Important Money Lessons to Learn Before College
Don't get a credit card unless you can pay the bills:
Remember that you will have to pay for the purchase on a credit card. For a student if managing a credit card is difficult, either don’t take one or get a prepaid card.
A prepaid card is a good option, that way a student gets used to using a card without the danger of getting into consumer debt.
It will also bind you with some sort of limits that can prevent over spending.
Try using a credit card over a debit because you are protected against fake use and you can even have things like cash back to build up a little bit of money. But if you don't keep track of your spending and it can be a problem.
Keep your debts to a minimum:
Always decide and set a limit of your expenses and try not to spend more. You will not like to step out your college with a heavy debt that you have taken during college. Therefore try to minimize your debts by paying all your bills and rent on time and avoid taking loan from your friends.
Be careful with unexpected expenses or emergency funds that compel you to ask someone for money. Even if you take money, return it on a weekly or monthly basis.
This will at least insulates you a little against unanticipated eventualities.
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