According to a 1999 Youth and Money Survey, 77 percent of students think about trying to manage their money. “I know saving is important,” said Jessica Garcia, an Accounting major. “It’s just hard when you have bills to pay and can’t work a lot because of school.”

Budgeting your money can be easier than you think. Bankrate.com offers a dozen money management tips for college students. Here are five of them:
•Track your spending to find out where your money is going.
•Get a plan. Sit down and map out a budget.
•Set aside “Good time money.” This money can be used for the items you want.
•Pace yourself. Give yourself a spending limit each week and stick to it.
•Go easy with the credit cards. Use them sparingly.

Saving is one way of managing your money. “Many college students come in here wanting information about ways they can save their money,” said Irma Benavides, a new account representative at Broadway National Bank. “A lot of people don’t start saving until after they are out of high school.”

One type of account Benavides suggests is a Certificate of Deposit. A CD is a special type of account that pays a higher rate of interest than a regular savings account. You invest a fixed amount of money for a specific amount of time and receive a fixed amount of interest in return.

Another option is a money market account, which offers higher interest rate than a standard savings account. These accounts usually require a minimum balance, limit check writing and charge a monthly service fee if the minimum balance isn’t maintained. With this account, you are not allowed to make more than six withdrawals and transfers per month. According to Benavides, CD’s and money market accounts are the most popular forms of saving money.

The rule of 72 is often used by those who want to determine how long it will take their investment to double. To use this formula, simply divide the interest rate into 72.

An example given by www.invest-faq.com helps to explain. If you get 6 percent on an investment and that rate stays constant, your money will double in 12 years (72 divided by six). According to the website, the rule of 72 is only good for approximation.

Maintaining good credit is critical for students. Don’t let unpaid bills pass you by, because even though you may forget about them, the Credit Bureau won’t. A good credit report can be very beneficial to you when you want to buy a large purchase, such as a new car or a home.

Mercurycenter.com states that your credit report shows your payment record, including delinquencies for each of your accounts. This covers credit cards, charge accounts, loans or any other type of credit.
Visit www.free-credit-reports-instantly.com for a copy of your credit report and to learn more on how to establish good credit.

According to Andrew Tobias, author of “The Only Investment Guide You’ll Ever Need,” investing early is important. If you invest $20 a week into an IRA account for the next ten years at a ten percent interest rate, even if you stop investing new money after the tenth year, the original investment of $10,000 could be worth more than $1 million when you retire.

Money management takes discipline, but is very important. Just ask Civil Engineering major, Matthew Olinick, “I have been saving for a while. It’s important to me, because I know the money will come in handy one day.”