1) Avoid Fraud & Scams
Become scam-savvy so you can identify scams when you see them. An important red flag to remember: If someone sends you a check or money order and asks you to wire them money in return, it’s likely a scam.
2) Take Advantage of Online Services to Monitor Your
Accounts
Stay on top of all your accounts by checking your balances daily. If you are aware of the amount of money you have in your checking account, chances increase that you won’t overspend or overdraft.
3) Be Smart About Credit
Getting credit while you’re in college can be a great way to start building your credit history, if you use it responsibly. If you do get a student credit card, be sure to use it only for emergencies, or for small purchases, and then pay the bill in full each month.
4) Check Your Credit Report Three Times a Year
Check your credit report to ensure that the information documented is accurate and up-to-date. Review and confirm that all accounts listed are yours and that no unauthorized activity has taken place.Visit annualcreditreport.com to get your free report.
5) Avoid Unnecessary Fees
Use your financial institution’s ATMs so you don’t get charged ATM fees for your transactions. Also, pay attention to due dates on your bills, movie rentals and anything that may charge you a late fee.
6) Start Saving Money & Investing
Pay yourself first. Put money into a savings account that you don’t touch. Or, start investing early by opening a certificate of deposit or an IRA. Putting aside a little money each month can add up to significant savings and growth.
7) Set a Budget & Track Your Spending
Overspending and getting into debt can become bad habits that are hard to break. Set a budget to ensure your expenses don’t exceed your income. Then, track your spending to make sure you’re sticking to your budget.
8) Get a Part-time Job
Earn spending money by getting a part-time job, if it fits with your schedule and school workload. Find a job that is on or near campus, or one that is affiliated with the school. Check UW-Whitewater’s financial aid website (uww.edu/financialaid/employment/) for on-campus job resources.
9) Cut Back on Expenses
Shop for used textbooks. Walk, ride a bike or take public transportation to get around town. Shop at second-hand stores for furniture and clothes. Limit entertainment expenses like cable and going out to eat. Look for student discounts on computers, travel and other expenses.
10) Ask for Help if You Need It
If you have questions or run into any trouble with your accounts, stop by or call your financial institution.