Foundations of Finance

Learning how to manage money is very important for college students if they have not learned it previously. It can be very difficult to learn how to budget and stick to it at first, but it is definitely worth the effort that it will take.  Here are a few tips on managing money:

1. Think before you spend. Ask yourself if you really need this item-or simply want it.
2. Join a credit union. Credit unions do not charge extra fees for various things and they generally have better rates.
3. Avoid the credit cards like the plague! Credit cards will tempt you into a lot of unnecessary debt. Do not limit your freedom by gaining debt.
4. Save and then spend. Never spend money you do not have unless it is for academic purposes and can be covered by a loan.
5. Pay your bills on time. You do not want to fall behind on payments or it may be a long time before you catch up. There are also many negative consequences associated with falling behind on payments.