July 16th, 2014 7:22 AM by Jackie A. Graves, President
Personal Finance 101
They understand GPAs and test scores but how can we
help them better understand their credit score or the value of saving? The American Bankers Association's top 10 tips are designed to give
students an edge on mastering personal finance.
1. You are
in charge. You are responsible for your
finances and you should act accordingly by creating a realistic budget or plan
and sticking to it.
Spending. You control your money, determining how you spend or save it. Pace spending and increase saving by cutting
unnecessary expenses like eating out or shopping so that your money can last
throughout the semester.
Credit Wisely. Understand the responsibilities and benefits of credit. How you handle your credit in college could
affect you well after graduation. Shop
around for a card that best suits your needs.
Your Bank Account. Banks are more than money in a vault. They offer valuable
services that students can benefit from like check cashing, debit cards, online
banking, balance alerts, personal loans, direct deposit, financial education
and some offer identity theft protection.
for Money. There's a lot of money available for students, you just have to look
for it. Apply for scholarships and look for student discounts.
6. New is
Out. Consider buying used books or
ordering them online. Buying books can
become expensive and often used books are in as good of shape as new ones.
on a Budget. Limit your hanging out fund.
There are lots of fun activities to keep you busy in college and most
are free to students. Use your meal plan
or sample new recipes instead of eating out.
particular when it comes to money. Don't just trust anyone with your
money. Be skeptical of classmates,
friends or salespeople that have ideas for your money.
9. Save. Things happen, and it's important that you
are financially prepared when your car or computer breaks down or when you have
to buy that unexpected bus ticket home.
No matter how small the amount you should start putting some money away
10. Ask. This
is a learning experience, so if you need help, ask. Your parents or your banker are a good place
to start and remember the sooner the better.
Courtesy of the American Bankers Association - To view the original article click here