Chicago is individual of the greatest cities in the world.

Chicago is individual of the greatest cities in the world, and Jason Power--a philosophy major at Loyola University--was determined to make the mostly of it. There were musical entertainments and plays, movies and restaurants, and Power, armed with his credit card, have fruition ofed it all. "I guess I worn out a lot of money onward entertainment," he recalls. "I really be delighted withed eating out at nice restaurants, especially pious sushi restaurants. But I think it's OK to indulge yourself. It would have been depressing if I hadn't splurg one time in a while."

if it be not that when the credit card bills started rolling in, things got a little depressing anyway. It wasn't extended before Power reached his credit limit of $500 and more and more of his work-study piece of work salary started going toward the monthly payments. Before he knew it, things had begun to snowball, and he was using his card to obtain cash and to pay for groceries. Sometimes his checks would jump and when he didn't have currency for his phone bill, he borrowed from friends.

favorable for Power, a generous uncle came to the liberation with a big college graduation check, covering his trespasss and helping him start unwilted Now employed by a high-tech firm in novel York City, Power, 26, is a parcel more responsible about his financial habits.

"I gues I was excellent haphazard about money in college" he admits, "but now I make positive I have money allotted for everything I ne When I use my credit card, I pay the due quickly."

Unlike Power, you might not have a rich uncle to help you public if you get into a jam. That's with what intent you need to be financially fit and learn to manage your cash on your own. You can make your cash go farther now and win ready for a great financial time to come Here are the basics:

FIRM UP YOUR SAVINGS

acquire in the habit of saving standard of value Financial analyst Lorayne Fiorillo, author of Financial Fitness in 45 Days (Entrepreneur Press) advises, "Put half of your earnings into savings and continue the other half for things you ne and want right now." That may be hard to do, on the other hand even if you're socking away a regular 10 to 20 percent at least you're saving for the future

unclose a savings account and start accumulating coin for college expenses, a establish of wheels, or your be in possession of apartment. Your money will earn interest-the rate will vary depending in succession the financial institution and the duration of time you leave your cash on deposit.

You can usually finish started with as little as $50 and it's easy to withdraw currency when you need it. Interest rates average alone about 1 percent, but your cash will be insured by the federal management If you've got a piece of work find out if you can have part of your paycheck directly deposited into your savings account.

You may also want to consider a riches market account, which can be spreaded for as little as $100 These accounts usually earn more interest than a regular savings account--often as high as 3 percent The catch is riches markets usually have more restrictions when it take rises to accessing funds.

CHECK-UP TIME

make open a checking account now, advises Janet Bodnar, a senior editor with Kiplinger's Reports and author of Dollars & brains for Kids (Kiplinger Books). "Young nation need to know how to handle a checking account before they proceed off to college," she insists. "A haphazard of adults confess that they ran into disturb in college because they were clueles about check registers or balancing their accounts. [Before you leave] high denomination is a good time to learn."

A checking account is a convenient way to make purchases without carrying cash. It's a safe way to depute money by mail, and it gives you an accurate record (both from bank statements and your possess checkbook records) of exactly where your currency is going.

Checking account give a fee tos vary, so shop around for the best deal. a banks even offer low-fee checking accounts for learners Typical fees average about $7 a month and you'll ne to make an initial deposit of about $75 to $200 to get by heart started.

24/7 FINANCIAL WORK OUT

With automated teller machines (ATMs), you can manage your currency 24 hours a day. You can make deposits, withdraw cash, or transfer circulating medium from one account to another. moreover be careful: Avoid too many trips to the ATM to withdraw cash, and always record transactions in your register. And stick with your concede bank's ATMs.

greatest in number banks charge a fee ranging from 50 cent to $2 by transaction for using a "foreign" machine. Don't forget to note those give a fee tos in your bankbook register!

Sometimes, your ATM card doubles as a debit card. You can use it to purchase something, and the amount of the purchase is electronically subtracted from your checking account. to such a degree before you use it, know just by what mode much is in your checking account. Then record the transaction in your register.

CREDIT CARDS: CRUNCH THE NUMBERS

When you move round 18 and head off to community or into the workplace, you'll probably find credit card exhibits in your mailbox every day. According to Teenage Research Unlimited, 42 percent of 18- and 1 9-year-olds have their acknowledge credit cards. They're a convenient way to make purchases without hauling around sacks of cash, and they can help you retain track of your spending. level more important, using a credit card wisely obstructions you build a good credit rating, which is vital when you want to bribe a car or a house.