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It is so easy to get credit cards and borrow money these days that it seems everyone is in debt. Many students are having to take jobs waiting tables directly after graduation because they have student loans to pay, credit card minimum payments that need to be met, and living expenses that have to be fulfilled. With this kind of pressure, how can life dreams be made to come true when it is money that is ruling decisions?
These days trying to get to class on time without being hassled is hard. You are constantly being bombarded with offers for free T-shirts, free water bottles, and free candy every time you walk across campus. All this good stuff and all they want you to do is sign up for a credit card. It is so easy to do and you get a free gift just for signing on the dotted line. What they forget to tell you is that the annual fee is $49, just for having the card in your possession.
Being a student and trying to make the right decision about borrowing money or obtaining a new credit card can be difficult. Keeping track of your finances is one way to start. Plan ahead by keeping track of how much you borrow in student loans and what you will be expected to pay in monthly payments once you graduate. Only borrow what you need to pay for school tuition and fees and get a part time job to cover your living expenses. This method will save you a lot of money and give you more financial freedom after graduation.
When it comes to credit cards only use them in case of an emergency or when making plane or hotel reservations. Try not to carry a balance on your credit cards and if you do, try to pay it off quickly. By paying more than the minimum balance you will pay off your credit card balance faster. Also, try to look for a card that has no annual fee and a low interest rate.
Do not be tempted to spend if you are stressed or depressed. Live the motto that if you do not have cash you do not buy it. But if you feel like you want to look flashy by using a credit card, then get a debit card. A debit card works like a credit card, but the purchase amount is taken directly out of your checking account.
Finances can be easy if you just plan ahead and pay attention to your finances. Good luck and keep being savvy.
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