Three Ways College Students Can Take Care of Their Finances Now
Category : Blog
College isn’t just a place for learning the skills of your major, it’s also a place where you learn valuable life skills and lessons that help you transition from childhood to adulthood. A major area that college students have to learn to navigate is the financial one. Not only are college students living on their own for usually the first time, but they also have just taken on a huge financial burden with the cost of college. For many students this means loans, part time jobs and the pursuit of financial security. Here are some ways students can start taking care of their finances now:
1. Be wary of opening a credit card
Some students might choose to open up their own credit cards to start building their credit. Many credit card companies will be throwing themselves at students, and college students should beware of this. One of the reasons companies are so adamant about getting college students to sign up for a credit card is to get them hooked early on using credit. They also know that college students are usually more susceptible to not paying their bills on time, so credit companies can make more money off of the interest for these individuals. So be wary when using a credit card, because it can be tempting to use it to rack up the bill with that late night pizza, but eventually it will end up costing more if you don’t pay your bill.
A low risk way to build your credit in college is to sign up for and use a debit card and always make sure that you have enough money in your account.
2. Reach out for support for help with your finances
There are always plenty of free resources for help in college for a variety of different issues. Colleges don’t just have advisers to help with your grades, classes, career planning and health. They usually also have plenty of resources on campus through the personal finance department.
3. Make use of free resources
The best free resource for students is the financial aid office where they can educate themselves about the aid that they might be taking on. This also entails the re-payment options and terms that they will be subject to later, so that they can start to make a plan on how to pay those loans back the minute they start earning a living after graduation.
Also, most libraries are great resources for people looking to manage their finances. University libraries are oftentimes bigger than a regular county library, especially if they are a state university. Even if they aren’t, they probably have joint access to many different materials that you can use to your personal as well as educational advantage. Most libraries will have a magazine subscription section. You can use it to read financial magazines. Bloomberg, Barron’s, The Wall Street Journal, Money Magazine etc. are all great resources for students starting to educate themselves about money. These magazines offer great tips and methods to make the most of what you earn and not spend every dollar you make.