Hello, college, hello, financial responsibilities!
College life brings a sense of independence that extends to personal finances. Being in charge of your own money can seem daunting, but it doesn’t have to be that way. If the thought of managing your money in college is stressing you out, dig into these tips for some help!
Create a budget
Living with a budget is a must for financial wellness. First, track your income, including all earnings from part-time jobs, scholarships, and student loans. Next, list your expenses, including tuition fees, textbooks, rent, groceries, transportation, and entertainment. Set a realistic spending amount for each category, and your budget is good to go! Review and adjust as necessary. We have a quick 5-minute interactive lesson on budgeting if you want to go deeper on it. And if you need a template, we’ve got you.
Minimize student loan debt
Student loans can be a big financial burden after graduation. To minimize your debt, explore options such as scholarships, grants, and part-time jobs to cover educational expenses. MSGCU offers $130,000 annually in scholarships; the application period opens in January every year. You can also get ahead on your debt by saving for your student loan payments before you graduate.
For those opting for a part-time job, don’t forget to utilize direct deposit. In addition to not having to worry about paper checks, MSGCU members with direct deposit can get paid up to two days early, provided the funds are provided by your employer (that’s a win-win!). Plus, transferring funds between your checking and savings accounts is a breeze.
Live frugally
You can have fun and stick to your budget, too! First, buy used when possible. This goes for textbooks, sports equipment, and even your winter coat. Next, consider pooling some of your expenses with roommates. For example, you can split the costs of food items, cleaning supplies, and more. Resist the Door Dash urge and get used to eating in for big budget savings. Remember, every dollar saved can go toward your future.
Prioritize essential expenses
Life while in college is filled with temptations and social activities, so it’s crucial to prioritize your expenses. First, make sure your tuition, rent, utilities and groceries are covered and then you can spend money on fun! Having a good budget developed and regularly reviewing it will help you plan in some of that fun.
Build your credit
College is a great time to get your credit score ready for adult life. A strong credit score is essential for qualifying for large loans, getting favorable interest rates, securing a job, and more. To build credit responsibly, consider getting a secured credit card or becoming an authorized user on a family member’s credit card. Just remember to use the card sparingly and make full payments on time each month.
Make sure to research any credit card before you sign up; the free t-shirt or special promotional rate used to entice you to sign up can cost you big in the end. And beware of store cards – the interest rates if you don’t pay them in full monthly are astronomical, averaging 30%! For comparison, MSGCU’s Classic Visa has a fixed rate of 12.75%%. For those that need to carry over a balance versus pay in full every month, that’s a big savings.
MSGCU has a number of credit card options, and our friendly team members can help you make a responsible decision if/when you are interested.
Take advantage of campus resources
College campuses often provide many resources to help students manage finances. Take advantage of financial literacy workshops, counseling services, and career centers at your college. MSGCU’s 1-hour Getting Started with Cash and Credit taught by our own financial pros is also an option – check for upcoming sessions (in person or virtual).
Choose a financial institution that suits you
You want to feel comfortable with the bank or credit union where you keep your money. Think about what’s important to you – 24/7 account access, quick money management with a highly-rated app, community stewardship, financial education, and one-on-one support when you need it are all important features to consider when choosing a financial institution. See more about the benefits of credit unions, like MSGCU, in this 5-minute lesson.
Use these tips to manage your money smartly in college. And your friends at MSGCU are here when you need us – stop into any branch office, give us a call or chat, video bank from anywhere, or use the highly rated MSGCU Mobile App 24-7.
Category: Finance
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