Cornerstone Offers Financial Tips for College Students
Leaders of Chattanooga's Cornerstone Community Bank said that college students starting the school year should make money management a priority.
"It’s important for college students to take control of their financial future by saving wherever and whenever they can," Cornerstone’s President and CEO Frank Hughes said in a prepared statement. "They should treat personal finance like a second major and avoid unnecessary expenses now to reduce financial burden when they graduate."
Bank leaders offered some financial tips for students:
—Create a budget. Leaders said that young adults should start taking care of managing their own finances, and the first step is to create a "realistic budget or plan and stick to it."
—Track spending. Keep receipts. A recent Huffington Post article suggests at least knowing where money is going, even if you don't track every single dollar. Once you know where the money is going, cut unnecessary expenses, Cornerstone leaders said.
—Use credit wisely. Cornerstone leaders suggest that students use credit, but don't abuse it. And it's important to understand both the responsibilities and benefits of credit. Shopping around for the best credit card option is also important.
—Use your bank's resources, such as online, mobile and text banking tools. The resources may allow you to check balances, pay bills and monitor transaction history.
—Buy used. Students may be able to buy used books. If not, consider renting textbooks, if possible.
—Entertain on a budget. Get the most out of your student ID and meal plan. Look for activities that are free.
—Use only your bank’s ATMs to avoid fees.
—Plan for the unexpected. Cars break down. Computers die. Save money for these sorts of events.