The only thing better than having a brother-in-law that’s like a real brother is having a brother-in-law that also happens to be a Certified Financial Planner!

With the help of my wonderful CFP®, in this article I seek to answer five financial questions that I, and many other college students, may have.

Question #1: Should I invest my money or pay off debt first?

The very first thing my brother-in-law suggested is that everyone first and foremost have an emergency fund for all of those unexpected, crazy, costly things we encounter in our college years. This emergency fund would preferably consist of about three to six month's worth of regular expenses, or just as much as you can possibly put back for unexpected things. Only after you get your emergency fund up and running should you start to tackle this issue. With that being said, your specific approach to this question can consist of a variety of factors, including the specific interest rate on the loans you’ve taken out, the interest rates of the investments you are looking to make, and what your personal goals are. A good rule of thumb to go by is to try and tackle student loans with interest rates of 6 to 8 percent or more. Only then should you start to look into investing your money elsewhere—in things like the stock market or mutual funds. However, some students may find it pretty feasible to do a combination of both paying off loans and investing their money. Here I’ve provided an article that expands upon these particular points.

Question #2: How much money should I save from each paycheck?

In answer to this question, my brother-in-law stated that most reputable financial resources suggest a guideline amount of 15 percent of whatever is made to be put towards a long-term, or retirement savings fund. The ideal purpose of this account would be to save back for retirement specifically, however, not all students may have the luxury of putting their money back for such a long term goal at this particular time. This guideline of 15 percent to save upon could depend on how intensely you want to and are able to save, and what kind of lifestyle you want to lead now, as well as later on. So whether you are saving for your dreams upon retirement, or that new car on you’ve been looking at, it’s safe to say that about 15 percent is what you should be saving.

Question #3: Is it too soon to start thinking about retirement?

My brother-in-law expresses without a doubt, that it is never too early to begin thinking about retirement. If you are in a position to do so, then saving for your retirement is the best way to go. As mentioned above, it’s important that you first focus on building an emergency fund and paying off any college loan debt, but after that you are free to set your sights on retirement (given you’ve already started your career). Some companies offer 401(k) plans and will often match your contribution up to a certain percentage. If this is the case, you will essentially be earning free money on top of the money that your investment makes! If you’re really wanting to retire early, and have the means to do so, maxing out your 401(k) plan is the quickest way. In 2015, the maximum contribution you could make to a 401(k) was $18,000. Just think about how much money you’d have if you did this every year!

Another necessary retirement investment is the Traditional IRA. This form of IRA (or Individual Retirement Account) is “tax deferred,” meaning the money goes into the account before taxes are taken out and taxes are paid only when money is taken out. This means that you have more money to grow, but if taxes increase, you could be paying more in the future. If this is your concern, a Roth IRA is a better option for you because taxes are taken out up front.

Question #4: What is the best credit card for me to have as a college student?

Current college students have an entire slew of payment methods to choose from whether it be with cash, credit or various online payment methods. Each payment method is unique in its own way, but as a society, we are certainly seeing a trend in which people are increasingly using credit cards. Some of the greatest benefits of using a credit cards include giving us the ability to defer payments and continually build credit; therefore making them an altogether efficient payment method for college students in particular. With this being said, there are so many credit cards to choose from, college students may find themselves asking, “What credit card is the best one for me?”

Through some research of my own, I found that overall, the Discover Credit Card gave college students the most benefits. Discover gives users cash back on every payment, it doesn’t penalize students for their first late payment, and is one of the only credit cards that allows for a cosigner for users under 21, who may be living at home and/or don’t yet have a stable income. With these things being said, Discover card has been deemed a good card for first time users and an overall safe bet for any college student. However, like anything else in life, no one credit card is going to be the very best one for every single student. Here I have provided some alternative articles that may guide you to the credit card made just for your needs:

Question #5: When is it all right to spend a little extra?

It’s easy as college students to get caught up in the everyday purchases and needs that we may have. A lot of time, our schedules are hectic and irregular. We often think we “need” certain things to just get through the day, class or semester. I know exactly how it is to “need” a Starbucks coffee before a morning class, or that gigantic grilled cheese in the café that costs $5. But when we really stop and look the big picture, we often times aren’t able to justify the crazy amount of money we spend.

It’s important to spend less money on temporary items, and more on things that are investments. This is a pretty self-explanatory idea, but it could may be mean making small changes like investing in a Keurig instead of buying a Starbucks coffee every day. It could also mean saving for a study abroad trip instead of weekend trips to concerts and movies. It’s important for us to ask ourselves what kind of items or experiences are going to bring us true, long-term benefits.