As millions of high school seniors mark the graduation milestone in the coming months, many of us lack the skills necessary to successfully manage our finances; partly due to the lack of financial classes in schools.  In fact, only 4 states require students to take a semester of personal finance education and another 20 states mandate finance to be included into other classes.

Whether students plan to enter college or the workforce after high school, financial knowledge is a must to ensure a well rounded college experience and the lessening of a return home. Here are a few tips to be considered:

1.  Bank Accounts: Sounds simple enough, right?  But since 17 million Americans do not have a bank account, rest assured most students don’t have one either.  Nonetheless, savings and checking accounts are critical for financial security.  With a checking account, you’ll also gain experience using a debit card, withdrawing money from an ATM, and learning how to write checks.
The Capital One survey revealed that 75% of this year’s high school graduates will receive graduation gift money, which should be deposited into savings (or used to buy gas to put in the cars we should be receiving…I’m just saying).
Additionally, be sure to automate your savings.  If you have a job,  direct deposit the paycheck into your checking account, ask the bank to automatically transfer a certain amount of money from your checking account into your savings account.  This will force you to make do with less while increasing your savings at the same time. Harsh, yes I know, but you will be grateful in the long run.
2. Credit Cards: It is very tempting to use the credit card as a blank check and rack up thousands of dollars on frivolous items.  Open up a credit card to start building credit history. Use Bankrate.comto find student credit cards.  It is crucial that you pay your bills on time to avoid late fees and damage to your credit score.  Use the card for small purchases only, under $50 per month.
3. Track Your Expenses: How can you save money if you don’t know how much you spend each month?  Use the iXpenseIt iPhone app, which enables you to take a picture of the receipt after making a purchase in the store – the app will store that data allowing you to easily keep track of your spending. Many banks now also have apps that can help you with looking at your daily purchases and monthly expenses , which can help you determine how much money you save each month.
I hope you follow these tips and allow them to help you in your journey to a brighter future.