10 Financial Tips- Going to College
Will Langan
1. Separate NEEDS from WANTS
Balance Needs and Wants!
Angel vs. Devil
Satisfy Both!
2. Get into the Habit of Saving
Remember to "pay yourself first". This means you set aside money for savings right after you get your paycheck. Use the remaining money for expenses! This forces you to save and be a more cautious spender.
Pay Yourself First
EMERGENCY MONEY
Retirement Money
3. Learn About the Options for Saving and Investing Money
Savings:
-Savings Accounts
-401k/ 403b
-IRAs
-Money Market Accounts
Investing:
-Stocks
-Bonds
-Mutual Funds
The Stock Market
401k
Bonds
4. Prepare for Your Career
Remember to be a student FIRST. Your hard work in school may open new doors for you or allow you a higher payed job. Finances are important, but don't let them dominate your life!
Student First!
Your Career Path
Surprises
5. Use Loans as a Last Resort
Interest Rates Kill
Drowning in Debt
Student Loans
6. Avoid Credit Card Pushers
The Trap
The Truth
Cancel the Card
7. Take Control of Your Credit Card
1. Keeping only one major card. Multiple cards can create confusion and debt if not used properly.
2. Look for a card with the lowest possible fees. Try to find a card that won't throw change ups at you with fluctuating fees and interest rates.
3. If you can't pay for something right away, DON'T BUY IT. If you don't pay in full at the end of the month, the money you still owe will be added to big time interest. You SHOULD pay in full at the end of every month.
4. Pay on time! Late fees can add up and be a hassle. If you're late, you have yourself to blame and no one else.
5. Don't use cash advances with your card. This is what ATM cards are for. Fees tend to be much higher for credit cards when making cash advances.