The last year of college is full of hopes and expectations. In many cases, one of the not-so-wonderful new developments will be the need to start making student loan payments.
To establish a good credit record, you need to pay on time, every time. (Timely repayment can sometimes reward you with a lower interest rate.) Consider starting now to accumulate savings you can use for those first loan payments until you have a regular paycheck. Here’s how to do it:
1. Get a part-time job. Bonus points if you can you find a job or start a business connected with your major!
2. Live like a student. That means continually hunting for special deals, student discounts, and other ways to save money. Be a smart financial consumer: don’t waste money on overdraft fees, or charges for using out-of-network ATMs – the SURF ATM Network is a great resource for CU members!
3. Start saving. Once you start squirreling away savings, consider putting them in a Roth IRA with us. Young people in a low tax bracket are ideal candidates for Roth IRAs, which provide tax-free income later in life if you pay income tax now (which should be minimal) on your money.
Here’s to a great senior year!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment