Five Tips To Help You Ace Personal Finance 101
North American Precis Syndicate
College students can learn to save for the future. (NAPS)
(NAPSI)—Managing money as a college student can be challenging—with
juggling tuition, room and board, books and everyday expenses, costs can
quickly add up. Money is often tight and income limited. What's more, for
many, college is a time when they may be managing their money for the first
time, not to mention with the added financial stress of looming student debt.
Managing Your Money
How can college students effectively manage their money and stay afloat?
Here are five tips to help students navigate college and build a strong
• Make a budget and stick to it: Since college is all about planning for
the future, money management skills should be part of that plan. Establish
your monthly budget even before school begins. Determine how much you'll need
for typical expenses such as transportation, clothes and entertainment, then include setting aside money for your savings account,
even if it's small. More than anything else, stick
to your budget.
• Pick the right savings account and add to it: Seek out accounts free
from minimum deposit requirements and monthly maintenance fees, but that
deliver competitive interest rates to earn cash on savings. Consider the
convenience of online banking, which parents will appreciate for transferring
funds through person-to-person services such as Zelle®,
which Ally Bank, Member FDIC, offers, free.
• Use your college ID to your advantage: Ask restaurants and both local
and national retailers if they offer a college ID discount when you make a
• Plan (and save) for the unexpected: Stash some cash to cover
unpredictable costs so you don't have to use a credit card and risk building
up potential debt.
• Get a part-time job: Earning $10 an hour, just a few days a week, could
add up. It needn't be a large time commitment and the income can help your
budgeting and saving for activities and items that you want rather than need.
You may also be glad to know that Ally Bank lets customers open a Money
Market Account with no minimum deposit or monthly maintenance fee, with
compounding interest daily, and that comes with a free debit card for quick
access to cash. Ally customers can use any Allpoint®
ATM in the U.S., free, and Ally reimburses up to $10 per statement cycle for
fees charged at other ATMs.
For further facts and tips, visit www.ally.com.
"College students can learn to effectively
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On the Net:North American Precis Syndicate, Inc.(NAPSI)