Smart savings tips for college students

Published 3:08 pm Tuesday, September 22, 2009

Many college students are experiencing their first real taste of living on their own and managing their own money.

There are actions students can take now to minimize their debt and better manage their money.

Students should choose a checking account that is free and comes with benefits.

A debit card can now also help save money while students spend it. Look for special deals and savings plans to go with your debit card.

While a credit card can help students pay unexpected expenses, it can also be the trigger for entering into debt. The best tip is to find a card with an everyday low interest rate (not just a low introductory rate) and one with benefits like an annual cash rebate or reward points. Students also need to watch out for cards with hidden fees.

Students should also look for a financial institution that offers free electronic services, such as online bill payment, e-statements and mobile banking.