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Keys to Managing Your Money

Did you know the average college student graduates with more than $24,000 in student loans and more than $4,000 in credit card debt? Beat the odds and graduate debt free. Become a wise consumer.

Managing your money is not as complicated as it may seem. Here are some tips to use to become a wise consumer:

Control Your Spending

DO try to distinguish the difference between needs and wants.
DO pay cash.
DO prioritize spending.
DON’T borrow money unless absolutely necessary.
DON’T be an impulse buyer.

Create a budget

DO know your spending habits.
DO make a monthly budget and stick to it.
DON’T spend more than you make.

Learn to Save

DO establish a savings plan
DO pay yourself first by putting money into savings.
DO put at least 10% of your income in savings.

Manage Your Credit

Be savvy about credit cards.
DO pay off credit card balances monthly.
DON’T take cash advances on a credit card.
DON’T pay credit card payments late.

Establish good credit.
Review your credit reports every year with Annual Credit Report.
DO pay your student loans on time.
DON’T spend excessively.
DON’T make late credit card or car payments.

IT CAN TAKE SEVEN TO TEN YEARS TO REBUILD YOUR POOR CREDIT HISTORY!

Check out the money management tools on the Web Links page.