Money Tips for College Students

So, the time has finally come. Come fall, it is out of the nest and on your own, which means no one is there to hover over you to see what you are spending your money on, or to bail you out of financial issues. You are finally an adult, and are now responsible for your own funds. But don’t worry. Here, we have tips to help you make sure your first year of school is a financially successful one!

Manage Your Money

The first thing you want to do before heading off to college is to sit down and create a budget for each month. Take everything into consideration, such as your rent (if you do not live in a dorm), food, gas, class/school fees, personal care items (hair, laundry, etc.), and extracurricular, etc. This way you know how much you have for each category for the month to ensure you do not spend all your funds for the year in one or two months. You want to make your money last all year long.

Be careful of credit cards. You are at the prime age where the pre-approval offers are rolling in, and it can be tempting to use one in order to get by. But this is only going to help you in the short run and hurt you financially in the long run if they aren’t paid off each month. Especially if you are going to have student loans when you graduate, you do not want to add even more (credit card) debt to it.

In addition, college shop where you can. Particularly in a college town, there are many places that will offer discounts if you show them your college identification card. Take advantage of these deals while you can in order to save!

We have an A+ Student Share Account for those who are between the age of 16 and 25. Contact us today in order to set up your account just in time for your first semester of college.