How’s Your Freshman’s Financial Literacy?

How’s Your Freshman’s Financial Literacy?

by

Wendy Mitchell

The transition from high school to college is one of the most important steps your son or daughter will make in becoming an adult. College is a time of new friends, new classes and new responsibilities. Often, the college years are the first time young adults are required to manage their own money and live on a budget–but they don’t have to go it alone. You can arm your student with the financial management tools to help him or her plan every detail of campus life–from dorm decorations to biology books and beyond.

Educating your student about ways to handle new financial responsibilities will help set him or her on the path to success. The hardest part can be figuring out where to begin. Fortunately, there are resources available to help guide these important conversations from companies such as Chase Card Services.

These tips from Chase can help your college-bound student navigate new financial responsibilities with ease:

1. Create a budget for the school year and stick to it. Track your budget on a monthly basis to make sure you are within your spending limits.

2. Learn how to stay within your financial means. For example, buy your textbooks used or check them out at the library, if possible.

3. Use important resources, such as credit cards, responsibly by planning and keeping track of all purchases.

4. In order to avoid late fees and build a solid credit history, always pay bills on time.

5. Request and learn how to read your credit report and rating.

Learning to manage finances responsibly is one of life’s most important lessons for young adults–and you can help by starting the lesson off on the right foot.

For more information, visit www.annualcreditreport.com.

Additional information is available at www.chase.com/allaboutcredit.

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How’s Your Freshman’s Financial Literacy?