Money Management Tips for College Students
As college students go back to the classroom this fall, they will be thinking about course schedules, test scores and GPAs. FSB reminds students to also think about how they plan to spend, save and manage their money. The following tips are designed to give college students an edge when it comes to managing their personal finances.
- Take charge of your finances. Now is the time to realize that you are the one responsible for your money. Start by creating a realistic budget or spending plan and stick to it. This will help you make the most of your money during college and will reduce your headaches.
- Watch your spending. You control your money, which means that you decide how you spend or save it. You can make your money last throughout the semester by cutting unnecessary expenses like eating out or shopping.
- Use credit wisely. Understand the responsibilities and benefits of credit. How you handle your credit in college could affect you well after graduation. If you are ready to use a credit card responsibly, shop around for a card that best suits your needs.
- Get a bank account. Banks are more than money in a vault. An FSB Bank account offers valuable services that students can benefit from like check cashing, debit cards, online banking, balance alerts, personal loans and direct deposit.
- Keep an eye out for scholarships. There’s a lot of money available for students, you just have to look for it. Apply for scholarships available through your college or university, and talk to professors and advisors about other scholarship opportunities that might be available.
- Stay busy with low-cost fun and food. There are lots of fun activities on campus to keep you busy and most are free to students. Use your meal plan or sample new recipes instead of eating out.
- Take advantage of student discounts. If you decide to go out to a restaurant, movie theater or other local business, save money by looking out for student discounts that may be available.
- Buy used books. Consider buying used books or ordering them online. Buying books can become expensive and often used books are just like new.
- Start saving now. Things happen, and it’s important that you are financially prepared when your car or computer breaks down or when you have to buy that unexpected plane ticket home. No matter how small the amount, you should start putting some money away immediately.
- Ask for help. This is a learning experience, so if you need help, don’t be afraid to ask a trusted resource. Your parents or your FSB personal banker are a good place to start.