Personal Finance Tips for Students

It is a fact that knowing how to manage money is vital to a healthy student life. Below are some essential personal finance tips for students.

Find a Bank That Works With Your College Situation -Going off to college presents a great opportunity to evaluate your banking options and determine what’s best for your new circumstance. The account and financial institution that made sense for your high school self might no longer provide you the greatest value – especially if you’re moving far away. Incoming college students should spend time doing research to ensure that they find the banking products and services that meet their new needs and will ultimately help them save money.

Keep Your Personal Finances Mobile -It’s important for millennials to be smart with their money and know how to properly invest, save up, and pay off their debts. In our modern times, millennials have no excuse for not setting up a savings account. Using your phone makes saving and budgeting very easy.

Use Credit Responsibly – During your first few weeks on campus, you will likely be bombarded with credit card booths and seemingly friendly salespeople. Don’t be tempted to open a credit card just because they give you a free t-shirt, stuffed animal, or large pizza. Building credit is important, and so is opening your first credit card. Ask them to explain the the fine print to you and look for a card with no annual fee, good rewards, and of course-a reasonable interest rate.

Be Smart About Recurring Expenses Like Books – The campus’s bookstore is the most expensive place to purchase books. Instead try borrowing your books for free from the library, or buying books using Amazon.com, Ebay.com, Half.com, and selling them back at the end of the semester. This will leave you with a lot more money in your pocket now and later.

Don’t Take Out More Student Loans Than You Need – College students should educate themselves about all the possible loans and scholarships out there, and be proactive in taking control of their financial lives before they even get to school. Subsidized federal student loans with relatively low interest rates are one thing, but high-interest private loans are a very different story. There’s free money out there in the form of grants and scholarships, too, and it can be yours for the taking.