Ohio colleges and universities are
in full swing, which means many families are exploring the expensive nature of
higher education and developing a financial plan to ensure their student's
success. Between the books, tuition and other college-related necessities, students
are having to learn to make smart financial decisions while on their own. That's
why we've gathered our top recommendations to help you make the most out of
your financial situation during college.
First things first, if you don't
already have a savings
account, we recommend you make that a priority at the beginning of
the school year. For many students, getting an on-campus job that is
flexible with their class schedule is a must, and the worst thing you can do is
put every paycheck into your checking account without any sort of savings plan.
While it's okay to allow yourself some spending money, putting a percentage
into a savings account will ensure that you have the funds you need for
necessities like tuition and books.
The next tip we highly suggest
is to start building a
credit score. We all know how tricky credit cards can be, but if you
are responsible and disciplined, then a credit card could be tremendously
helpful to help you pay for big purchases upfront without completely depleting
your checking and savings accounts. There are tons of credit cards out there,
so do your research or consult a trusted financial advisor to find one that
best fits your lifestyle. Note: Another great advantage of having a credit card
in college is once you've graduated, you will have built a good credit score
that can help you qualify for a new car, apartment, house, etc.
The last tip goes hand-in-hand
with the first two, which is to create a budget. We've all heard how
important it is to budget, but does anyone really know where to start? Here is
a list of great budget
tracking apps that can help you see exactly what you are spending your
paychecks on.
Why would you need to know that? The answer is simple - to make smarter
spending habits and save more money. For example, if you're tracking your
spending, you might see that you've spent $200 on eating out at restaurants last
month. This month, you'd like to save more money, so you decide to eat at the
dining hall and only allot $50 to eating out. Now, you know that you have saved
an extra $150. In the end, you've exercised smart money habits by being aware
of your spending and saved more money.
If you're ready to track your
spending, reach your savings goals and build your credit, Telhio Credit Union
can help set you up for financial success. Get started at www.telhio.org.
