40 Money Management Tips

Abby Ramsay

#1 Take Charge of Your Life- and Your Money

1. Define your financial goals.

2. Make plans to reach your goals.
3. Take action until your goals become a reality.

# 2 Know the Ground Rules

Understand what your parents expect from you. Ask yourself questions such as: do they expect you to get a job while you're in school? If you get into a financial plan, will they be able to help you out? These questions are essential to starting up a strong financial plan. Also, planning for college is a huge financial deal. Communicating with your parents and discussing the exposes you may have to cover is a responsible approach.

#3 Get Organized

To create a filing system will help you keep track of financial [paperwork and other valuable documents. The take aways from this organizational plan, is paying your taxes on time and meeting all important deadlines. you should also, keep records to eliminate mistakes and recall dates of major events. You can label your files with different names here are some helpful ideas: Bill payments, Checking account, savings and investments, college, financial aid, taxes, etc.

#4 Protect Your Personal Information

There are many ways to eliminate someone from hacking into or stealing your personal financial information. First, never give anyone your social security, credit card, or bank account numbers unless there is a specific reason and you are aware of why. Don't through away papers that list important account numbers or finical numbers. Shred anything with labels as such. Keep credit card and ATM receipts in a safe place until you've payed the credit card bill or balance in your check book. If you are ever a victim of identity theft, report the crime to the police right away.

#6 Don't Bounce Checks

If your write a check for more money you have in your account, the check will bounce and your bank will charge a large fee. Bounce checks can affect your credit history. You also, could loose your privilege of receiving service from other banks. Here are some helpful hints to avoid bouncing checks: write down the amount you make a check for in your check book. Do not rely on your account balance at the ATM. If a purchase hasn't been processed by the bank, the ATM balance will be higher than the amount you really have. Lastly, keep your records safe. Report to the bank that you feel suspicious that someone else has gained access to your account.

#7 Understand Your Financial Aid

Some questions to asks yourself: What types of financial aid are you being offered? Is it a loan you need to repay, a job, or scholarship? Understand that if you have a work-study job, it ight not allow you to work somewhere else. Loans also, have very specific obligation, particularly in terms of repayment. Take notice what financial aid you're receiving will help you meet standards to continue receiving it and help determine exactly how much extra money you need to pay for education.

#15 Look for a Job on Campus

There are many advantages to having an on-campus job over an off-campus job. One being you do not have to travel away from campus and the hours are typically more flexible to adapt around your student schedule. If your are looking for an on-campus job go to the schools student employment office. Your professor can give recommendations as well. If your have a good past of working before, it will look better on your resume.

#16 Turn a Hobby or Skill into a Money-Making Endeavor

Being your own boss gives you a lot of flexibility in balancing your studies. Somme options include: house-sitting, baby-sitting, pet-sitting, tutoring, computer-troubleshooting, ext. Do something you like and put your skills to the test.

#18 Choose the meal Plan That Works for You

Most colleges allow students to choose a meal plan to use in the dorm's cafeteria. There are different options one including an unlimited plan. This may tempt you to get your moneys worth in food. If your on a limited food plan, but often hungry, consider switching to an unlimited plan.

#19 Save on Snacks

You need to watch what money your spending on snacks. Avoid buying sodas and snacks out of the vending machine. It is more reasonable to go to the grocery store to buy larger and sometimes more healthier options to have. It is a positive to be eligible to keep a refrigerator or microwave in your dorm room. This way you can stash more food in the room without spending extra more often on smaller snacks.

#20 Use the Dorm or Campus Computers Instead of Buying Your Own

It is certainly essential to have a laptop for school. Most schools devote considerable resources to upgrade and maintain their access to computer labs. Generally the school allows access to there printers, so that is another investment that you save from purchasing.