College students are known to have some of the worst financial habits, at a time when good money-handling skills are needed most. Keeping that in mind, I've begun compiling some tips so I can lecture advise Mr. College Bound on how to be sensible with his finances while away from home.
- Don't sign up for credit cards! Know what it means to establish a credit rating and how damaging it can be to sign up for every credit card that offers you a free gift, discount with first purchase, or other prizes. One all-purpose credit card for emergencies only is plenty.
- Emergencies do not include 2-AM pizza deliveries or your daily Starbucks fix. Get out of the latte habit!
- Pay cash when you can. It's easier to see what you have when it's in your wallet.
- Do not give anyone your Social Security number, PIN to your bank card, credit-card number or bank-account number.
- Keep a personal budget. Figure out what you saved from your summer-job earnings. How much can you spend each week and still have money left over at the end of the school year?
- If you go over budget this week, commit yourself to staying under budget for the next two.
- Cheap is good; free is better!
- Always look for the best deal before making a purchase.
Don't miss our Back-to-School Sales on everything you need to start the school year off right--with money left in your pocket.
