What all college students should know about finances.
As a college student, you have tons to worry about. From making sure that you get your papers turned in on time to trying to find time to take a nap, your finances are most likely not your top priority. However, college is most likely the first time that you have been out on your own, making it the perfect time to set a strong groundwork for your finances for the rest of your life. Keep these 3 financial college tips in mind to help you start your life out with some green in your pocket.
- Understand credit cards – credit cards are not free money. Every cent that you spend on your credit cards has to be repaid, plus more for the interest. If you are charging a payment on your credit card, keep in mind that you will have to come up with that amount in a month or so to put towards your payment.
- Stick to your budget – creating a budget is easy. Actually sticking to your budget can be very difficult. Working in “fun” part of your budget that you can use for nights out can help you better stick to your budget since you will not have miss out on all the college fun.
- Get a checking account – if you do not already have a checking account, get one as soon as possible. Checking accounts can help you better keep track of what you spend and let you see if there are any places that you can be saving more money.
Having the right insurance policies in place can help to ensure that you are not financially devastated after one unfortunate incident. Contact North Central Insurance in Elk River, Minnesota for all of your insurance coverage needs throughout college and beyond.