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.
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