Financial Tips and Tricks

*    Budgeting
        Budgeting can be as simple as some notes on a piece of notebook paper or it can
        be done via computer spreadsheet. What matters is that you learn what is covered
        in a budget, how to make one up for your life, how to change it when cash flow
        changes and most important, how to live on one.
        Why? because you will have to manage your money -- tuition, books &
        meal plan and spending money throughout the semesters.

*    Balance A Checkbook
        Whether you use printed checks, debit cards or ATMs, you will have to have a way
        to check your activity, know what is outstanding, and what is your balance. You
        will also need to know how to "balance" what your check register says and what
        the bank says you have. If you have forgotten to enter a check/debit/withdrawal,
        there often can be a difference. You do not want to bounce checks/payments. This
        will eventually affect your credit history/rating.

*    Credit Cards
        Credit cards are part of the American culture. What a student needs to understand
        is that while credit cards are useful in certain circumstances, large balances
        can become so large that a student can't pay even make progress paying them
        down, much less paying them off. Don't be late with a payment. If you run into
        trouble making payments toward your your credit card account(s), call the
        credit card company and work out a payment schedule. If you do not become
        assertive on behalf of your own financial health, it will have a negative affect on
        your credit history/rating.

Time Out:
Credit card companies target college students both by on-campus booths and early morning weekend phone calls. They want you to sign up. They don't know or care if you are not able to handle the eventual debt.

Why is important to get through college and out of college in good financial health with a good credit rating? Most students are going to leave college with some student loan debt. Which for the most part, those payments are manageable over time after employment begins. But credit card debt on top of student loan debt can be crippling. Not only will there perhaps not be enough funds to send appropriate payments to all, but without a good credit rating, further loans will become problematic (examples: car, house, apartment rental). Also in recent years, employers include credit history/rating checks as part of the background checks in their application process.