# Presentation: 253299

## C.A.R.E. ProgramThe Top 10 Financial Tips for High School and College Students

**CREATE A BUDGET**** **–
-      A realistic budget will identify exactly what you are spending your money on and your “needs” versus your “wants.” It will also show you, if you have any extra money to spend on your “wants” or the repayment of any debt you may decide to incur.

## C.A.R.E. ProgramThe Top 10 Financial Tips for High School and College Students

**2. OPEN A SAVINGS ACCOUNT**** ****– **
- 	You will need savings, not only for emergencies, but for the expenses you know you are going to have, like that extra book your college professor will assign or repairs for your car that’s out of warranty. You will go broke relying on high interest rate credit card loans to pay for these.

## C.A.R.E. ProgramThe Top 10 Financial Tips for High School and College Students

**3. LOOK FOR WAYS TO SAVE ****	****MONEY**** **–
- 	Buying at shopping clubs and with coupons, looking for the cheapest gas price in the immediate area, going to discount movie theaters and taking advantage of student discounts will mean extra money for the things you “want” or to add to your savings account.

## C.A.R.E. ProgramThe Top 10 Financial Tips for High School and College Students

**4. USE CASH, A DEBIT CARD OR A CHECKING ACCOUNT INSTEAD OF A CREDIT CARD ****-**** **People who use cash for their purchases spend less, so if it’s under $20 or you can eat it or drink it, use cash. Don’t totally buy in to the myth of the “plastic society”.  Even if you use a debit or credit card responsibly, you will tend to spend more than if you use cash.

## C.A.R.E. ProgramThe Top 10 Financial Tips for High School and College Students

**5. AVOID CREDIT CARD DEBT**** **- The best way to manage debt is to avoid it. High interest rate credit card debt with the likelihood of paying exorbitant fees like late payment and over the limit fees, means paying significantly more for everything you do and buy. Credit cards are a loan you have to pay back.
- If you don’t have any extra money in your budget to repay it within a reasonable time with interest, you probably can’t afford to incur the debt**.**

## C.A.R.E. ProgramThe Top 10 Financial Tips for High School and College Students

**6. PAY YOUR BILLS ON TIME**** **–
- 	One of the worst things you can do to your credit rating is to pay your bills late. This includes not only your credit card bill, but your rent, telephone, utility and cell phone bills.

## C.A.R.E. ProgramThe Top 10 Financial Tips for High School and College Students

**7. ALWAYS PAY ANY DEBT OFF AS QUICKLY AS POSSIBLE**** **- Only have one credit card.  Find the best card for rates and fees.  Don’t charge anything on it that you can’t pay for at the end of the month.  If you can’t pay off your credit card bill in full, pay at least 10% of the balance. Never make just the minimum payment and stop charging until you have paid off your balance.

## C.A.R.E. ProgramThe Top 10 Financial Tips for High School and College Students

**8. MINIMIZE YOUR STUDENT LOAN DEBT**** -**** **Before choosing a college and course of study, ask yourself if the job you are likely to get after college justifies the student loan debt you will incur for the degree you will get at that institution.  Keep your student loan debt to a minimum. Drawing down the full amount of a student loan you may be eligible for in order to maintain a more expensive lifestyle than you need to, like living off campus or going on a spring break vacation every year, may be something you will regret after graduation when you have to pay those extra amounts back.

## C.A.R.E. ProgramThe Top 10 Financial Tips for High School and College Students

**9. OTHER THINGS TO AVOID -**** **Impulse shopping on the internet, expensive behaviors like gambling and drugs, opening multiple store charge accounts (you will spend more than if you use your debit card or even a major credit card), more than three-year car loans and pawn shops, rent-to-own and payday loan establishments. Also, all those solicitations to open credit card accounts to get “free stuff.” Those open accounts will hurt your credit rating even if you never activate or use them.

## C.A.R.E. ProgramThe Top 10 Financial Tips for High School and College Students

**10. REMEMBER THE ****CONSEQUENCES OF**** ABUSING CREDIT CARDS AND OTHER  DEBT**** ****- **Don’t lose out on a job, student loan, admission to graduate school, apartment or car loan because of too much credit card or other consumer debt. Today everyone is pulling credit checks and using them to make decisions about your future.