DebtSmart.com Monday, March 1, 2021

Is getting a credit card at college a smart move?

by Daniel Culpan
Daniel Culpan Daniel Culpan is a financial solutions writer on a wide range of topics including debt management and debt consolidation.

If you’re currently at college, there are all kinds of times when you may feel having a credit card could be useful.

Whether it’s for that mini-vacation over spring break or summer, to give your cash flow a bit of a boost for your groceries shopping, or simply to cover the cost of socializing with friends, being able to borrow a bit of cash from time to time could really help.

However, for the vast majority of college students, money is tight, and having to keep on top of regular debt repayments (and not to mention the interest on top) could be difficult.

If you’re living away from home for the first time, and learning to be financially independent, taking on credit when you need to could seem like an ideal option – but there are safer ways of giving your finances a boost.

Let’s have a look at some of the ways you could stay financially afloat while you’re studying – so you can make the best decision for you.

How to boost your cash flow – and stay ‘in the black’

Starting college is a new experience that usually comes with some brand-new financial responsibilities. From paying rent and bills to groceries and socializing with friends, you’ll have all kinds of costs to keep on top of – and more than likely without being bankrolled by Mom and Dad!

Managing your money independently for the first time at college can come as a bit of a ‘shock to the system’ for many, but there are methods that could help you cover the cost of college life without getting into debt.

Here are a few ideas:

Staying within budget

Spending within your means is, of course, one of the best ways of avoiding the need for credit.

You could consider:

Whatever approach works for you, stick with it – and it could help you make sure your budget covers the fun stuff as well as the necessities!