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7 Steps To Financial Literacy For Your College-Bound Student

One skill for a successful transition from high school to college is not usually taught in school—financial literacy. Often, college students encounter their first experiences managing their own money. In the midst of all the opportunities to spend on fun and school needs, lies a chance to learn a lesson that will serve them well for a lifetime.

With these tips from Chase, you can help your college-bound student make good financial choices at school:

1. Create a realistic monthly budget for the school year. Include essentials like textbooks, dorm fees, and some “mad money” for fun things.

2. Track your spending monthly. In order to stay within your budget you have to know how much you are spending in each category.

3. Learn how to stay within your limits. You can make a game out of finding creative ways to save money. For example, buy your textbooks used or check them out at the library, if possible.

4. Use credit cards and other financial resources responsibly. Plan your purchases and keep your receipts for tracking purposes.

5. Pay bills on time. By paying your bills on time, you will not only avoid late fees, but you will build a good credit history. Your good credit will help you later on when you want to get a loan for a car or a home at a better interest rate.

6. Reward your successes. Decide what will help keep you motivated to stay on track. When you come in under your monthly budget, give yourself a reward for doing so well.

7. Understand your credit report and rating. For more information, visit http://www.annualcreditreport.com/.

Additional information is available at http://www.chaseclearandsimple.com/

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