This is the first article in TwoCentss latests series,What to Know About Money at Every Age.
Our research showed that whats really causing this decision dilemma is a lack of confidence, says Workman.
We can help with that.
Credit cards are justone tool for building a good score.
Plus,increasingly generous rewardsmake some cards insanely good deals for cash back or travelers.
Pay off your card in full each month.
You should aim to pay your card off in full by each due date.
You dont want a late payment on your credit reports, says John Ganotis, founder ofCreditCardInsider.com.
Credit Utilization30 percent: This is how much of your available credit you use at any given time.
This and payment history are the most important factors by a wide marginso pay attention to them.
Credit History15 percent:How long youve had accounts open, and when you last used them.
Mix of Credit10 percent:The different types of credit accounts you have opened.
There are a number of ways you’re able to do this.
you’re able to also useGoogle Sheetsor Excel, or just a notebook and pen.
As I mentioned above, have yourbalances texted or emailedto you each day so you know how youre doing.
There are no other options, and college is always a smart investment, right?
There are other options.
There are tons of scholarships available, as well as cheaper two-year and technical schools.
Depending on what career you want, you dont need to go to a pricey four-year institution.
Consider: Theaverage 2017 graduates balancewas $39,400 when they left school, with monthly payments averaging $351.
Youll likely be repaying your loans for 20-plus years.
Do you know how long 20 years is?
Okay, back to reality.
Exhaust yourfederal loanoptions first.
They can also possiblyqualify for forgiveness, whereas private loans cannot.
Only take on private loans as a last resort.
And that could save you a ton of money in the long run.
Only take on private loans as a last resort.
When you graduate, donthire a third party to make your payments for youits likely a scam.
Finally, be wary of polished sales practices.
All of this said, interest rates are still pretty low, even in high-yield accounts.
So dont bank on interesthow muchyousave matters much more.
Your bank probably offers a student checking account, which will have lower monthly minimums than the standard accounts.
Finally, turn off overdraft protection.
We just want to fit in.
And fitting in comes with a hefty price tag.
I was stuck with a dark blue Verizon flip phone that could barely send and receive text messages.
:/
I never got that Sidekick, but I turned out okay (for the most part).
Use your spending choices as a chance to express your values.
If you want to travel the world while youre young, you might need to learn to live frugally.
Saying no to some experiences lets you say yes to others.
But that goes far beyond cell phones, clothes and restaurants.
Youre young, yes, but its never too early to consider what you really want out of life.
Do you want to stay in your home town after you graduate, or move somewhere new?
What are the living costs like there?How can you invest in yourself now?
And that will carry us to our next installation ofWhat to Know About Money at Every Age.
