Although you are beginning your college education and concentrating on the many new experiences which will fill these years, most freshmen and their families are not giving much thought to the financial independence and responsibilities that accompany this first step into adulthood. Since many high schools do not offer courses that teach this most important skill, you will either have learned it at home or have no background at all. This could result in the student graduating after four years with a substantial amount of debt that needs to be paid off, usually in addition to student loans requiring repayment. If you learn your lessons now, you may be very thankful at graduation time.

Begin by having discussions between parents and student as to who is paying for what, and how. What expenses do parents expect the student to be responsible for while away at school? Is a part time job necessary? If so, you should begin seeking employment immediately as many others will be competing for the same positions.

Work together with your parents and complete a budget by estimating expenses. Changes may be necessary, so plan on updating your budget every week or two, especially at the beginning.

Set up checking and savings accounts. Learn to balance your checkbook and verify your transactions weekly online. This is necessary because identity theft happens and it appears to be even more prevalent in dorms where everyone lives together in close quarters.

Be ready to learn from your mistakes. Problems will most likely arise, especially at the beginning of the year, but be ready to make adjustments and discuss with parents. One of the largest mistakes for college students is being charged late fees on credit cards. Some avoid this by setting up automatic payments from banks accounts. This is a solution you might consider.

There is nothing wrong with having a credit card if used properly. It’s a great backup in emergencies, but do not fall into the trap of believing you can have anything you want just by signing your name. There will always be a price to pay for that attitude.

If you are having difficulties and your school does not offer a personal finance course, take accounting and it will provide an excellent basis for managing your money.

There will be times when you will have to pass on going out with friends due to lack of funds. Be ready to make a few sacrifices like this and, when it’s something special, you’ll be able to afford it. Also, consider learning to cook so if you decide to move off campus, or have a kitchen available to you, you can save a great deal of money by making your own meals.

The term “triple plays” refers to the offers everyone is receiving these days to bundle services together in one bill. These services are telephone, television and broadband internet. The price is generally much less than the total of your individual purchases, plus many are offering free gifts and rebates in an attempt to entice the consumer.

If you are considering accepting one of these offers, go online to “Complaints Triple Play Deals” and learn of the experiences others have had with these services. Many are extremely happy; however, there are also many who complain about unexpected price increases and failure to receive promised gifts or rebates within a reasonable amount of time. Quad-play offers also exist and these combine all of the triple plays plus cell phone services. The following are suggestions as to questions that might help prevent you from purchasing services that will not meet your needs.

How long do the quoted rates last? Is this just an introductory rate for a specific period of time? If so, when does this rate expire and what will the new rate be?

You will generally have a specific contract period. Be sure to inquire what service changes will trigger a contract extension. This is important to know as you might be constantly extending your contract without knowing it.

What is the termination fee due if you decide to discontinue these services? You would want to know this as termination fees can be so high that you cannot afford to disconnect. Know in advance what your obligations will be.

If you have analog television, inquire as to what will happen during the shift to digital. Will you be charged for equipment rental or lose stations because of this change?

Verify the internet speed which you may expect when connected to their broadband. Frequently, introductory prices provide slow service. Also, speed is often determined by the number of people using the network at a specific time.

Inquire about privacy protection. It is very possible that your current anti-virus software, etc. may need to be reinstalled or updated to continue your current security protection.

Be certain to scrutinize the contract presented to you. Often, free installation may only be applicable if you sign up for automatic bill paying. Carefully read the FAQ section and be sure to review the terms of service. Also, be certain that your contract includes the amount of your payments after the promotion period ends.

Prices are soaring and salaries are stagnant. How do you cope with all of this? Consider the following as possibilities to help save money and enable you to survive in today’s economy.

Think about budget cuts: Plan your meals and shop with a list. Do not purchase anything that is not necessary for the next week.

Reduce restaurant visits. Dinners out are very expensive and do not fit into the budget on a regular basis. Reserve these for special occasions.

Review your debt and be sure you are paying off the most expensive of these. High interest credit card debt must go before others, so concentrate the bulk of your payments in that area.

Plan for an emergency. If possible, put aside $100 a month for your emergency savings fund. Your goal should be to cover at least three months’ living expenses in this account.

If you are considering selling your home, think about renting. Today’s market is very poor and most homes are not selling at this time. Waiting it out may be worth your time.

If your employment situation seems at all doubtful, consider additional education, networking for other positions, and watch newspaper ads. It is always a good idea to be prepared for such a change.

Everyone today is concerned about the economy and inflation. We are all trying to find ways to cut our expenses and still maintain a similar standard of living. There are several approaches we can take that might help us trim our expenses.

The first suggestion is to write down every single item we purchase. This is similar to keeping track of your calories in a diet and it actually can work. Do not generalize your list but record each and every item. You will most likely buy less because you realize you will have to go home and list everything purchased. This should be done for several weeks. Each week, review every purchase made and you will soon be aware of a number of them that you could do without. Skipping a few items each week can result in substantial savings. This will take discipline, but could be well worth the effort. Remember, you must list every item from a carton of eggs to a major purchase.

The next step to consider is paying for every item you purchase, even the large ones, in cash. I am referring to dollar bills, not debit or credit cards. This can be an amazing step towards spending less. Statistics have shown that a person using cash in place of plastic will cut their spending an average of 26 percent. When your cash has been spent, you must go to the bank and get more because you are not using any form of debit or credit card.

Of course, in order to cut expenses, you need to establish a budget. This will enable you to purchase the items you and your family really need while avoiding the unnecessary expenditures.

It is very important to know the difference between credit and debt. Credit is something over which you have some control. A purchase on a credit card, or a loan, which can be paid off at anytime is a credit. Debt is something you are unable to repay which eventually controls you, such as a mortgage higher than your home value. Think about this every time you are tempted to purchase something that you can well do without.

Most banks are responding to the current housing market problems by changing their policies and offerings. For many years, financial institutions have been pushing home equity loans and lines of credit to homeowners. They encouraged people to borrow against their home equity for any reason whatsoever. Suddenly times have changed and banks are changing with them.

If you have a current line of credit on your home and plan to use it soon, you should first verify with your bank that it still exists. Many banks are freezing credit lines, reducing lending limits and, in some cases, refusing to give credit at all. Between the credit crunch and the real estate market problems, the banks feel these actions are necessary to protect their solvency.

Some other actions being taken today are reducing the availability of personal and small business loans. Credit card interest rates are rising even higher as a result of late payments. In order to receive a home loan, you must have a minimum down payment and a good credit report. To encourage deposits, banks are offering higher interest rates on Certificates of Deposit in the hope of bringing in new depositors

The banking industry is making many changes to how they do business and some of these will lead consumers to a different attitude towards spending money.

Recent bank failures have brought to light the insurance each bank depositor is eligible for through the FDIC (Federal Deposit Insurance Corporation).  The FDIC was part of the New Deal and became law at the height of the Great Depression for the purpose of restoring the confidence of people in our country’s banks. 

The FDIC currently insures accounts in an individual’s names up to the amount of $100,000.  A joint account is covered to a maximum of $200,000 and individual retirement accounts, such as IRA’s, have coverage up to $250,000.  Most people are aware of the FDIC insurance provided by banks, but are frequently not familiar with the limits of insurance provided for each type of account.    

Many depositors still prefer to keep all of their money at one local branch bank regardless of the insurance issue.  If this is the case, they can generally work with the bank so that their money will still be held at their local branch, but FDIC insurance will cover all of their funds regardless of their limit.  A conversation with your banker is all it will take to assure that your finances are safe and protected should there be a bank failure.  This is an important conversation to safeguard your assets and, if this scenario fits your financial picture, please have a meeting with your local bank officer who will be happy to suggest a variety of ways to maintain insurance on all of your funds. Statistics for the first quarter of 2008 show that of all the money on deposit with the banking industry in our country, 37.3% was not covered by the FDIC.  Do not let your account be one that is uninsured.

Difficult economic times cause even more people to turn towards credit cards for necessities.  Keeping up with inflation is not possible, so many people need to resort to credit to feed their families, pay heating and electric bills, etc. The last thing the average financially strapped person needs is to be hit with all sorts of additional charges for using this credit, yet, that is what can happen.

Credit card companies actually target people who are experiencing financial problems.  After all, they know this is where the money is to be made.  One late payment, even on another bill, can cause a very large increase on the balance on your credit card.  Yes, even though you borrowed the money at one rate, this can suddenly change and often does.  What does a person do if the rate on their credit cards leaps from 16% to 26% and they have a large outstanding balance?.