How to Manage Your Finances as a Student Without Paying Fees

As a student, you’re often taking on debt while completing your studies. And for many students, working even part-time isn’t an option. That means financial management is vital. And avoiding paying fees can go a long way toward making sure you have enough money to survive the education years. Here’s what you need to know about how to effectively manage your finances as a student without paying fees.
Avoid Fees on Credit Cards
Student credit cards can be a helpful tool for college students to begin building credit. But cards that charge excessive annual, late, or foreign transaction fees can end up costing more than they’re worth. So when you look at choosing a student credit card, opt for one that:
Avoid Bank Account Fees
Opening a checking account at a bank is one of the first steps to managing your finances. And many student bank accounts offer low minimum deposits and waived fees during your college years. However, to avoid unnecessary bank account fees, it’s best to:
Avoid Student Loan Fees
A staggering 56% of college seniors are graduating with student loans, according to recent data from Student Loan Hero. And while most loans don’t require repayment until after graduation, there are ways to protect yourself from future fees when you sign up. The rules and fees for federal student loans are often locked and cannot be changed. But private lenders have more flexibility, and some even don’t charge late fees.
When you sign up to take on student loans, be sure:
The Bottom Line
Many financial institutions make money off college students in the form of fees. But smart financial management means you can avoid fees on critical financial accounts like credit cards, bank accounts, and loans. Understanding fee structures and amounts before you open any kind of financial account means you’re in the driver’s seat for your financial future.
Source: iQuanti, Inc.