Cheryl Winokur Munk

speaker

643 appearances 14 recordings 1 series first heard Mar 2018 last heard Nov 2024

Cheryl Winokur Munk’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Common Money Mistakes College Students Make · 28 Aug 2023 podcast

So if you don't have money in the one account, it will just automatically transfer from the other account.

That can be a lifesaver, but it can also be a risky practice if you don't already have good spending habits because you're

It works both ways, right?

There's a safety measure to it, but on the other hand, it can just allow you to spend recklessly without feeling any repercussions.

Well, first of all, a lot of students aren't going to be able to sign up for a credit card on their own if they don't have income.

There are rules that require them to have at least a certain amount of income, and that's going to depend on the card company and their underwriting rules.

But let's say that they are making money, they have a camp job or something like that, then they can apply for a credit card.

And they should just know that really don't spend more than you have.

And that sounds really like an obvious thing.

But for many people, it's just very easy to go down the rabbit hole of debt just to keep spending and spending and spending.

And if you're afraid that that could happen to you, you might be better off just using a debit card.

So, you know, if you only have $100 in the account, you can't spend more than $100.

It can be very tempting.

You know, I'm going to get a coffee here.

I'm going to get this here.

I'm going to go to this store.

Soon, without knowing it, you've racked up $500 of charges and your bank account only has $400.

And then what are you going to do?

And that's another reason why budgeting is so important and writing down what you're spending at the end of the month.

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