Financial and Credit Tips for Students
When you enter college make a personal goal of graduating with as little combined debt as possible, including student loans and student credit cards.
College Students…
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Consider local banks and credit unions when making a decision on seeking and applying for a basic savings or checking account, a college loan or student credit card.
Make every attempt to limit yourself to getting a single credit card. By having one credit card you are still building credit but have less temptation to spend beyond your means, as well as have less available credit to spend on.
Consider a student loan instead of a student credit card if the interest rates are lower than the credit card’s rates, ad if the student loan interest rate is fixed.
Don’t seek a student credit card unless you already have a part time job. Some students manage to carry a full course load and also have a full time job but this is rare and not recommended. You’re in college to learn and study so that needs to be your focus.
Start a savings fund. This is a bank account which yields a small amount of interest. It is an account that you do not take money out of – you put money in to it, little by little. It adds up over time and it helps establish healthy financial habits and a positive money mindset.
Take a course in college about money and investment. Give the Wall Street Journal a read once a week. Become familiar with the outside world as college can sometimes insulate students from the goings on in the outside world.
Learn to barter and trade. If you can tutor another student, consider doing so and making a barter agreement in which you receive free goods or services in exchange for your tutoring.
Three spending TIPS include: Buy in bulk. Use coupons. Shop online.
Student credit cards.com @ April 22, 2009
A few more college student financial tips include: 1) Avoiding impulse buys, don’t buy “want” items. 2) Build a pattern on buying only “need” items whenever possible. 3) Maintain a consistent budget each and every month. 4) Keep the company contact telephone numbers of your bank, debit and credit cards in a safe secure place in case of a lost or stolen card, so you can report it immediately.
I’m sick and tired of credit card companies sending me student credit card offers in the mail. I think I get one almost every other day. This is ridiculous! How did they even obtain my contact information. And more importantly, how do I get these credit card companies to stop sending me their credit card offers in the mail. I already have one student credit card and that is all I want. I think these companies are too aggressive and should not be allowed to send college students mail without our permission. As if it weren’t already bad enough by them coming ON to my campus. PLEASE!
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