MONEY MANAGEMENT blue%20pen.jpg

 

Do you know that some employers check your credit when applying for a job? A bad credit history reflects that you are not responsible with money and may not be a responsible and/or trust worthy employee. Start now to manage your money. Here are some tips

  • Know what is coming in from your income, financial aid, loans, money from parents, money gifts, etc.
  • Know where it is going and be honest with how you are spending it. Write it down and keep records
  • Keep a budget and include a monthly accounting of the following and include other expenses:

      Rent or Mortgage
      Renters/Home InsuranceMoney Management
      Home Repairs 
      Utilities 
      Food 
      Gas 
      Car Payment
      Car Insurance 
      Car Repairs 
      Entertainment 
      Eating Out 
      Food 
      Credit Card Payments 
      Loan Payments 
      Medical Payments 
      Medical Insurance 
      Savings

  • Save money so you can buy a home or make other large purchases
  • Save for an unexpected job loss or unexpected expense
  • Avoid putting everything on credit. Credit card debt is a big problem for college students. It is easy to get credit cards and oh so easy to use the plastic to buy things you want or need. Pay cash when possible. Switch to low interest credit cards with no annual fees.  You can call your credit card company and ask for lower rates.
  • Check your credit report annually with and make any corrections and make sure that there is no identify theft. You may be able to get your credit report for free (one time per year).
  • Spend some money on entertainment and enjoyment
  • Watch what you spend on cars, homes, apartments, clothes, etc.
  • Shop for bargains
  • Use coupons for groceries and personal items
  • Go to discount stores
  • Cook and pack your lunch instead of eating out
  • Open and manage a bank account (shop for the best fees)
  • Open and manage a savings account
  • Invest in your future (Mutual funds, 401ks, etc.)
  • Apply for financial aid and scholarships
  • Don’t be late on utilities, credit cards or other loan payments or your credit score will go down
  • If possible, pay your entire balance on credit card bills monthly to avoid interest charges
  • Know your credit score by requesting it from a credit bureau (a cost may be involved)