Returning to school is exciting, and it can also be expensive. Between school supplies, meals, transportation, and everyday expenses, costs can add up quickly. The good news is that being financially responsible doesn’t mean missing out on fun or freedom while you’re in high school and college. With a few simple habits and smart choices, you can stretch your money further, reduce stress, and set yourself up for a successful school year.

Start with a simple spending plan

Before the school year gets busy, take a few minutes to understand what money you have coming in and where it needs to go. Your income might be from a part-time job, allowance, birthday money, or savings from the summer.

Then divide your spending into three basic categories:

• Needs: school supplies, meals, textbooks, gas, and basic personal items
• Wants: coffee runs, fast food, streaming services, games, concerts, and conveniences like food delivery
• Savings: emergency fund, travel goals, holiday gifts, or bigger purchases

Plan how much of your income you want to allocate to each category. To get started, try dedicating 50% to needs, 30% to wants, and 20% to savings. Adjust these percentages to work for your lifestyle and try to keep wants in check so you can put more toward your savings goals. You’d be surprised how much you can save a month from small choices like making coffee or meals at home. Budgets don’t need to be complicated to help you build healthy financial habits. 

Check out our blog on better budgeting and download our budget worksheet to start making your own.

Boost your savings with small steps

Start with what you can

If saving money right now feels overwhelming, start small. Five or ten dollars a week may not seem like much, but it adds up over time and helps you build good habits that will serve you well beyond this school year. Saving for more than one goal? MSGCU members can open multiple You-Name-It Savings Accounts, also known as secondary shares, and label each one for a specific goal, such as Emergency Savings, College Savings, Car Savings, or Vacation Savings.

Try our 52-Week Challenge

Want to stretch your savings muscles? Commit to using MSGCU’s 52-Week Savings Challenge chart for the next year. This savings strategy increases the amount you save by $1 each week and totals $1,378 over the course of a year.

Put your savings on autopilot

Saving is easiest when you don’t even have to do anything. So we recommend making it automatic. If you have a job, set up a portion of your paycheck to automatically transfer to a savings account, or open an Achieve Student Debit Account and take advantage of the Roll Up the Change feature.

Discover all the ways MSGCU can help set you up for financial success.

Take advantage of special student discounts

Your student ID can do more than get you into school events. Before you pay full price, ask one simple question: “Do you offer a student discount?”

Student discounts are especially useful for:

• School supplies and technology
• Streaming, music, and software
• Food and local restaurants
• Entertainment such as movie theaters, zoos, and museums
• Public transportation or rideshare options
• In store and online shopping for clothing, shoes, and more

A few dollars saved here and there can make a big difference over the course of a school year.

Try these bonus tips for financial success this school year

College students

• Sign up for verified student-discount platforms that provide access to exclusive savings from a wide range of popular retailers and services
• Consider buying textbooks at discounted prices. Buy used textbooks, rent them, or find free versions online.
• Visit thrift stores to update your back-to-school wardrobe and find great décor deals for your dorm. Ask friends and family if they have any items on your list that they would be willing to donate or sell.

Every student

• Attend free events, sporting games, or concerts to save money on entertainment.
• Try cost-effective transportation options to get to school or evening events. Carpooling, taking the bus, biking, and walking are all great methods that will lower your costs.
• Remember to check your account balance before making purchases. It is always good to know exactly how much is in your account.

Heading back to school is about more than buying supplies and setting your schedule. It is also a chance to build money habits that can support you all year long. 

For more ways to help get your school year off on the right (financial) foot, meet with on our financial counselors at any one of our 24 branch locations, give us a call, or chat online.

Category: Youth