College savings

College: Managing Your Money

In High Net Worth Insurance, Home Insurance, Personal Insurance by Sheryl Smith

With college back in session shortly we thought this article from would be helpful in educating your college students the proper ways to manage their money and credit.  College debt ads up quickly, so here are some great tips to help you manage that debt and start college out on the right step.

In these difficult economic times, many of today’s college students are turning to credit cards to finance their college education, using them for everything from everyday necessities to books and tuition. Unfortunately, this can result in an excessive amount of debt.
Young people are frequently unaware that their bill paying habits will affect their credit history. Many graduates do not think they need to worry about their credit score until they apply for a mortgage to buy a house. So it can come as a shock when they find out that potential landlords, employers and even utilities companies routinely access credit scores as part of their application process.
Learning how to manage student loans, credit cards and other debt is essential for college students. Establishing financial skills early on and working to build a good credit standing will affect their lives both now and in the future.
A person’s credit history begins with their first credit card. And good credit can help savvy college graduates save money in the following situations:
  •  Applying for a Job. Potential employers now routinely check people’s credit history as part of the hiring process. With so many applicants vying for positions in today’s tough economy, a solid credit history may provide a competitive advantage in the job market.
  • Renting an Apartment. Landlords often rent to the applicant with the best credit history. In many urban areas, available housing is at a premium. Those with a good credit history will more easily find an apartment to rent and may avoid a larger security deposit and/or the need to have the lease co-signed by a guarantor, such as a parent or an employer.
  • Signing Up for Utilities. Local phone, cable, electric and gas companies will on occasion waive cash deposits for customers with solid, established credit histories.
  • Securing Loans. Having a better credit history makes it easier to get a car loan or mortgage, often at a more competitive interest rate.
  • Insuring a Car or Home. Having good credit can ultimately save consumers money on auto and homeowners or renters insurance, through a stronger credit-based insurance score.

For more tips and to read the whole article from go here.