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Basics of Money Management for Students
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Posted On :
Dec-07-2012
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Article Word Count :
491
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For many students, going away to college can mean newfound independence—and new responsibilities. One of your most important responsibilities will be managing your own money.
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For many students, going away to college can mean newfound independence—and new responsibilities. One of your most important responsibilities will be managing your own money. From cutting expenses to building credit, follow these three basic money tips for students to help set yourself up for a bright financial future.
1. Open a checking or savings account: College students’ money should be kept safely in a checking or savings account—or combination of the two—instead of keeping it all in cash. Checking accounts for students allow you quick access to your money when you need to pay bills, and often come with a convenient debit card for use at ATMs and for everyday purchases. A savings account is also a helpful money management tool for students, allowing you to save the money you earn from part-time jobs—and earn interest on those savings.
Be sure to compare checking and savings accounts to ensure you understand any fees or minimum balance requirements that may apply. You’ll also want to make a regular habit of checking your account statements and records, whether they’re paper statements or online, to keep an eye on your money and potential unauthorized charges. Should you find a transaction you didn’t make, contact your bank right away.
2. Watch your spending: From setting up a budget to finding ways to pay less for the things you need, being careful about how much money you spend will help set you up for financial success.
• Tuition: To help offset the cost of your education, take the time to research and apply for multiple scholarships, as well as inquiring about financial aid. These can help shave thousands of dollars from your tuition, which may mean more money in your pocket.
• Books: Buy used textbooks whenever possible. They may have some writing or highlighting on the pages, but buying used can help you save potentially hundreds of dollars each semester.
• Food: If you’re living on campus, you may be required to purchase a meal plan from the university. Consider how often you’ll eat on campus. For example, a student who stays on campus 7 days a week for most of the academic year will need a more comprehensive meal plan than someone who commutes to classes or goes home on weekends. Carefully compare plans to help ensure you’re getting the proper nutrition you need at a price that makes sense for your budget.
There is no better time than the present for college students to start managing their money. Consider opening a savings account to build an emergency fund, and be sure to compare checking accounts for students from several different financial institutions. Such checking accounts may have modest fees and may not require a minimum balance, making them a great choice for students who are just starting out.
Content was created and provided by M&T Bank, member FDIC
Resources:
goodfinancialcents.com/money-management-tips-every-college-student-should-know/
smartaboutmoney.org/ResourceLibrary/SearchResults/tabid/442/default.aspx?m=832&rid=264
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Article Source :
http://www.articleseen.com/Article_Basics of Money Management for Students_238503.aspx
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Author Resource :
The author has an immense knowledge on Checking accounts for students. Know more about opening a savings account related info in his website.
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Keywords :
opening a savings account, Checking accounts for students,
Category :
Finance
:
Finance
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