Table of Contents
- 1. Create a College Budget
- 2. Open a Checking and a Savings Account
- 3. Automate Bill Payments and Transfers
- 4. Build an Emergency Fund
- 5. Take Advantage of Student Discounts
- 6. Start Building Your Credit
- 7. Get a Part-Time Job
- 8. Seek Out Scholarships
- 9. Save on Textbooks
- 10. Start Investing if You Can
- 11. Take a Personal Finance Course
- FAQ
Managing money in college isn’t easy, but building strong financial habits now can make a huge difference in the long run. With the cost of tuition, textbooks, and daily expenses, it’s important to make smart financial decisions to avoid unnecessary debt and stress. Whether you’re living on campus or commuting, these 11 tips will help you stay in control of your finances, save money, and build a secure financial future.
Read on to learn about how to create a college budget, open a checking or savings account, take advantage of student discounts, and more.
Key Points
• Create a budget to track income and expenses.
• Open both a savings account and a checking account for better money management.
• Automate bill payments and savings transfers.
• Build an emergency fund for unexpected costs.
• To save money, buy used textbooks and take advantage of student discounts.
1. Create a College Budget
One of the most important financial habits you can develop in college is budgeting. A basic budget helps you track your income and expenses so you don’t overspend. To get started, simply list out how much you have to spend for the semester, including all sources of income, such as financial aid, income from a part-time job, and any parental support. Then subtract all your essential expenses, such as tuition, books, food, and housing. What’s left over can be used for nonessential (aka fun) spending and savings.
To make sure you don’t overspend on discretionary purchases, consider putting a budgeting app on your phone. These tools track your spending in real time and can help ensure you don’t run out of funds before you get to finals.
2. Open a Checking and a Savings Account
Even if you don’t have a lot of extra cash, it’s worth having a savings account along with a checking account. This allows you to separate everyday spending from money you want to save for a future expense, say a trip to Cabo for spring break.
When shopping for a bank or credit union, it’s a good idea to look for one that offers no-fee student accounts and a high-interest savings option to maximize your earnings. In addition to local institutions, you might also expand your search to online banks. While these banks don’t operate branches, they typically partner with large ATM networks, making it easy to access your funds at school, as well as when you travel home, without getting hit with a fee. Some offer student accounts and potentially better deals than traditional banks.
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3. Automate Bill Payments and Transfers
If you’re new to paying bills, it’s easy to forget about due dates, especially if you are focused on doing class assignments or studying for an upcoming exam. But missing a billing deadline means you could rack up late fees (and potentially damage your credit). A simple solution is to set up automatic payments for recurring expenses, such as rent, utilities, and student loans. To avoid overdrafts, be sure you have enough in your checking account to cover the bills when they come due.
Now that you have a savings account (see tip #2), also consider setting up an automatic transfer from checking to savings for a set amount on the same day each month. It’s fine to start small. Even siphoning $25 into savings each month can add up over time. Many banks also offer features that round up your purchases and deposit the spare change into your savings account, which is another way to save without even thinking about it.
4. Build an Emergency Fund
Unexpected expenses, such as a trip to urgent care or a car repair, can quickly derail your college finances. Having an emergency fund can help you cover these costs without relying on credit cards. You might aim to save at least $500 initially, then gradually increase it over time. Even setting aside a small amount each month can make a big difference. Consider keeping your emergency fund in a high-yield savings account so it grows over time while remaining easily accessible.
5. Take Advantage of Student Discounts
Being a college student comes with some financial perks, including discounts on a wide range of goods and services. Many major companies offer student deals on transportation, entertainment, digital music subscriptions, laptops, car insurance, and more. Websites such as UNiDAYS and Student Beans also provide access to exclusive deals. All you typically need to qualify for the student rate is a .edu email account.
Shops and eateries located on and around campus also tend to offer student discounts. It’s a good idea to keep your student ID handy and always ask about any potential discounts before you make a purchase. Using student deals can significantly reduce your expenses and help stretch your college budget further.
6. Start Building Your Credit
Having good credit can help open doors after you graduate. Your scores can come into play when applying for loans, renting an apartment, or even getting a job. Fortunately, there are a number of ways to start building your credit while you’re still a student. Here are some to consider:
• Apply for a student credit card and use it responsibly. That means keeping your credit balance low and paying it off in full (and on time) each month.
• If you’re new to credit, consider becoming an authorized user on a parent’s credit card or getting a secured credit card.
• If you have student loans, you might start making small payments of $25-$50 per month while you’re still in school to pay down interest and have some positive repayment history on record.
7. Get a Part-Time Job
Getting a part-time job while you’re in school can help cover your expenses and/or build your savings. It can also give you valuable work experience that could give you a leg up when searching for employment after graduation. Many universities offer work-study programs or on-campus jobs that fit around your class schedule.
If you prefer more flexibility, you might look into freelancing, tutoring, or gig economy jobs such as rideshare driving or food delivery. You might also check online platforms for remote job opportunities, such as being a virtual assistant or helping a business manage their social media accounts.
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8. Seek Out Scholarships
Scholarships are not a one-time thing you can only apply for when you’re in high school, before you start college. Hundreds of companies and organizations offer scholarships for both new and returning students that may be awarded based on merit or financial need. In fact, dedicating some time to finding and applying for scholarships each year could net some significant cash. Some helpful resources:
• Your school’s financial aid office
• Online scholarships databases, such as Fastweb, Scholarships.com, and CareerOneStop
• Religious and community organizations
• Organizations related to your field of study
• Your employer (or parents’ employers)
• Ethnicity-based organizations
If you find scholarships you are eligible for, be sure you apply for them by the deadline.
9. Save on Textbooks
Textbooks can take a major bite out of your college budget, but buying used or renting can save you hundreds of dollars each semester. There are numerous websites with low prices on used textbooks (such as Chegg, AbeBooks, and Amazon). Many also offer 30-day to full-semester rentals. Also, look into purchasing the e-book version of a textbook, which typically costs a lot less than the hard copy. If you have friends who are taking the same class the next semester (or vice versa), consider splitting the cost of the required textbooks with them.
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10. Start Investing if You Can
A lot of employers provide 401(k) plans or other savings options, even while you’re still in college. If your employer offers a matching contribution, it’s wise to take advantage of this opportunity since it’s essentially free money. Enrolling in the plan can also help you learn about different types of investments, such as stocks, bonds, and mutual funds.
If your employer doesn’t offer a plan, you might consider investing independently through a brokerage account, traditional individual retirement account (IRA), or Roth IRA. Each of these options has its own benefits and drawbacks, and understanding them early on can set you up for long-term financial success.
11. Take a Personal Finance Course
Your degree program may not be in finance or even math, but that doesn’t mean you can’t take a personal finance course as an elective. Ask your college advisor if there are any courses in personal finance available through the school to help you learn the basics of budgeting, borrowing, and investing.
If your school doesn’t offer classes in personal finance basics, you can teach yourself online. Some websites (including this one!) are designed to help improve your financial literacy with helpful articles and videos. You can also find personal finance courses that you can take online, so consider taking one in between semesters or over the summer.
The Takeaway
College is a time of learning and growth, and developing smart money habits now can set you up for a secure future. By budgeting, saving, building credit, and seeking out cost-saving opportunities, you can manage your finances responsibly and minimize debt while you’re a student. This can help you save money and establish a strong financial foundation for life after college.
Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with eligible direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.
FAQ
How do I create a college budget?
Start by adding up how much money you have available every month, including from financial aid, income from a part-time job, and any parental support. Then, subtract your monthly expenses, such as tuition, food, housing, books, and, if necessary, transportation. Anything that’s left over can be used for nonessentials or put into your savings.
How can I save money in college?
Searching for student discounts can help you save money, giving you more to spend every month. Many major companies offer student deals on their products, and stores and restaurants on and around campus may also offer student discounts as long as you have your student ID handy. You can also save on textbooks, a major expense every semester, by buying used or renting.
What are some good side hustles for college students?
A good side hustle is one you can fit around your class schedule. While many universities offer work-study programs or on-campus jobs, you could also look into freelancing, tutoring, gig economy jobs, or remote work.
Photo credit: iStock/Drazen Zigic
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