As a young person starting out as a college freshman or even for those who are in their second or third year of college, now is the time to start thinking about money. College is often the time when most young adults are forced for the first time to handle money on their own. They have to budget, find a bank, pay bills and be faced with choices involving insurance, credit cards, and even investments.
When it comes to being prepared for these types of decisions, there are a few tips that can help. Here are some of these tips that can help you get started with your financial future.
Finding a bank that works for you
The college years provide a great time to evaluate the different banking options that are available to you. The bank account that you used during high school may no longer be the best option, especially if you are going far away from home.
Do some research about banking products and services that are available. Choose a bank that will best meet your needs and ultimately help you save money. For example, there are some banks that will offer low minimum daily balances, which is beneficial for most college students. Other banking features that may be convenient for college students include online bill pay, mobile deposit captures, and person to person pay options.
Mobile services
It is important to be smart with your money and know how to save, invest, and pay off debts. There is no reason that as a college student you should not start saving money. Using a mobile account makes budgeting and saving money quite easily. There are several great apps that can help you do this. Some apps to consider include Level, Saved Plus, and Mint.
Use credit responsibly
Perhaps the most important piece of financial advice for a college student is to be smart with your credit cards. Many college students are bombarded with credit card options. Do not be tempted to open up a bunch of credit accounts at this time.
It is important to build your credit and to do this you can open up a credit card. However, make sure that you choose a card that does not have an annual fee, provides good rewards and offers a decent interest rate.
When you open up your credit card make sure that you use it responsibly. Do not go out and make large purchases that you cannot afford. The best way to build up your credit is to use your credit card for gas or groceries and then pay the bill as soon as it comes in.
Investing
Most college kids do not think about investing while they are still in school. However, it is definitely something that should be considered. There are many low budget investment opportunities available and investments offer a way to provide for your future.
Glenmore Investments is one of the platforms where you can learn more about the investment options that are suitable for you.
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