If you are a college student, you are probably focusing on getting an education rather than saving for your financial future. However, it is important that you take control of your finances now to avoid problems later. The following tips can help you with your finances and prepare for money management success in your post-college years.
Financial Advice for College Students
Tip #1 - Only Use Credit Cards in Emergencies
Once you get a credit card it is easy to start racking up debt. Overspending can snowball until you're facing overwhelming debts that you are unable to repay. Remember, the money you spend on credit cards needs to be paid back. So if you can't afford it, don't buy it.
Tip #2 - Pay off the Balance Every Month
It is also important that you pay off your credit card balance each month to avoid racking up extra debt due to interest. Paying your bill immediately will also keep you from getting deep in credit card debt.
Tip #3 - Pay Bills on Time
Now is the time to start building your credit history, and you can do this by always paying your bills on time. Many companies charge late fees if you fail to pay on time and your interest rates may go up as well, costing you even more money.
Tip #4 - Start Saving Now
Many college students do not realize how important saving really is, but if you can start saving while you are in college, you can reap great benefits when you are older. Saving now will get you in the habit of putting money aside, and you will earn interest on the money you save. Another benefit is that you will have extra money available in case of any emergencies.
Tip #5 - Look for the Best Checking Account
Select an account that has no opening fee and no minimum balance. You may also want to check into any debit card fees, and fees for deposits or withdrawals. North Country Savings Bank offers totally free checking accounts for college students, so take advantage!