The Golden Rule...

Life's Golden Rule is to treat others how you wish to be treated. When it comes to your money, the same rule still applies - treat your money how you wish to be treated. What do I mean? It's simple, really.

Your money, your credit score, and your spending habits are all a direct reflection of you. If your goal is to be treated with respect and perceived as a responsible adult, you will handle your money accordingly. As such, you will probably create a budget and stick to it, while tracking all of your expenditures. Students in this category will have a higher credit score, which is a good indication of how likely you are to pay your bills on time. The higher your credit score, the lower the interest rate and, ultimately, the cheaper the items will be that you are investing in.

Do you have tendencies towards disorganization? Are you focusing more on your wants than simply your needs? If so, your personal finance skills will suffer and you will be haunted by a series of bad decisions and long recovery time. The free spirit, party boy/girl reputation may be fun while at college, but always remember the Golden Rule because it still applies. Do you want to be seen as unreliable and therefore your money being treated as such? Of course not! So, if you want your money to work for you, you have to treat it with respect. Money doesn't grow on tree's, but it can multiply in a savings account or proper investment account. this will only work if both the individual and money are maturing.

In the simplest of terms, do not spend more than you have, and do not use credit cards or loans to pad your lifestyle.

Wells Fargo has a great money management blog called the Student Loandown. There is also other very valuable information on their website specific to college student finances. Writer Ben Osmond speaks about the "Simple Rules for Success in College". Please check out his article here.

If the Golden Rule is to treat others how you wish to be treated, then the Platinum Rule is treat others how they wish to be treated. Your money should be treated with respect and honor because it was earned out of hard work. Money should multiply and grow. It does not want to be wasted on late fee's or overdraft fee's bred out of irresponsibility. Whether you receive a paycheck or you took out loans to help afford school you want to be certain that your money is not being spent frivolously or without purpose.

The next time you make a purchase think about it. Decide how it will affect you in the long run and whether the cost per use is enough to validate the sale. And, don't forget to check out Wells Fargo, Student Loandown!

Thanks,

Savvy Student