Getting ready for the real world – financial best practices every young adult should know

As the majority of college students are heading back to campus for the fall semester, we encourage young adults to prepare financially by incorporating certain financial practices into their daily routines. Credit plays a huge role in helping adults achieve personal and professional goals, and we recommend that students establish credit and use it wisely.

International Community Bankers of America suggests the following financial tips and advice for young adults:

– Set up and follow a budget that includes paying off a credit card balance. “Maxing out” or charging up to your card’s credit limit can make sticking to your budget more difficult and negatively affects your credit score.

– Pay your bills on time – every time. Whenever your budget permits, pay more than the minimum payment to pay off the balance faster and save on finance charges.

– Keep all of your financial account information confidential. Do not share your PIN, debit or credit cards and access to your bank accounts. Never give out your credit card number, card verification number, or expiration date over the phone or the Internet, unless you initiated the contact and know who you’re dealing with.

– Routinely access your account information online to track your spending and to quickly identify fraudulent transactions. If you see a transaction that is not yours or an error on your account, notify your card issuer immediately.

– When making online transactions, whether it is purchasing products or paying bills online, be certain the site is secure. Don’t let others watch you enter your card number, PIN or bank account information.

Community banks are on hand to help young adults learn more about credit cards and how to properly manage their credit, create savings accounts and learn more on how to become more financially