Quick Finance Tips

Start by tracking your income and expenses for a month. Divide your spending into categories like needs, wants, and savings. Use the 50/30/20 rule as a guideline: 50% for needs, 30% for wants and 20% for savings or debt repayment. 

A good rule of thumb is to save at least 20% of your income. If that's not possible, start small and increase over time. Building an emergency fund with 3-6 months’ worth of expenses is a great first goal.

Understanding credit is essential because your credit score impacts your ability to borrow money, rent an apartment, or even get a job. Building good credit habits, like paying bills on time and keeping balances low, can set you up for financial success. 

Students can earn money through part-time jobs, freelancing, tutoring, or starting a small business. Babysitting, lawn care, or selling crafts online are other great options. The key is to find something you enjoy that fits your schedule. 

A debit card lets you spend money directly from your bank account, while a credit card allows you to borrow money up to a limit, which you must repay later. Debit cards help you avoid debt, but credit cards can build your credit score if used responsibly. Always pay off your credit card balance in full each month to avoid interest charges. 

 An emergency fund is money set aside for unexpected expenses, like car repairs or medical bills. Aim to save 3–6 months’ worth of living expenses to stay financially secure during tough times. 

 A credit score is a number that shows how well you manage credit. It affects your ability to get loans, rent apartments or even land a job. Pay bills on time, keep credit card balances low and avoid unnecessary debt to maintain a good score. 

 Stick to a budget, use cash for discretionary spending and think twice before making impulse purchases. Ask yourself: Do I really need this, or is it just a want? 

Saving is setting aside money in a safe place, like a bank account, for short-term needs or emergencies.

Investing is putting money into assets like stocks, bonds, or real estate to grow your wealth over time, though it involves more risk.

Checking accounts are for everyday transactions like paying bills or making purchases.

Savings accounts help you store money securely while earning interest. Keeping them separate can help you stick to your savings goals.

 Only charge what you can pay off in full each month, avoid unnecessary purchases and aim to pay your balance on time to avoid late fees and high interest rates.