qualify for it.
Summary
You are not limited to scholarships and student loan to get a financial aid for your study, there are more than two types of financial aids you can look for. Hopefully, you have understood them and make sure you don’t miss the opportunities for the type of financial aids you are qualified for.
July 31st, 2009 by admin
It may not be affecting you directly, but the recent economic turbulence (which is supposedly heading for disaster) is just an example of what you may be facing the day you graduate and enter the job market. And, as those affected by the current economic crisis may tell you, now is probably the time to look at how you spend your money and to be more critical on those decisions you make which could affect the course of the rest of your life. Take debt for example, something which seems fine initially because you have a job (hopefully) and therefore will be able to afford the monthly installments or go to www.positive-idea.com But did you consider the other things you might be spending on which will add to your monthly expenses? Probably not.
The following will serve as a basic blueprint of financial management for students – those still at school and those at college or university.
Create A Balance Sheet
Now is the best time to explore the basics of financial management. First and foremost is the use of a balance sheet detailing the various incomes and putting them in contrast with the various expenses. Which one is greater? Are you already in debt?
Oddly enough, most people recoil in shock when they put things down on paper for the very simple reason that spending is more of a continuous thing that a once off payment. Would you pay $8, 000 for a car this minute? No, probably not. Would you pay a monthly installment of $100 for the same car right now? It’s the same way with spending: a myriad of little things accumulating over a period of time which could put you in an awkward position.
What You Need vs. What You Want
The bliss about being a student is that those things you need to spend money on are often less than those things you want to spend money on. But, when work starts and the responsibilities start mounting, these two soon switch around leaving many people unprepared for the sudden change or visit www.change-ur-mind.com Along with your balance sheet, make a list of things you really need like housing, food, travel expenses, medical expenses, etc.
Budget
This is probably one of the last things you want to hear, but budgeting could set you on the road to riches faster than you think. This can be explained with the maxim: It takes money to make money. Saving now will give you that financial edge which could take years to reach before you are in a position to invest in those opportunities which capable of adding multiple digits to your bank balance.
As a final tip, and probably the most important one, educate yourself on the consequences of not having effective financial management strategies. Examples are abundant and will help you realize which mistakes not to make so that you may reach the top sooner.
It may not be affecting you directly, but the recent economic turbulence (which is supposedly heading for disaster) is just an example of what you may be facing the day you graduate and enter the job market. And, as those affected by the current economic crisis may tell you, now is probably the time to look at how you spend your money and to be more critical on those decisions you make which could affect the course of the rest of your life. Take debt for example, something which seems fine initially because you have a job (hopefully) and therefore will be able to afford the monthly installments or go to www.positive-idea.com But did you consider the other things you might be spending on which will add to your monthly expenses? Probably not.
The following will serve as a basic blueprint of financial management for students – those still at school and those at college or university.
Create A Balance Sheet
Now is the best time to explore the basics of financial management. First and foremost is the use of a balance sheet detailing the various incomes and putting them in contrast with the various expenses. Which one is greater? Are you already in debt?
Oddly enough, most people recoil in shock when they put things down on paper for the very simple reason that spending is more of a continuous thing that a once off payment. Would you pay $8, 000 for a car this minute? No, probably not. Would you pay a monthly installment of $100 for the same car right now? It’s the same way with spending: a myriad of little things accumulating over a period of time which could put you in an awkward position.
What You Need vs. What You Want
The bliss about being a student is that those things you need to spend money on are often less than those things you want to spend money on. But, when work starts and the responsibilities start mounting, these two soon switch around leaving many people unprepared for the sudden change or visit www.change-ur-mind.com Along with your balance sheet, make a list of things you really need like housing, food, travel expenses, medical expenses, etc.
Budget
This is probably one of the last things you want to hear, but budgeting could set you on the road to riches faster than you think. This can be explained with the maxim: It takes money to make money. Saving now will give you that financial edge which could take years to reach before you are in a position to invest in those opportunities which capable of adding multiple digits to your bank balance.
http://www.change-ur-mind.com
http://www.positive-idea.com
As a final tip, and probably the most important one, educate yourself on the consequences of not having effective financial management strategies. Examples are abundant and will help you realize which mistakes not to make so that you may reach the top sooner.
July 31st, 2009 by admin
If you are just going into freelancing then perhaps one of your biggest questions (unless you are already a financial management expert) is how you should handle the financial aspects of your freelance business.
Perhaps one of the first things you should consider is getting someone to help you with the bookkeeping and accounting aspects of your business. You may want to get someone you know to help you with this or if you do not know anyone who has the necessary expertise then you can use the same freelance jobs boards you use to get a freelance bookkeeper or accountant.
Start by collecting all your invoices for any purchases you make. As you go into freelancing you will discover that there are many items that you would not have normally worried about in the past but that you can now claim from tax as business-related expenses so keep all invoices you receive.
You should also keep a book where you write down everything you buy, all money expended and all money received. Speak to your bookkeeper about what books you should be keeping and how you should go about filling them in but before you speak to them start now by just writing down every cent that leaves or comes into your hands.
The next aspect is to budget your expenses as far as possible. Although freelancers often find it hard to determine exactly how much money they are going to be receiving on a monthly basis try to budget each amount that comes in so that you know where your money is going.
Another thing you will probably want to do is to set yourself financial goals. How much do you want to make this month? Next month? Six months time? In a year? Write down these goals and then see how you can go about improving your income to meet these financial goals. Also work out how much you want to save and how much you are going to be spending.
If you have not already registered as an independent agent for tax purposes you will also want to do this as soon as possible. You should speak to your accountant about this and ask him what is required and how you should go about doing this if you do not already know. It is important that this is done within the first three months of starting your freelancing business.
In conclusion then, to manage your finances effectively as a freelancer you should begin by finding yourself a reliable bookkeeper or accountant, collect all your invoices and write down all money that comes into or goes out of your hands. Register for tax as early as possible (within the first three months) and set yourself financial goals that you would like to reach to help you manage your money more effectively.
