SPEND RESPONSIBLY - Managing credit for students

Credit tips for students

• Time spent undertaking tertiary studies could be one of the best investments you ever make – your ability to earn a higher income!
• Use your student years to get experience using credit and build a healthy credit history.
• If you cannot get – or don’t want a credit card, think about a debit card, which lets you draw funds from your own account.
• Part-time jobs – especially in areas related to your studies give you a source of income and valuable work experience as well as a chance to develop budgeting skills.
• Your income as a student may be limited, but start to think about short-term, medium-term and long-term financial goals.
• Limit the amount of credit you use. Starting out your working life saddled with a lot of debt can limit your opportunities for travel and other experiences.
• Having a credit card can give you experience in managing credit – but stick to a low limit and only have one card.
• Student loans can be provide valuable funds for cash-strapped students, but use the money for essentials – like textbooks, needed to complete your course.
• Let your bank know you are a student. Many will waive monthly fees on your everyday account, or offer special low-fee student accounts.
• Your credit card is issued to you and you alone, so never hand your card to anyone else.