It’s never too early, or late, to learn about smart ways to navigate your finances. Creating healthy money habits now will, ultimately help benefit your financial future, long after graduation.
To help you get started, here are tips that make it easier to learn how to save, budget and improve managing your finances:
- Start with budgeting basics
Start simple by listing what you earn and what you spend, so you can ensure you won’t spend more than you have. Any leftover money is best put in savings first, then you can consider working toward items or experiences they might want to buy. There are many budgeting resources out there, so you can find the one that works for you, including budget worksheets to track spending.
- Get organized and go digital
Financial confidence starts with getting organized. You can find easy-to-use budgeting tools and whether it’s a first banking account, or an account geared towards a college student, there are multiple options that can help students of various ages with firsthand digital transactions and account balances, assisting with budgeting and saving.
- Avoid too much debt
Because hard inquiries can also affect your credit score, try to avoid applying for multiple lines of credit in a short period of time. Hard inquiries will appear on your report for two years.
Also, get to know your debt-to-income ratio (DTI), which is the percentage of your monthly income that goes toward paying off debts. Keep DTI ratios low, as this shows you’re more likely to be able to afford monthly loan payments.
- Plan for the unexpected
According to Bankrate, 60% of Americans are uncomfortable with the amount of emergency savings they have, and 36% have no emergency fund at all. Unexpected events in life can happen, so planning ahead may help reduce stress and better cope with whatever may occur. For this reason, building an emergency fund or saving for a rainy day is a crucial skill to learn.
Start learning and practice vital money skills now to help stay with you for life, as well as how to use financial tools so you will be able to stay on top of their finances and achieve your goals.
Learn more about all the options available to get started on the right financial footing at chase.com/studentbanking.
For informational/educational purposes only: Views and strategies described in this article or provided via links may not be appropriate for everyone and are not intended as specific advice/recommendation for any business. Information has been obtained from sources believed to be reliable, but JPMorgan Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy. The material is not intended to provide legal, tax, or financial advice or to indicate the availability or suitability of any JPMorgan Chase Bank, N.A. product or service. You should carefully consider your needs and objectives before making any decisions and consult the appropriate professional(s). Outlooks and past performance are not guarantees of future results. JPMorgan Chase & Co. and its affiliates are not responsible for, and do not provide or endorse third party products, services, or other content.
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