Five money tips every student should know
Guest blogger Leanne Salyzyn is an insolvency counselor, licensed restructuring professional and trustee in bankruptcy. Post a comment or contact her on Twitter with your personal-finance questions.
1. Make your money last all semester
You may feel rich with all that student loan money in your bank account, but it’s important to remember that you have to make it last for several months—not several weeks. Make a spending plan and stick to it. Pay attention to your spending habits.
2. Don’t rely on “The Bank of Mom & Dad”
Your parents may have helped you out from time to time financially, but don’t assume they’ll always be there to bail you out if you get into financial trouble. Part of maturing is being responsible with the monies you are given.
3. Never share your PIN number
It doesn’t matter who you trust, never share your PIN number or leave the number written down in your wallet. It is your responsibility to protect the monies in your account and the bank will find you at fault if you shared the PIN number.
4. Stop the tap and go
Most debit cards allow you to tap your card at a retailer to debit money from your bank account. While quick and convenient, it also makes it easy for someone else to use your card without authorization, especially if you lose your wallet. Contact your bank and remove this function.
5. Banks are businesses
Banks charge interest on credit card purchases, bank loans and fees on overdrawn bank accounts to make money just like every other business. Paying bills on time and watching bank balances will save you money in the long run and build your credit score.
This story was originally published in Halifax Magazine.
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