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Manage Your Finances Your First Year The Do’s and Don’ts

Manage Your Finances Your First Year The Do’s and Don’ts. DON’T pay your bills late. When you don’t pay bills on time, your credit score takes a negative hit. DO: Set up reoccurring payments, text/email alerts and continue to pay even if you’re on break!

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Manage Your Finances Your First Year The Do’s and Don’ts

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  1. Manage Your Finances Your First YearThe Do’s and Don’ts • DON’T pay your bills late. When you don’t pay bills on time, your credit score takes a negative hit. DO: Set up reoccurring payments, text/email alerts and continue to pay even if you’re on break! • DON’T shop ‘til you drop. Shopping today becomes one giant bill later. Plus, if you spend more money than what's in your account, you’ll incur overdraft fees. DO: Create a budget and then stick to it.

  2. DON’T avoid establishing credit. Why does building credit matter? You’ll be able to rent an apartment on your own without the need for a parent to co-sign your lease. Plus, you’ll qualify for lower loan rates when you want to buy a car. DO: Open a low-rate Visa Student Credit Card and make payments on time. • DON’T become a victim of the "Ostrich Syndrome“. Ignoring your financial mistakes won’t make them go away. DO: Reach out to your creditors if you didn’t pay something or didn’t receive a bill. Make sure they have your most up-to-date mailing address on file.

  3. DON’T: fall prey to fraud or identity theft . Every 3 seconds someone’s identity is stolen. College students, along with people who have social media profiles and smartphone owners, are one of the highest groups of people targeted for ID theft. DO: Protect your pin and account numbers. Be wary of personal information you post on social media platforms. Use a password to protect information on your smartphone. Always report lost or stolen cards and never respond to online, telephone or texts requesting for personal information.

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