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Dec
10

Budgeting with Loanlook

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In many cases, college is the first time students are required to become financially independent. Failure to keep track of future repayment obligations can lead to serious consequences down the road. A recent Nationwide study found that 84% of college students admitted they need more education on financial management.

Even the seemingly straightforward practice of budgeting may be complicated given the wide array of expenses modern consumers can incur, particularly when income is a variable or limited. We encourage students to create a budget and update it monthly. Budgeting helps identify risky spending patterns, gauge fixed verse flexible expenses, and assess availability of funds.

Loanlook offers hands-on tools to teach student-users best practices for managing their money. When a user signs into their account, they have the option to create a personalized budget. The budget is pre-populated with everyday expense fields to help users get started. The user has the option to add and delete fields and update amounts. With all of their information plugged in, Loanlook displays, alongside loan repayment amounts, disposable income for the month. Customizable notifications provide users with payment reminders for bills of their choosing in addition to loan alerts and monthly statements.

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