College students have a lot to think about as they start a new academic year, no matter what year they are entering. In the midst of all the frenetic activity it’s easy to overlook their financial lives. The Massachusetts Bankers Association has a few tips to help college students — and young adults anywhere — get off to a sound financial start.
Dorms or off-campus housing can be a wonderful, shared experience. However, be concerned about “friends” of your roommates tramping through the place. Use a locked drawer or file holder to hold your personal documents — bank and credit card account numbers, passport, social security number, etc. (Better yet, leave your social security card at home and, certainly, don’t keep it in your wallet.)
Remember to log-off email and avoid doing online banking on public computers. This information can be used to steal your identity, open bogus accounts in your name and run up huge credit card bills. Protect your private information. Create sophisticated passwords using upper and lower case letters, numbers and symbols that are not your birthday, home address or some other easily determinable information. Use separate passwords for banking and non-bank accounts.
For students, establishing and managing a budget is always a good idea. A great way to start is to arrive at campus knowing all of your sources of income and the totals: money from a summer job, savings, financial aid, scholarship money, private loans, a campus job and, of course, parental funds. Then track and
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