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Piggy Bank CHalkboard $+$=College

Hint, it has nothing to do with test scores.

Decorah & Cresco – September 1, 2017 – College students have a tremendous understanding of test scores and GPAs, but how can we help them understand their credit score and the value of saving? Here is the American Banker’s Association top 10 tips that are designed to give students an edge on mastering personal finance. If you are a college student and take these nine tips into account, you will be well on your way to success.

  1. Congratulations! You are in charge. You are responsible for your finances, and you should act accordingly by creating a realistic budget or plan and stick to it.
  2. Watch spending. You control your money, determining how you spend or save it. Pace spending and increase saving by cutting unnecessary expenses like eating out or shopping so that your money can last longer.
  3. Use credit wisely. Understand the responsibilities and benefits of credit. How you handle your credit in college will affect you after graduation.
  4. Use your bank account. Banks are more than money in a vault. Bankers offer valuable services like mobile banking apps, balance alerts, direct deposit services, financial education, and identity theft resolution services.
  5. New is out. Consider buying used books or ordering them online.
  6. Entertain on a budget. Get creative with fun activities to keep you busy in college. Make simple recipes instead on eating out.
  7. Be picky. Don’t trust just anyone with your money. Be skeptical of classmates, friends, or salespeople that have ideas for your money.
  8. Save it. Things happen, and it’s important that you are financially prepared when your vehicle or computer breaks. No matter how small the amount, you should start putting some money away. Start today.
  9. Just ask. Mastering your finances is a journey. Your parents or your banker are a good place to start learning.

Source: ABA.com/Consumers

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