Mo Money, Mo Problems

Hi guys! I know it has been awhile since I have posted anything. However, I am back with a BANG. I have been asked to write an informational post on financial tips, advice, and any experience I have with regards to credit cards.

Work, work, work, work, work, work. 

I have just started working on campus this semester and I love it. Working on campus provides so many more opportunities. Typically higher pay, flexible hours, and if you have a desk job like I do most of the time you can just do your homework.

However, working is not enough.

After I get paid I take 30% of my paycheck and put it away.

  • 10% is for tithes
  • 10% is for long term savings (house, wedding, car, anything major)
  • 10% is for short term savings (vacation, loans, etc.)

Cash, Credit, or Debit?

A big decision for a lot of people is rather or not they should get a credit card. If they should then when? What should it be spent on?

I personally don’t have a credit card for several reasons:

  1. I am still getting used to balancing my checking account and trying to avoid accidentally over drafting my account
  2. It’s a HUGE responsibility and it is not something that should be considered lightly
  3. I’m still a freshman and so I have a few years before I need to completely enter the adult world.

Which do I use?

Before I came to college I usually just used cash for everything but now that I am here it is way easier to use my card instead of cash. It’s kind of a hassle to have to run to the ATM every time you are running low on cash.

I have a lot of friends who have credit cards. Most of them use it for gas or groceries so they can build their credit up. However, if you forget to pay off your credit card it can significantly damage your credit. This is why deciding to get a credit card is a HUGE decision. THIS INCLUDES STORE CREDIT CARDS! A lot of people think that a credit card from a retail or any store isn’t as serious as a real credit but it is just as important.

Three Tips for Being Financially Sound

  1. If you don’t NEED it, it can wait.
  2. If you have waited and you STILL want it and you can afford it… #treatyoself but don’t go overboard
  3. If you have a credit card only use it for emergencies, build credit, or for larger necessary purchases.

What am I saving for?

I have a lot of plans for this next coming year:

  • Cruise for Spring Break
  • Study Abroad next summer
  • Go on fun trips this summer

All of the above require money and lots of it. I plan to use these tips to help me save towards my trip!

In the future I do plan on getting a credit card but down the road when I am more responsible!

For more information please go visit credit card insider for more amazing information! I would not have been able to write this post if it were not for their help!

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