Introduction

Budgeting Your Money

Creating a Budget

Credit Bureaus

Credit Card Basics

Tips for Managing Your Money

Tips for Saving Your Money

Short-Term Loan FAQs

Student Fiscal Services:
Money Management

Introduction

College is a time of new experiences in a person's life--new friends, new faces, new responsibilities and new money issues. Often, the college years are the first time that students are required to manage their own money.

We've included some ideas for managing your money. Learning to manage your finances while in college can help you to master the art once you have left college. Living like a student while you are in school will ensure that you don't have to live like one once you have left school.

Budgeting Your Money

A budget is a tool that can help you manage your money, no matter how little you may have. Over a period of time it will help you to manage your spending so that you are in control, not the money! A budget should be something with which you can work --not an exercise in futility. Make it a tool that will work with your lifestyle. Use a computer, or put it down on paper, whichever works the best for you.

Credit Bureaus

We cannot stress it enough: You must repay your loan. If not, you will be causing yourself a lot of problems.

When you make a late payment, your loan is considered delinquent. That means that the late payment will stay on your credit report for seven years after you have paid your loan in full. This will make it difficult to obtain a mortgage, an auto loan, credit cards, or other financing.

Consider purchasing a copy of your credit report to make sure it is correct. (You can receive a free report if you have been denied credit or another benefit in the last 60 days based on the results of a credit report.)

Credit Card Basics

During your time in college, you will receive many unsolicited credit card offers. The credit card companies will offer you anything from a free t-shirt to free cd's if you sign up for their card. While these offers may be tempting, the real hook is that you will end up with a credit card as well.

If you do decide to sign up for a credit card, select the one with the lowest interest rate both for purchases and cash advances. Also check for annual fees, some cards charge as much as $100 annually. Be aware of offers that charge a low introductory rate, but after a few months raise it to a higher level.

Pay on time and in full. Making minimum payments on a $2,500 balance can take more than 9 years to pay in full.