Money Concerns

As a student, your primary job at Eastern Michigan is to be a student. The faculty and staff of EMU want you to learn, evolve, and be ready for the world after graduation. If you have any worries about money, don't hesitate to ask advisors, or other faculty and staff members.

Managing Money

Follow these quick tips and your money concerns will start to decline.

  • Don't spend more than you have.
  • Limit eating out.
  • Think before purchasing. Impulse buying is usually a budget blunder.
  • Never, for any reason, leave your wallet, purse, change jar, or backpack containing your wallet or purse unattended for any reason.
  • Understand that cars cost money: insurance, gas, maintenance, parking permits, tickets.
  • Know how to write a check.
  • Remember that parents can't/won't always be able to send you cash, or bail you out.
  • Be a bargain shopper. Awesome deals are fun to find and great bragging tools.
  • Make lists for things you need: groceries, school supplies, seasonal clothing, etc. Stick to the list.
  • Walk or ride a bike instead using/owning a car. Use a bike lock for security.
  • Get a job if you love spending. Not a job that will hinder your class work.
  • Keep track of what you spend. You'll learn the best spending amount for your monthly/weekly budget. It'll hinder impulse buying.
  • Before getting loans, research interest rates and fees.

Credit Cards

Credit cards can help you establish good credit, but too many of them, used the wrong way, will destroy good credit. College students are oftentimes fresh meat to many credit card companies.

  • Don't sign up for credit cards just because it's free.
  • Don't buy what you can't pay for, even if you have a credit card.
  • Be aware of hidden costs:
    • Annual fees: Find a card that doesn't have one.
    • Annual percentage rate (APR) or interest rates: Rates vary. Pick one with the lowest rate.
    • Introductory offers: Interest rates can go up a lot after only three to six months.
    • Additional fees: Many cards have extra fees for late payment, exceeding your limit, or maintaining a balance.
    • Cash advances: The interest rate on cash advances is almost always higher than the interest rate on regular purchases. Use cash advances for emergencies only.
  • Don't give your social security number away to get free things.
  • Do research on credit cards. Compare interest rates, annual fees, and user charges. Choose what is best for you.
  • Unless you really want a credit card, don't fill out anything to get free stuff.
Credit Card Pros Credit Card Cons
You can establish good credit.You can go into debt.
Credit cards are easier/safer than carrying cash.If you pay off debt late, you can establish bad credit history.
Easy emergency fund.It takes seven years for anything to be removed from your credit rating.
Automatic exchange rates when abroad.Credit card companies may sell your name to other companies when you sign up.
Excess credit card debt can make it harder to get student loans..

Bank Accounts

Things to ask yourself, or a bank/credit union representative, if you decide you want/need a new account:

  • Are there any hidden fees/charges for: writing checks, getting cashiers checks, transactions, monthly fees, etc?
  • Is there a minimum account balance where I'll be charged if my account drops less than the minimum?
  • Are there ATMs in the area that belong to this bank/credit union?
  • Are there fees for accessing an ATM that doesn't belong to this institution?
  • Do I want/need a savings account, checking account, or both?
  • Do I want my parents listed on the account?
  • What are the benefits, to my personal money needs, of ATM/debit cards?
  • Things to ask yourself if you already have an account:
    • Does my bank/credit union have a local branch near the college? If not, will I need one?
    • Are there ATMs around that I can access without a fee?
    • If I already have a checking/savings account, do I need the other?
    • Are there any local banks/credit unions with better benefits than my current institution?
    • Do I have/need an ATM/debit card?