Off to college? Pay attention to your finances

Around this time of year, plenty of families — mine included — have been packing up the car and heading down the highway to lug storage bins filled with personalized towels, extra-long sheets, shampoo, jeans, T-shirts, hoodies, an alarm clock, AA batteries, a backpack, hangers, a hanging shoe organizer, the favorite furry blanket, some pens, traditional yellow pencils, paper, a glue stick, a month’s worth of socks and underwear, 10 minibags of Cheez-its, running shoes, boots, a rain jacket, an umbrella and a couple of baseball caps.

But hey, did you remember the debit card? Or the credit card?

Or the tricks of the trade when it comes to trying to manage your money while on campus? Here’s a look at four tips as you head off to college:

READ THE NUMBERS

In a digital world where so many statements and bills are online, it is way too easy to ignore the actual numbers on your bank statements or bills. Don’t do it. Make sure that you take time to see if the numbers are adding up — and spot any potential mix-ups or even fraud early in the game.

Look at some sites to give you tips on managing money too. See the website for the Office of Financial Literacy at Syracuse University for tips and money management resources.

PICK THE RIGHT CARDS

College students can waste a ton of money on all sorts of banking fees that are avoidable, if you make the right moves.

Pick the wrong card, and you could be paying $50 or $60 a year when you could easily find a credit card without an annual fee. Pick the wrong ATM, and you could be spending nearly $5 a pop in fees.

WalletHub has a list of some of the best student checking accounts. Students might find some good accounts at local credit unions.

When it comes to checking accounts, look for an account that has no minimum balance required and no monthly fees. Maybe look for a bank with ATMs near your campus.

Among the best credit cards for college students, according to WalletHub, is BankAmericard Cash Rewards Credit Card for Students. The perks include a $100 initial bonus after making at least $500 in purchases in the first 90 days of your account opening. The card offers 3 percent rewards on gas and 2 percent on groceries and 1 percent on everything else. No annual fee. A fixed payment due date helps students keep track of when to make payments.

The Journey Student Credit Card from Capital One offers 1 percent cash back on all purchases, plus an additional 0.25 percent when you pay your bill on time. No annual fee.

Jill Gonzalez, analyst for WalletHub.com, said many times college students opt for debit cards, instead of credit cards, these days because they think they can avoid high interest charges. But you need to pick the right checking account to avoid some high costs, too.

Gonzalez, 25, said many credit cards didn’t offer rewards to students when she was in college a few years ago. But now several popular cards offer rewards, including the “Discover it” student cards.

One potential trap: Pay attention to how long any zero percent rates are offered on some student credit cards. The deal mightonly be good for six months or 12 months only. Then, some rates can climb above 20 percent.

There are tricks to learn when it comes to using debit cards, too. Make sure that you don’t agree to “opt-in” for debit card coverage — unless you’re willing to pay high overdraft fees.

It’s confusing. But not “opting-in” means that your debit card transaction will be declined at the point of sale, if you don’t have enough money in your checking account. It’s better to skip the $5 taco run in that case and avoid getting socked with a $35 overdraft fee.

BEWARE OF SCAMMERS

Luis D. Garcia, a spokesman for the Internal Revenue Service in Detroit, said he has told his daughter who is heading off to college in September that she shouldn’t panic any time she might get a phone call, email or whatever that gets her heart racing and makes her think she’s in trouble. Stop. He has told his daughter: “Never react instantly to threats from a phone call. It doesn’t matter if they say it’s the IRS, state police or whatever. You have a right and a duty to stop, think, get counsel (preferably me and Mom) and then react.”

“Panic is a scam artist’s best friend.”

One current back-toschool scam: Fraudsters are calling college students and demanding they pay a “federal student tax.” There’s no such tax. Anyone who calls and tells you to hurry up and put money on an iTunes card or prepaid debit card is a scammer.

BUILD A CREDIT SCORE

Deidre Davis, vice president of marketing and communications for the Michigan State University Federal Credit Union, said some students overlook an opportunity to take steps to establish a positive credit history in college — which can help lead to lower rates on car loans and credit cards in the future.

A good credit history enables you to rent an apartment, buy phone plans or shop for insurance, too.

One way to build a credit history: Open a credit card, make small purchases regularly and pay the balance off in full each month.

The No. 1 tip: Pay those credit card bills in full on time each month — so you don’t leave school with credit card debt that is piled on top of student loan debt.

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