Miss mom/dad/Fido? Do not go home! I repeat: DO NOT GO HOME!

Got questions? Hit me up in the comments or shoot me an email at melanie@collegecandy.com

I hear college is the perfect time to get a credit card. Should I trade in my debit for credit?
NO. Okay, so maybe the prospect of a limitless spending spree “for emergencies only” is a good idea in theory, but it really isn’t that great. You gotta pay that shiz off sometime, and that “sometime” comes with a giant interest fee.

Hold onto your debit card so you can only spend what you got. If you decide the perks of a credit card (airline miles! woooo!) are too good to pass up, make sure you get the lowest limit card possible and PAY IT OFF every month. Don’t do any of that minimum BS – that will only get you in big-time trouble down the road. Are those new Citizens/front row tickets to another DMB show really worth ruining your credit score? I think not.

I’m homesick. What do I do?
I can’t tell you what to do, but I can tell you what not to do. And that is go home every weekend. DO NOT DO IT. This will only make you miss home more and won’t help you get adjusted to your new lifestyle at all. Keep in touch with your family and friends from back home, but try and branch out of your comfort zone. You went away to school for a reason – to become independent and to experience college life. Try and push yourself to stay on campus for a few weekends in a row and give mom and dad a call every couple days. To tell them how much fun you’re having. Cuz you will be. Read More »

If the last time you opened up your checkbook to track your expenses was around the same time you snuggled up with your parents to watch a Disney VHS… well, then, maybe you need a little help.

Balancing a budget is the kind of thing that everyone hates, but we all know it’s necessary. Especially now. While the economy crumbles around us. And our money disappears.

Unless you are truly loaded and/or naturally meticulous, you could probably use a few tips to help you get your stash of cash in order. So read on:

1. Save your receipts.

That’s right… all of them. This might sound unnecessary, but it’s really important. If your bank statement comes and you find something on it that isn’t right, you’ll need those receipts to prove your point and get your money back. After your statement comes, you probably won’t need the receipts anymore, so you can get rid of them then.

2. Write stuff down in your checkbook.

Every time you make a purchase with a check or your debit card, write it down! That means you’ll have to keep your checkbook with you almost all the time, which can be annoying, but it’s worth it. (Not only does this protect you later, but it also forces you to pay attention to your spending!) Keep a separate list of your credit purchases. Write down the date of each expense and its exact amount. Then…

3. Go over your bank and credit statements.

As soon as you get those statements, bust out the checkbook and your credit list and compare each transaction, cent for cent. If there are any discrepancies, consult your pile of receipts (which you could neatly store in a box by date… but OK, that’s not entirely necessary). Talk to your bank or credit company about incorrect charges. Finally… Read More »

[College kids are notorious for being poor. And why shouldn't we be? We take out student loans to pay for private universities, can barely balance a part-time job with our full-time courseload, and the only "balance" we're familiar with refers to the number of points left on our dining hall cards. Oh, did I mention many of us tend to splurge every extra penny on PBR's at the campus bar?

Ok, before everyone gets up in arms about every generalization I just made, let me clarify: if you disagree with everything I just said, you probably don't need this column. But if you're nodding along because you're officially an adult and still don't know how to manage your money, then you might want to pay attention every week, because I'm going to (try to) get you through this, and make you a successful saver and a wise spender. Starving college students of the world, I bring you Money Matters: a Guide to Handling Your Income (or Lack Thereof).]

This week, I’d like to introduce you to a splendid gem called Free Student Checking. Now, normally, banks will hold your money for you, but they like to find sneaky ways to make a few bucks back themselves. Some checking accounts, for example, have a minimum balance that you always have to have in your account. If your balance goes below that minimum, you get a fine.

Yeah, that’s right. You have to PAY your BANK for being too poor to have any money in the account that consists entirely of your own money that you started out with in the first place. I understand credit card late fees– with credit, you’re spending money you don’t necessarily have– but a fine on your own money? That’s bullsh*t. Read More »