The credit card reform will make it difficult if not impossible for some college students to apply for or obtain credit in the upcoming years. While this may prevent students from exiting school with thousands of dollars in credit card debt, it does nothing to help them manage their finances today. Fortunately college students are not the only people using credit cards less; more people are using cash over credit these days proving it is possible to survive without our trusty plastic. If you are heading off to campus this fall, here are a few pointers to keep your finances in order without using credit.

• Budget- Before you can properly manage your finances you must first know what exactly you are dealing with in terms of income (available cash) and expenses. Create a budget outlining your day-to-day expenses as well as any financial obligations for which you are responsible. Next you can evaluate how much money you have available to pay for these expenses or in some cases how much money you will have to earn to meet your obligations. Remember to update your budget whenever there are changes in your income or expenses.

• Checking account- If you do not yet have a checking account, now would be an ideal time to open one. From this account you can either write checks or use a debit card to pay for bills and other expenses. Checking accounts earn little or no interest however they do offer easy access to your cash.

• Savings account- Your checking account provides easy access to your money for expenses and bills. A savings account will offer a place to save your “extra” money that is not as easily accessible while offering a better opportunity for growth. With credit card use expected to decline in coming months, it is especially important for students to begin saving money for unexpected expenses or other emergencies.

• Track spending- The best way to stick to your budget and save money is by tracking your spending. Most people have heard this advice yet few people actually follow it. Challenge yourself to track your spending for a minimum of one week. In that time, keep track of every purchase you make and the amount of money you spend. This will help you quickly determine areas where you can cut back on spending to save money for other more important purchases.

Whether this is your freshman year or you are a professional student, these tips will help you stay atop of your finances making it possible to avoid debt and save money.

This entry was posted on Wednesday, August 26th, 2009 at 7:47 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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