Good Saving Habits
Those first few paychecks feel really good. Until you find that you're actually spending the whole thing without
stocking anything away for a rainy day - not to mention a financial emergency.
You're not alone - college students account for nearly half of the more than $285 billion in credit card debt,
according to the National Credit Research Foundation. Increasing the burden is the fact that the average college
student graduates with approximately $16,000 in student loans. In the "real world" of payment due dates, finance
charges and credit reports, learning to save may be the only way to save yourself in a time of crisis. The following
tips will help you learn to manage your money responsibly:
Pay yourself first. If you wait to see what's left over, you're less likely to save. Determine in
advance how much money you plan to keep on deposit each month. If you receive a raise, increase the amount of money
deposited into your savings account.
Take advantage of bank technology. Consider automatic payroll deductions or automatic transfer
from checking to savings. Avoid temptation and arrange to have a specific amount transferred to your savings account
every pay period.
Pay your bills on time and pay more than the minimum amount. Although 97 percent of Americans pay
their bills on time, some consumers find themselves paying late fees. Alleviate the hassle by scheduling time once a
month to pay bills, and put them in the mail with enough time to get to the creditor.
Determine needs versus wants. Do you need to eat out every day for lunch? Do you need that gourmet
cup of coffee in the morning? By bringing your lunch to work a couple days a week, you can save hundreds of dollars
a year.
Shop around. There are thousands of options for financial services products. Be selective, and get
the best prices, services, convenient locations and lowest fees for credit cards, bank accounts, mortgages and CDs.
Avoid credit card debt and the accompanying finance fees. Don't charge more on your credit card
than you can pay off every month. It's that simple.
Consider investments. For long-term goals, such as saving for a home or retirement, look into
bonds, mutual funds, real estate and stocks.
Consult your local bank. Ask which package of bank products and services would best suit your
needs. Your banker is the best source of information about the accounts and interest rates available at your bank.
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