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Living away from home for the first time gives you an opportunity to take the lead on making financial decisions. And though you may not have much experience managing your finances, you can easily learn to make sensible choices. Here are a few tips to help make it easier for you to pay for the essentials:
If you want to pay your bills or make purchases electronically, one option may be to open a checking account. This will allow you to withdraw or deposit funds easily, and if you use a debit card, you can make purchases with the card just like spending cash. It is helpful to understand the fees associated with any account before you sign up, as some institutions require a minimum monthly balance or they may provide account packages to waive certain fees. Mobile banking, text banking, and apps can be helpful tools to help you monitor your balance on the go, which may help prevent you from overdrawing the account.
A savings account can help you accumulate savings and earn interest. While you may need a savings account to hold the money for your tuition or next semester’s textbooks, a savings account can also help you save towards other needs, including potential emergencies. You may also be able to schedule automatic transfers from your checking account to your savings account to regularly boost these savings. That way, saving becomes a regular habit instead of an occasional activity.
Student credit cards may be offered to young adults with limited credit histories, and some come with introductory interest rates, or rewards options. While the requirements to qualify for a credit card can vary by lender, in many cases students must be at least the age of majority/emancipation in their state of residence, must be able to demonstrate the ability to individually repay their debt and be able to satisfy minimum income requirements in order to qualify for a credit card. In some cases, students who do not meet these criteria on their own may have to apply with a co-applicant who has the ability to repay the debt in order to qualify. A credit card in your own name may help you build a credit history that can serve you well when you need to get other credit products like a car loan. Missed or late payments can have a negative impact on your credit, so be sure to spend wisely and stay on top of your bills to avoid accumulating debt on your card.
Managing your money is usually easier said than done. With some accounts, you can make your money work for you.
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