Smart Cents

As students dive into college life and new routines, we've got some fun tips to help them manage their money. Let's make those educational journeys a bit smoother with smart financial habits!

Tip 1: Record Expenses

It’s hard to understand where your money is going if you don’t keep track of your purchases. By taking the time to record your spending, you’ll see exactly where your money goes and can build your budget accordingly. The good news is there are lots of tools to help with budgeting, including various apps, Google Sheets, Excel, or even the tracking features in your online or mobile banking!

Tip 2: Budget

Once you know your monthly spending, you can build a budget. Remember to include those expenses or income that only happen once or twice a year, like certain fees, grants, scholarships, or financial aid. One challenge for higher ed students is keeping track of grants, scholarships, and financial aid amounts from semester to semester, along with costs for books, housing, and more. Be sure to account for these occasional bills and income each month so you’re prepared.

Tip 3: Review Your Budget

Checking your budget each month helps you spot where small purchases add up. Daily coffees, energy drinks, or lunches can quickly eat into your budget. Packing snacks, meals, or bringing a drink from home can help you save.

Tip 4: Comparison Shop and Buy Off-Brand

Comparing prices between stores and choosing off-brand items can save you money at the grocery store and beyond. These small savings add up quickly, giving you with more funds for essentials or to add to your savings account.

Tip 5: Be Careful with Credit Cards

Credit cards can be helpful tools, but it’s important not to open more than you need. Be selective about which offers you accept, and don’t charge more than you can pay off each month. Having too many cards, choosing poor offers, or carrying a balance can hurt your credit and budget, as interest charges add up over time.

Tip 6: Factor in Fun

Budgeting can feel stressful, but don’t forget to set aside some money for fun. The key is to keep these activities within your budget. The great news is that college campuses often offer free or discounted activities for students. Watch your school’s social media and online calendars for free movies, concerts, and meal opportunities.

With the school year in full swing, now is a great time to put together a budget to help make the financial side of your education less stressful.