A student’s guide to money

College is an exciting time, but suddenly becoming responsible for their own finances can be daunting for students. Here are 10 tips from Worcester-area financial advisers that can help students make smart money decisions in college — and beyond.

• Budget. Look at your monthly income, whether it comes from a part-time job or parents, and subtract your expenses, rent and bills, not just personal items.

“Budgeting helps keep you disciplined,” said JoAnn G. Morency, senior vice president of retail banking at Commerce Bank in Worcester. Read more...

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The reason why Think about A Web-based Vocational Course

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Prevent Identity Theft on Campus Using Student Credit Cards

Crime and frauds are everywhere even a student is not excused. This article is about how a student credit cards can prevent identity theft on campuses.

If you’re a college student with a credit card, one of the things you should be aware of is how to take care of your identity and avoid being a victim of identity fraud or credit card theft. Living on a campus can prove to be a big challenge. Surveys reveal that thousands of cases of identity theft are reported each year and most of these cases are from college campuses.

Being a victim of ID theft or credit card fraud is certainly no joke. You could be expected to pay for debts that you never owed. And although most student credit cards have a liability protection program, credit card fraud can badly damage your credit history. Clearly, the best way to protect yourself is to prevent it from happening. How? Here are some important reminders for you:

Log out completely from when using public computers. Whether you’re in a school campus or an internet shop, never forget to completely log out of your account after using the computer. It is also recommended to delete the cache, cookies, and history from the temporary internet files of the browser you’ve used.

Don’t give away your credit card information. Don’t trust anyone with your credit card number or any other personal information either in person, online or over the phone.

Be particularly cautious when filling out online application forms. Make sure that you are using the genuine website of the company you’re applying for and that the site is using a secured server. Check if the URL of the site begins with https:// which indicates a secured site. See to it that there is a padlocked icon on the bottom right corner of your browser.

Don’t bring all your credit cards and important IDs in your wallet. Your wallet can get lost, misplaced or stolen. In any case, having all your credit cards and IDs in your wallet all at once puts you at a greater risk. Bring only one student credit card that you can use and at least one ID for identification. In case of lost, call your credit card issuer at once to have your credit card blocked.

Shred bank receipts and important documents. Don’t throw ATM receipts in the trash without shredding them into tiny pieces. The same is true for your bank statements, old credit cards, and other documents that bear your personal information.

Keep an eye of your student credit card at all times. When shopping or dining at restaurants, be alert when using your student credit card for payment. Never take your eyes of your credit card. Remember that “skimming” can be done within just seconds without your slightest hint. Volunteer to take your credit card to the cashier and never take our eyes off your card even for an instant.

Use strong passwords. It’s better to use passwords that are not related to your personal information. Identity thieves often try out birthdays, surnames, anniversaries when hacking accounts because people use them for passwords most of the time. A combination of letters, numbers and at least one symbol is a lot more difficult to decode. Be sure that you keep a list of your passwords in a log book stored in a safe place.

Credit Cards for Teenagers

For young people, turning 18 is a big event in life where major changes happen. For one, a teenager would soon enter college to pursue higher education. Some teenagers would leave their parent’s homes and go to a boarding school while others may go to a college in another state or country. All these changes present different challenges to a young person.

Young People and Financial Challenges

When it comes to financial matters, turning 18 and going to college is a teenager’s chance to own his/her first credit card. In the past, most credit card issuers require a co-signer to open an account but today, you can apply for a student credit card without the need for a co-signer.

However, being able to get a student credit card so easily may also have its disadvantages. If you’re a college student, you may receive dozens of offers from various credit card companies and all may promise to give you the best deal. It could be tempting to sign up immediately with the first attractive offer but doing so could be a very dangerous move.

Signing up for a credit card without first considering your options can result to problems later on. For instance, you may soon find yourself stuck with a student credit card that has high interest rates and fees. Thus, if you’re thinking about applying for a credit card, you should be willing to take some time in carefully studying your options.

Remember, you can learn about the real costs and terms of a credit card if you read its entire Terms and Conditions. Otherwise, what you read from the ads could mislead you into signing up for a student credit card that has unreasonable terms.

Prepare Yourself for the Responsibilities

Are you ready to be a credit card holder? Bear in mind that owning a credit card isn’t just about the freedom to make purchases without cash or the flexibility to pay for your expenses at a later time. Being a credit card holder is also about being true to your obligation to pay off your debts.

Once you get approved for a student credit card, use it as a financial aid to your education. Before you charge any expense on your card, don’t forget to analyze the situation. Ask yourself:

• Is this expense really important?
• Will it help me with my studies?
• Would it be better to pay for this purchase in cash instead of charging it to my card?
• Can I afford to pay off my balance in full for this month?
• How do I plan to pay back this particular charge?
• Am I exceeding my credit limit?

Credit cards for students are meant to be used as tools in building your personal credit history. You should know that you can only build a good credit history by acquiring credit and by being responsible in handling debts. Owning a student credit card should train your money-management skills and your ability to discern good debts from bad debt.