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TAKE CHARGE OF YOUR FINANCE$!
While it’s hard to resist spending money on things you would
like to have, running up a large amount on your credit cards will
cause more pain in the end. On average, 60% of students have a credit
card in their name, and 20% own four or more credit cards, making
it easy to overspend. But if you can be a smart shopper, you won’t
have to worry about having a large debt on your
hands.
- Comparison shop. Do some research before you make a big purchase
and see if it’s cheaper somewhere else.
- Resist impulse buying. It’s okay to “treat”
yourself every once in a while, but don’t make it a habit.
- Look for hidden costs. Read the label on clothing—does
it say dry clean only?
- Make sure you’re not buying something that could easily
fall apart or break.
- Learn how to negotiate. Sometimes salespeople really will be
willing to lower the price or give you a discount.
- Pay with cash whenever possible. Think about the beating your
credit card will take when you’re done having your fun.
- Ask yourself if you really do need the item. Will you be unhappy
without it?
Money-saving strategies:
- determine ways to cut back on spending
- separate needs vs. wants
- set up a budgeting plan
- prioritize your expenses
- pay your bills on time
DON’T BE A SUCKER—AVIOD THE CREDIT TRAP AND
CREDIT CARD FRAUD!!!
Try to use credit only for emergencies or when you know you have
money available. Charge no more than you can pay off in a month
or two, and limit yourself to one credit card that can be used anywhere.
When traveling, don’t walk around with too many cards or too
much money at one time. Don’t leave your Social Security card,
ATM and PIN numbers in your wallet. If important information is
stolen, report it immediately!
Financial Quiz:
- Are you using credit to pay for items that you used to pay
for with cash?
- Is a substantial amount of your income going to pay off debts?
- Are you tapping into savings to pay for current bills?
- Do you have several outstanding credit card bills?
- Do you take out new loans before the old ones are paid off?
- Are you constantly near or at the end of your credit limit?
If you answered yes to more than one of the questions above, you
may be in financial trouble. Use the tips here to help bail yourself
out. Be financially fit and save yourself future trouble!
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