Here is the first of a four-part series of financial tips and tricks to help students avoid stress and increase their knowledge so they can be more successful with their finances.

By Lizzie Babashova

Staff Writer

Anoka-Ramsey’s personal finance instructor John Mago, a practicing accountant at Capella University, and a financial advisor at Affinity Plus Credit Union contributed to this list of helpful tips for college students concerning finances.

* Don’t fall into the trap of paying the high rate interest of credit cards. Pay off your credit card bill in full at the end of every month in order to avoid this fee.

* Consider using your credit card to only buy something essential like gas. That will help your bill from getting too high.

* Always pay your credit card bill on time. Credit card companies are the first to report a late payment, which in turn will reflect negatively on your credit score.

* Get a credit card through a credit union. They are non-profit organizations with the primary goal of helping their members succeed financially.

* Get a credit card without any annual fees.

* Do not apply for credit cards on a continual basis, this will reduce your score considerably.

* Know what a want is as opposed to a need and exercise control over impulse purchases.

* Only spend up to half of what your limit is. When you spend over half of what your limit is a red flag pops up and this incident is reported to credit bureaus, which causes your credit score to decline. Spending over half of your limit is seen as being dependent on your credit card. Even if you are paying off your credit card balance in full at the end of the month, it still reflects negatively when you exceed that halfway point.