Financial Tips for College Students – Money Management Literacy Statistics
Money Management Skills: There are more truthful smart financial moves that save from unnecessary debt. Here are money management literacy statistics and 15 smart financial tips for college students.
- Be careful with credit:
When you are starting to use first credit card, limit it with $1000, which will offer points or rewards. High balancing card will cost more and it will effect on credit. Before buying credit card, check the annual percentage rate, annual fee, grace period and penalty fees.
- Stick to a budget:
Make an outline with monthly income and expenditure. Take help of banking tracking system which will keep inform a customer with every transaction.
- Save early and often:
Start the habit of saving from 20 years age and do not wait for retiring age. For example, if a person saves $3,000 every year from the age 20 or 30 and put the money into an IRA with 7% average annual rate of return, he will have around $442,000 by the time of 65 years.
- Take advantage of student perks:
Prefer college meal instead of outside meal so that you can save more money during college years. Also take advantage of student discounts at business venue or elsewhere.
- Pay less for textbooks:
Buy college books online from the websites like Amazon.com or eBay.com instead of campus bookstore which will save up to 50% prices. Students may take books on rent from friends or school’s bookstore or website like Chegg.com. Sell used books after semester ends.
- Borrow as little as possible:
Before taking a loan, understand the cost and other terms even conditions properly. Federal government loans are very cheapest. Search online for scholarships, grants and other financial aid based on gender, religion, race, ethnicity, etc.
- Get organized:
Be punctual in everything. Do not pay late fees or fines on parking or rental books, movies and CDs. Register yourself earlier for every necessary classes so that it will not turn into higher fees.
- Avoid unnecessary fees:
Sign up with that bank account which is near to you. Use ATM centers of only your bank because other bank’s ATM charges around 20% cost of withdrawal.
- Use technology wisely:
Protect email ID and online banking system with strong password.
- Protect yourself from fraud:
Do not provide personal information or phone number and email address to unknown person on phone. Monitor your account regularly.
- “Insure” success:
Insure children with varied insurance policies such as car insurance, health insurance so that it covers better life.
- Capitalize on coupons:
Get discount coupons from weekly magazines or papers for weekend party. You can also trade unused gift cars for cash on websites like CardCash.com and CouponTrade.com.
- Master relationships:
Make more friends in career that boost prospectus in future.
- Invest in your future self:
Now a day employers expect more skills from interviewers. Develop your skill in expertisation in your field.
- Set limits:
Figure out every expense above the limit $50 and ask yourself that is there really need to spend this amount.
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