April is Financial Literacy month. Below is a list of the top 10 best practices students can follow to gain control of their financial lives. We recommend that you share this advice with your students.
“Live Like a Student Now, So You Don’t Have to Live Like a Student Later.”
10. Create a simple, secure system to organize and safeguard financial records.
9. Check credit scores annually to clear up errors and protect against identity theft.
8. Set financial goals and a monthly spending plan which
limits discretionary spending.
7. Establish a monthly savings plan, even if the amount saved per month is low.
6. Map out an academic and financial plan that covers the
entire program of study (two-year; four-year; graduate
study), including anticipated resources and credit available.
Do not take on frivolous debt.
5. Use a credit card only for emergencies and not to finance
day-to-day expenses.
4. Look for low-cost alternatives to help pay higher education expenses; i.e., buy used books, use public transportation, barter with other students for goods and services.
3. Teach yourself to say “I can’t afford this.”
2. Pay bills on time and pay off credit card balances
each month.
1. Develop sound financial principals, values and habits in college that last beyond college.
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