Money Managing Tips

Lauren Spendley

#3: Get organized

Organize and keep track of all finances and other important paperwork and documents. This can help you stay on top of a budget, and make sure there are no mistakes in your bank statement, etc. A good way of doing this is to create folders for different expenses like bills, checking accounts, insurance, taxes, and whatever else you find necessary to keep yourself organized.


#4: Protect Your Personal Information

Keep track of personal documents such as your birth certificate, passports, social security number, bank account information, and credit cards. You should never tell anyone any personal or account information because they could easily steal your identity or charge products to your accounts. You should also never throw any papers with personal information away. You should shred them first to make sure the information is unsalvageable. Always review bills and bank statements and call your bank or credit card company if you suspect fraud.


#6: Do Not Bounce Checks

Never write a check if you do not have that much money in your bank account. It will result in the check "bouncing" back to you and a large fee charged by your bank and the store you wrote the check to. Doing this can also severely damage your credit history and if your bank notifies other banks of your check bouncing you may be refused other banking services. Always make sure you have at least as much money in your account as you are writing on the check to avoid bouncing.


#11: Understand Your Student Loan Obligation

When applying for a student loan always make sure that you understand it. Make sure you understand when, what, and that you will eventually have to repay. Choose the loan that has a low interest rate and you will preferably not have to start paying off until you graduate.


#14: Make School Your First Job

You should manage your time if working in school and work should not impact your grades. Find time to study around work so your grades to not suffer. Your education is the most important job and a degree will greatly help you in the long run to get a good job.


#17: Take Time Now To Prepare For Your Career

Prepare now for the job you want to have by readying your resume, using online job resources to research companies with jobs in your field of study, taking advantage of career centers, analyzing benefits, and figuring out the salary of the jobs you want and see how much you will be making after taxes.


#18: Choose a meal plan that works for you

Many schools let students choose a meal plan that works for them. If you are on an unlimited plan but find yourself not eating much, you may be spending too much for food. However, if you often find yourself hungry on a limited plan you might consider changing your meal plan to an unlimited plan to save on paying for expensive snacks.


#21: Talk to your roommates about money issues

In order to avoid issues down the road you should talk to your roommate about some ground rules when it comes to paying bills and lending money. You will want to make sure that they are responsible and will cover their share of the bills so you do not have to pay the full cost.


#23: Pay the rent on time

Paying rent on time will help you build good credit and you will avoid paying late penalties. If for some reason you cannot pay your rent on time talk to your landlord immediately. At least make a partial payment when the rent is due then make a plan for paying the rest. Be realistic with your situation and communicate with your landlord.


#26: Separate needs from wants

To save money, learn the differences between wants and needs. Spend money on needs first and if you have enough left over, then spend on wants. Identifying what is a want can help you figure out what you should really be spending money on.


#31: Create a budget and stick to it

Budgeting yourself can help you save on frivolous purchases and keep your money in check. It tells you how much you should be spending on things so you do not over spend on food, clothes, and everything else. Having a budget can show you where you are spending money and where you can spend less money. If you stick to your budget you cannot overspend and you will save a lot of money in the long run.


#32: Build good credit

Building good credit happens when you pay off your credit card debt on time and repay loans when you agreed to. Good credit will help you get loans for college, buying a house, buying a car, and other large ticket items. You can build good credit by paying expenses on time, making loan and credit card payments on time, apply only for credit you need, and do not bounce checks among other things.


#34: Take control of your credit card

Manage your credit card wisely. Search for one that has no annual fee, a low interest rate, and a 20-30 day grace period and only keep one credit card. Do not use cash advances on your credit card and mail the payments a few days before they are due.


#38: Pay yourself first

Put money in your savings account before you spend it on other goods. You should include this in your budget. Paying yourself first helps you not spend over your budget.

#39: Learn about your options for saving and investing money

Get informed about Stocks, Bonds, CDs, Money market accounts, and other tools to invest and save money. Look for the risks involved with each and weigh your options carefully. For example, stocks are higher risk with possible high payoff and bonds are relatively low risk, low payoff.