There is a new article in the New York Times about a college in Vermont which requires its undergrads to complete a set of “financial sophistication” seminars. In the discussion of this topic, some key money management tips have come up for college students.
- If possible, pay more than the minimum payment on your credit card
- Multiple credit cards are never better than a single one
- Avoid cards from department stores at all costs
- Begin putting money into an IRA or Roth IRA as early as possible
- If student car loans are needed, make sure you go with a reputable lender who offers fair APR