5 tips to help college students save money

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by Catherine Holland

azfamily.com

Posted on October 21, 2011 at 12:24 PM

PHOENIX -- It's one thing to save for college, it's quite another to save while in college. Both are extremely important, and each is difficult in its own way.

Kevin Sellers with First Fidelity Bank said the way students handle their finances in college could impact the rest of their lives.

He shared five tips to help students take can keep control of their money.

1. Don't sign your life away. Always read the fine print before signing anything.

2. Make a budget. Create a monthly budget using your net pay as the starting point.

3. Beware the credit card. Amassing large debt early can hurt your credit score for years.

4. Be a saver. Try to build a safety net for emergencies. Start small and put away a little something every month, even if it's only a few dollars. Every little bit helps.

5. Plan ahead. Parents with children should start saving for college as soon as possible. Consider taking advantage a 529 plan, which is a special savings plan to cover future college costs. Such plans often have some significant tax benefits.

To learn more, visit a First Fidelity Bank or check out www.ffb.com. You also may call 602-912-5500.

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