It is not an easy job to be a student, especially if you have just started living alone. One of the most pressing challenges for students is managing their money. If you are currently studying in the country, opening a savings bank account can help you significantly. This article explains the benefits of savings accounts for students to help you handle your finances better.  Overdraft protection If you have a student bank account, its overdraft feature can sometimes create challenges. If you ever need to spend money but do not have it in the account, the bank will deny the payment and charge a non-sufficient funds (NSF) penalty. Having a savings account and linking it with the student account will eliminate that problem. Whenever there is an overdraft, the bank will automatically use the savings account funds and ensure that your payment is not stuck.  Cash bonuses Who does not love free cash! If you have a student savings account, the bank will offer you cash bonuses from time to time. The bank may require you to deposit a fixed amount each month, but the extra cash will surely help. No monthly service fees Banks may charge a monthly fee for maintaining your savings accounts.

If you are considering a new line of credit or loan, the lenders will first check your credit score. It offers them a clear idea about your financial situation and ability to repay the loan on time. This article will help you learn how to improve a bad credit score, making it easier to get approval for loans. Study the credit report closely There are three main national credit bureaus: Equifax, TransUnion, and Experian. Once a year, you can download a free credit report by any of these agencies and study it carefully. The credit history precisely shows which of your financial behaviors are affecting the credit score negatively. You can also determine which actions can help you improve the score. For example, delayed payment or high balance in your credit card can lower the score. However, you can improve it by building better fiscal habits. Once you understand the situation better, you can improve the credit score before applying for a new loan.   Get on with bill payments Among all the things that affect the credit score, the most significant one is your payment history. If you want to improve the credit score, start by paying your dues timely.

Credit cards have become a popular way to make payments. However, if not used properly, they can do more harm than good. Managing a credit card debt is way more important to consider than having a credit card itself. You can follow these tips to avoid credit card debt. Build an emergency fund The first tip to avoid credit card debt is to get into a habit of saving money. Experts suggest to start saving some amount gradually so that you can cover at least six months of expenses. If you have no savings, chances are you will depend on your credit card to make payments for larger bills, such as car repairs and medical expenses. It is indeed a healthy habit to start saving small from the very beginning. Do not miss your payments You should make it a point never to miss your credit card bill payments. There are two ways that can help you stay on-point with your payments. You can request your bank for automatic-payments. This way, the amount would automatically be debited from your bank account. In case you do not want an auto-debit facility, you can set reminders to make payments. Be mindful of your credit use There is no specific credit utilization ratio that can lead to a drop in a person’s credit score.

Owning a dream car is the goal of many. It is certainly not an easy investment. Even after considering loan options, purchasing a car can still be beyond the reach of many consumers. In that case, what’s best: financing or leasing a vehicle? Let’s find out before you head to a dealership. For this article, we will take the example of purchasing a car: Buying a car The particulars of buying a car include: When you buy a car, you are the car owner, even though the car’s cost may be very high. After you have made all the payments, you have the complete ownership of the in the case of a loan vehicle. You can customize your ride any which way you want. But the monthly installments are high. Since a customer would finance a car in most cases, as soon as he or she makes payments towards installments, the interest rate starts to decline. This means the owner has more equity towards the vehicle. Finally, when you purchase a car, you do not have to worry about the mileage limitations that come with a lease contract. Leasing a car When you lease a car, you do not own the vehicle, but, at the same time, you can benefit from lower monthly payments.