Personal finance can be tough for many college students, and many go into debt paying for their education. However, taking the right steps will set you up to be financially responsible and stable, which will serve you throughout your life. Your bank or credit union may also be able to find ways for you to save money. Here are a few tips for getting started. 

A Guide to Personal Finance for College Students

1. Make Use of Student Discounts Whenever You Can

Your college ID can be used for more than just gaining access to certain areas of your campus; it can also get you discounts at businesses that have chosen to partner with your school. Ask a staff member for a directory of the participating companies. 

2. Buy Your Text Books Used

Buying used copies or even renting textbooks will save you a ton of money from year to year, and doing this won’t impact the quality of your education. You may also be able to download the textbook content online, which is usually less expensive. 

3. Start Investing Early

There are lots of low-risk investment opportunities out there that can help you grow your money. For instance, credit unions provide shared certificates, which offer a higher annual percentage yield than standard savings accounts, allowing your money to accrue interest at a faster rate.

4. Create a Budget & Stick to It

Spending less than you earn is your ticket to financial stability. This requires creating a budget that lets you know how much income you have versus how much you’re spending on items. If the numbers don’t add up, see if there are any areas where you can cut back, such as entertainment costs. 

Choosing the right financial institution to manage your money is another way to improve your personal finances. North Jersey Federal Credit Union in Passaic County, NJ, provides a range of banking services to its members. You can look forward to convenient online banking, as well as low loan rates and fees. They also offer share certificates to provide investment opportunities. Call (973) 785-9200 to take advantage of more than eight decades of banking experience. Visit the website to learn more about this credit union.