3 PERSONAL FINANCE TIPSFOR COLLEGE FIRST-YEARS

B Y G A E T A N O S A C C O

SO YOU'RE OFF TO COLLEGE?CONGRATS!

BUT CHANCES ARE THAT THISIS YOUR FIRST TIME AWAYFROM HOME (NOT COUNTINGSUMMER CAMP, OF COURSE).

LIKE IT OR NOT, THERE ARENEW RESPONSIBILITIES TO BEHAD... INCLUDING FOR YOUROWN FINANCES.

BUT KEEP THESE THREETHINGS IN MIND AND YOU'LLBE OFF TO A GREAT START.

1. 50/30/20B U D G E T R I G H T

KEEPING THEDOLLARS IN ORDERWhether or not you have a steady source of

income like allowance from parents or an on

campus job, you need to set a budget for the

money you do come across. Half of your cash

should be put towards fixed costs like bills

(phone, car payments) or immediate necessities

(books, food). 30% should be put into a savings

account, and the remaining 20% is your pocket

change!

2. USE CREDIT WISELYK N O W W H A T Y O U ' R E G E T T I N G I N T O

CREDIT IS A TOOLSo use it what it was meant for-- building credit.

Just get one card and keep it paid down. it's

hard to justify multiple when you're living on

limited income. Although some will argue for

avoiding credit cards altogether, consider the

next few years a time for relatively easy credit

building. At the end of the day, no credit can be

just as damaging as poor credit. It's hard to

secure that apartment or car loan after

graduation when landlords and banks can't see

prior borrowing history.

LIVE FRUGALLYB E S M A R T A B O U T P U R C H A S E S

FRUGALITY IS AVIRTUEIf it was good enough for Ben Franklin, it's good

enough for you. Working part-time isn't going to

provide enough money to live like you may have

been used to. Look for ways to cut financial

corners. Combine laundry, rent books, and take

public transit (or get a bike). Instead of going out,

have an entertainment night in. And learn to

cook. You'll save a TON in food-related

expenses, and might even impress some friends.