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Top 10 Money Tips Every Freshman Should Know

On October 2nd, 2014, posted in: Pinnacle Insights by Comments Off

With another academic year beginning, the American Bankers Association has released ten money-saving tips to help college students get an early start on the path to a secure financial future.

Pinnacle Bank wants all of our young customers to have a strong foundation in money management, and the American Bankers Association suggests these tips for freshmen:

  1. Creating a budget.  The first step to managing your finances is to create a realistic budget and stick to it.
  2. Watching spending. Keep receipts and track spending in a notebook.  Pace spending and increase saving by cutting unnecessary expenses like eating out or shopping so that your money can last throughout the semester.
  3. Using credit wisely. Understand the responsibilities and benefits of credit.  How you handle your credit in college could affect you well after graduation.  Shop around for a card that best suits your needs.
  4. Taking advantage of your bank’s resources. Most banks offer online, mobile and text banking tools to manage your account night and day.  Use these tools to check balances, pay bills, deposit checks and monitor transaction history.
  5. Lookout for money. There's a lot of money available for students -- you just have to look for it. Apply for scholarships, and look for student discounts or other deals.
  6. Buy used.  Consider buying used books or ordering them online.
  7. Entertain on a budget. Limit your “hanging out” fund.  There are lots of fun activities to keep you busy in college and many are free for students.  Get the most from your student ID.
  8. Use only your bank’s ATMs. Avoid fees by using ATMs owned by or affiliated with your bank --- Although, we do offer 10 free ATM uses anywhere
  9. Expect the unexpected.  Things happen, and it's important that you are financially prepared for an unexpected expense.  You should start putting some money away immediately, no matter how small the amount.
  10. Ask. This is a learning experience, so if you need help, ask.  Your parents or your bank are a good place to start, and remember—the sooner the better.
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