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.

Do I really have to read every word of every chapter assigned for class?
No. Don’t waste your time.

What do I wear to class?
There’s a tricky middle ground for lecture halls. If you stumble in every day in your pajama bottoms and a baseball hat pulled over your face, people will notice. I know it’s super exciting to go from wearing a uniform every day to wearing whatever the h you want, but try and show some self control. On the other side of the coin, coming into your eight AM class teetering on sky-high heels, bedecked in a mini dress and perfectly curled hair might come off equally as ridiculous as the girl scrubbing it in the same sweatpants she’s worn all week. Find a middle ground. Jeans and flats are a nice meet-in-the-middle-and-be-comfy-while-also-not-smelling-like-eye-crusties sorta look. Try that.

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…

4. Balance.

Make sure the final amount on your statement is the same as the amount you’ve calculated that you have in your account. If there’s a difference of more than a few dollars, it means that either your math or something else is screwed up. You can find out what that something might be by re-doing the math and looking for the exact place in the list of transactions where the difference occurred.

Do all that and you have a balanced monthly budget, an understanding of where all that money is going and a place to start when attempting to cut some corners.

Easy as pie.

[Image courtesy of easyauctionrichesrevealed.com.]

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.

Luckily, the banks have caught on to the fact that college kids won’t open accounts if they know they won’t be able to keep up with the minimum account balance… and the fact that once we’ve graduated and become successful career men and women, they can switch us to premium accounts and fine the ever-loving sh*t out of us.

Free student checking comes with a variety of perks. First of all, it’s free. No interest, no fines (unless you overdraw), no minimum balance, and they usually only require about $50 or so to open them. So, just put off buying one textbook for about a day and you’ll have the money to open a checking account and become a real grown up, personalized checks and all.

Before you hop over to the first bank in sight, however, it’s wise to do some research. Because college students should ALWAYS be on their toes for a bargain, whether it’s free food sponsored by the PanHellenic Society, Penny Night at the Pub, or a free toaster with every new bank account.

Seriously, though, shop around. Some banks will give you MONEY just to sign with them. I got $50 last summer for opening a new direct deposit account with M&T Bank, for example, and when I used Wachovia in the past, they were always advertising bonuses for students who got friends to open checking accounts as well. Search for banks in your area on Google Maps and see if there are any perks for opening a new account.

Then, proceed to step two:

Check out the long-term benefits of the account. Remember, you and your new bank are going to have at least a four or five-year relationship, and you want the relationship to be as much a one way street as it can be (in your favor, of course).

Currently, Bank of America has an online student checking offer, which includes a “Stuff Happens” card, good for a one-time fee refund (read: if you overdraw once, you can waive the pricey fine); a free check card (read: debit card); free online banking with unlimited bill pay (read: no fees for paying bills online); and an easy way for your parents to deposit money into your account (read: you can still beg for cash).

Wachovia’s Free Student Checking also offers one-time overdraft protection, but also includes a free savings account, for those of you motivated scholars who actually hope to put some cash away for a rainy day. AND Wachovia’s plan includes a “Way 2 Save” program, which encourages students to make debit card purchases and pay bills online, allowing you to accrue cash-value points for every check, purchase, and payment, in addition to a rebate on the money you’ve saved in your account each year. Talk about rewarding responsibility!

Other perks include Key Bank‘s ATM fee reimbursement plan, Washington Mutual‘s reward-earning debit card, and Meta Bank‘s checks with your school logo on ‘em (for you spirited savers out there)!

The bottom line is, you’re going to have to start managing your money eventually, so you may as well take advantage of the student-friendly perks of free checking accounts. Along the way, you’ll learn to balance your checkbook, make financial transactions, and become more aware of how much you’re earning and spending. Even if you take advantage of the “no minimum balance” advantage and constantly flirt with overdrawing your account, at least you’re getting started.

By the end of this series, you might even have enough to call “savings.”