Attention all frat guys and sorority girls…and everyone else who's too cool to pay for friends! 🙃 We know it might not be the first thing on your mind as you head back to class, but it literally pays to get your finances in order. 💰
Taking just a few small steps towards a bright financial future makes you one smart cookie. 🍪🎓 We've listed out some of the best college-bound financial advice for your reading pleasure.
Here’s Five Fast Facts on how to manage your finances for college:
- 🥇 Track Star - Tracking your spending is one of the best money habits you can get yourself into. When you know where your money's going, you can better plan for big purchases (and bigger kegs). You can get fancy with it and use a budgeting app like Mint, or go old school Boomer-style and use a simple spreadsheet. Do this and say goodbye to overdraft notices.
- 🏦 Mine, All Mine - If you're over 18, now's the time to get yourself your very own bank account. Even if mom and dad want you to stay on theirs, open a separate one in your name to establish your own relationship with a bank. This way, you'll be all set up by the time you graduate and get that big-kid job.
- 💳 Charles In Charge - Along the same lines as a bank account, consider opening at least one credit card, too. While relying on a debit card may seem safer, establishing credit is super-important and a debit card won't do that. Building a solid credit history while you're in college will make it easier for you to lease an apartment or get a new car. Just use it responsibly and not like an immature dingus. Note: if you're under 21, you'll need a parent or guardian to co-sign on a credit card application.
- 👎 Debt's a Debbie Downer - Another tidbit about credit cards: get in the habit of paying them off every month. Debt accumulates pretty quickly and sky-high interest rates and fees can be a double-whammy. Paying your balance off each month makes your credit score happy and your future post-grad self will thank you. Oh, and it never hurts to check on your credit score at least once per year. Get a free report at annualcreditreport.com.
- 🤑 Super Saver - If you're working a job while attending classes, first of all, you go girl! Second, make sure you're set up with a savings account to sock away your extra earnings. Building up a nice little nest egg while you're in school will go a long way. If you're feeling super ambitious, consider opening up a Roth IRA to get a head start on retirement savings. It's never too early to start!
🔥Bottom line: Hey, we know you're a busy bee and have a lot of term papers on your plate. However, it only takes a couple of minutes a day to get your finances in tip top shape. After all, a big part of #adulting is taking your finances by the…tail.
Do you use "girl math" to justify your bougie purchases? Do you even know what we're talking about? Brush up on the latest social media finance trend in this article.
College kids: how do you handle your finances?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
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