How to Help College Students Save For Their Future

College years are considered to be the most exiting times of our live. One is at the threshold of adulthood, and hence the independence that comes with it is always welcomed with open arms. However, with such independence comes responsibility, and one of the most important aspects of this period is to handle your money in a responsible manner. Managing your money well at the stage will not only make sure your college years go by without financial problems, and at the same time will help you save for your future.

There are a number of suggestions that a lot of people give, however probably the most important one is to create a savings account. It is important to open an account with a bank that caters to students and does not charge a number of additional attached fees. Make sure you choose a bank that does not charge for ATM withdrawals. Also choose a bank that gives you access to online banking as it can really ease your tasks. It is also advisable to take the maximum amount of free checks banks give. If you require more you can simply order more, however with online banking becoming extremely popular, you will usually have left over checks.

It is all well and good to have an account with a good bank, however once the account is made it is important to keep track of your account balances on a regular basis. Overdraft fees can really dent your pockets. Also if you think that if you use a debit card you are safe as your card will be declined when you don’t have the required funds, you might want to think again. Your debit card often tends to continue to work as it transfers the money from the saving to the checking account. Additionally, you are even charged a fee for this transfer. Hence it is important to be aware of such banking fees. If you use a credit card, it is no rocket science to choose a card with a low interest rate. Also paying bills late or going over your credit limit can cost you quite a bit.

If you are really serious about saving money, you should make a detailed log of all your expenses for say a month. At the end of the month analyse these records and you will be able to see where you spend most of your money; and hence you can improve your spending habits with this information.