#JumpStartJanuary: College Credit

22 Jan

Something that I should have done far before the last semester of my senior year of college is getting signed up with a credit card. Unfortunately, I waited until January and went with my parents to the bank that my debit card is through. Because I am graduating in May, I will only get four months of the college cash back benefits I could have been getting all along.

Although I did not have a credit card, I still learned how to successfully manage my funds. I have an Excel spreadsheet of my scholarship funds, income, expenses, and budget. I also make pie charts of how much I spend on what. These categories can include food, groceries, rent, gifts, etc. It is a really good idea to figure out where your money is going and if you can allocate less in certain places to leave more funds for important categories–like living expenses and groceries. This is an example of my expenses from October 1st until December 12th. It helped me to realize that I spent money on a lot of things far in advance (like fun/awesome EDC and Spring Break) but as I am nearing adulthood, I should really work on saving my money.

Pie Chart

Take advice from me — when you get your first job, whether part or full time, start building your credit! It is so important as we all get older and start to face full-on adult responsibilities. I now am working on building my credit and utilizing my credit card to purchase my groceries and food at restaurants. And I make sure to transfer funds subsequently to pay off any outstanding balance.

-Sarah

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