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.]

Everytime you whip out the plastic at the grocery store, liquor store, or gas station, the cashier asks automatically, “Credit or Debit?” It’s a simple enough question, though to many, it may be redundant. I mean, who cares what type of card it is as long as it buys you a pack of smokes, a 30-pack, or a week’s worth of Ramen Noodles?

There are a lot of pros and cons to using both credit cards and debit cards, and many people adamantly side with one form of plastic or another, much like people adamantly side with either Obama or McCain. Personally, I’m a debit kind of girl. My brother, on the other hand, swears by credit. What gives?

A debit card is like your plastic checkbook. You might not need cash in your hand, but you need to have the funds in your bank account to make a purchase. A credit card, however, lets you splurge now and pay later– even in small monthly increments. In this case, the credit card may SEEM like it has its advantages, because you can pay for your spring break trip now, and spend the next three months waiting tables to pay for it.

But beware: the reason I personally prefer to use my debit card is because it prevents me from racking up thousands of dollars in CC charges, since it doesn’t feel like I’m spending MY money. For me, I’d rather balance my checking account daily, and say, “Ok, that’s $20 here and $40 there,” and always know what I have left. A credit card bill, to me, is like a tacky Christmas gift from your wacky aunt; you never think it’s going to be THAT bad, but when the big day rolls around… gag. I always think I’m on top of the world with a few hundred dollars locked away in the bank… then I get a 2K credit card bill, and it’s like I’ve been robbed at the end of each billing cycle.

Another thing to be wary of when using your credit card is the interest rate. Sure, there’s no hurry to pay off the last five bar tabs you’ve racked up on credit… but the longer you wait, the more you’re spending on nothing at all. The appeal of many credit cards is gimmicks like “No Interest for Six Months,” which is fine and dandy for six months… and then suddenly, you’re paying off the minimum balance each month and see the current balance rise nonetheless.

On the other hand, debit cards can smack you with hidden fees as well. Debit cards come in handy when you need cash- via ATMs or cash-back with purchase, but you’re bound to be paying a fee on your purchases, or on your withdrawals from foreign ATMs. You know how you have to accept the $2.00 charge when using a foreign ATM? These days, a lot of banks charge an additional service charge for using another bank’s withdrawal services. LAME.

Another thing I do hate about debit cards is that sometimes it can take a few days for your purchases to go through to your account. That means that if you went shopping yesterday, and check your account today, you might think you have more money than you do. Bars and restaurants can sometimes cause trouble because it takes longer for the tip to go through than the food/beverage purchase. This is rather inconvenient, and unless you balance your debit card account like you do your checkbook, it can be easy to overdraw or bounce a check if you aren’t aware of the charges that have yet to go through. Which brings me to another flaw of the debit card system…

If you overdraw or bounce a check, you will pay very, very dearly. I don’t balance my purchases like a checkbook, but I do check my balance every day. So, when my balance seemed to stay the same for a few days, I figured all of my purchases had gone through (I’d gotten pretty wasted the week before and didn’t know how much I spent at the bar, so I had to wait for the bad news). I went on spending again, and the day before my direct deposit went through, I discovered that not only had I overdrawn, but that I was being fined nearly $20 for EACH individual purchase that was over my limit. WTF? If you’re above your limit with a credit card it gets declined, but I guess banks just want to trick you into thinking you’ve got the funds if your card is approved, so that they can collect on your own irresponsible stupidity.

Now that I’ve given you the lecture on responsibility, let’s get to the perks. The reason we all want a credit card: the bonus points! Just about every major corporation has its own credit card these days, and for every dollar you spend, you get some sort of reward (Starbucks cards, 10% off at Target, airline miles, etc.). Some banks have recently started rewarding their clients with cashback points on debit purchases, too, but this is a relatively low-paying perk, at least in the realm of Poor Studentsville. My debit purchases are never as outlandish as my credit purchases, so I’ve only been getting petty change rewards so far.

If you think you can handle a credit card, and not run your financial reputation into the ground, maybe a credit card’s for you. However, if you like to only spend what you’ve got, stick with debit. It’s still a good idea to have both forms of plastic, but I don’t recommend filling every slot in your wallet with a different credit card. That’s just asking for trouble, especially when you’re on a budget, like many of us are.

If you want to find the perfect credit card, and really weigh all of the perks that come along with plastic, check out CreditCards.com. You can search and cross-reference a plethora of cards, until you find one that will reward you well. Happy spending, kids!

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.”

You may have made it through Welcome Week without any run-ins with the campus police (congrats!), but you still have plenty of opportunities to meet them up close and personal.

There are going to be many times this year and well into your college career that you will find yourself surrounded by alcohol. And, naturally, you are going to want to partake. Just beware–while you are navigating the university party scene, your RA’s, Campus Police, and Public Safety units are gearing up to bust underage revelers.

Here are some tips on how you can avoid getting written up before your first semester is over.

1. Don’t act like ‘The Freshman.’

Just because you suddenly have access to alcohol, it doesn’t mean you need to consume ALL of the alcohol at once. Even if the cops are out and about, they don’t have the manpower to hunt down every single underage boozer. So, they’ll zero in on the kid stumbling around with a trash can on his head before thinking twice about the passive mingler. The same goes with your RA, who really doesn’t want to walk in on you peeing in the corner of elevator.

2. Beware of PDA.

True story: I was once stumbling across campus with a guy I liked, and was pretty much all over him. I was stopped by a Public Safety brigade, who proceeded to quiz me: Did I know this guy? Where were we going? While I insisted that he was a friend, one of the officers interrupted with “You’re obviously intoxicated and we want to make sure you’re not going to make a bad decision tonight.” Ouch. (Editor’s Note: Where were those guys when I was making out with the guy with the tats?)

Luckily, they let us continue on our way, but the situation could have easily ended badly. This anecdote should be a lesson to guys, too. I’m sure my friend was mortified when the Public Safety peeps pegged him as a date rapist. But, just like the crazy, drunken antics mentioned above will red flag a drunk college student, a pair of horny kids who can’t make it back to the dorm room will also raise the suspicions of the University 5-0.

3. Be careful with your Fake.

If you have someone who is of age that can make a beer run for you, don’t even try to buy your own booze. At my school, all of the campus liquor stores had walls covered with confiscated fake ID’s. It’s a lot easier to get served at a bar or restaurant than it is to purchase booze from the store. FYI.

Still, you need to research the bars you attempt to get in to. Everyone at my school knew which bars would let in the worst fakes, which states made for the worst fakes, etc. I once had a fake ripped up by the manager of a new campus bar, because they were on the lookout for New York ID’s after being watched closely by the Po.

One more little tale: I knew a girl who got fined because she left her wallet at a gas station, and somehow, the cops found her fake ID in it. If a cop sees you with a fake for any reason, it can constitute fraud. Just food for thought.

4. Keep it inconspicous.

If you are walking to a party, don’t crack open a Natty Ice on the street. Don’t fill a Coca-Cola bottle with vodka. And don’t help a friend carry a case of beer if you are a minor. In many states, you can’t even handle alcohol if you are a minor. So if the cops are scouting out the liquor store, and card you and your of-age friend as you drag a shopping cart full of Patron to your car, you might get in trouble, even if you’re stone-cold sober and the bottles are unopened.

Even if you are trying to hide the libations you are hauling to the party, be careful. Ironically, backpacks scream “hidden alcohol,” especially when you are en route to a quad party on a warm Saturday evening. The cops may ask you open your bag, and having 30 beers fall out might put a damper on your weekend.

5. Stay current on campus news.

If there are four bars on campus, and three of them have been raided in the past month, you might want to lay low in order to avoid a sting operation on the fourth bar. Try to catch wind of any rumors that Tequila Tom’s might get raided.

Of course, if you are friendly with the bar staff, they might look out for you as well, because they want to save their own ass as much as you want to save yours. I’ve been flat out told by bouncers that they couldn’t let me in because they anticipated a raid; a year later, those same bouncers planned an “escape route” through the kitchen for the only girl in our group who had yet to hit the big 2-1.

6. Don’t advertise.

This goes along with watching your behavior and being mindful of your fake ID, but it’s the number one reason a minor will get busted. If you’re drinking in your room, don’t leave bottles and cans strewn about for your RA to see. Don’t display your shot glasses and your funnel. Many schools today even have rules that no alcohol-related decorations (posters, etc) may be displayed in “dry” dorms.

Just being alert to the fact that many people on campus are looking out for underage drinking can help you make smart decisions. It’s really not difficult to evade the disciplinarians at your school, and before you know it, you’ll be passing down your fake ID to your younger siblings and telling them to use it wisely. Take your time to get to know your campus and it’s policies. You have four years of partying awaiting you, so there’s plenty of time to tune up your beer pong skills.