Admission offers received – check!
Enrollment decision made – check!
What’s next? You’ll be getting a lot of information about next steps from your college for registration and orientation. Meanwhile, you might want to start a conversation with your parents about a spending money budget for college.
Here are 6 money management tips for you to consider.
- Open a bank account and get an ATM card (if you don’t already have one). You may want to research the local banking options at the school you will attend. Many colleges have a bank or credit union on campus. Make it a joint account (you and a parent). That way you can access your money when away from home (in college).
- Learn how to check your bank balance from your phone. It’s a good practice to check your bank balance before you get gas or stop by Starbucks to be sure you have money in your account for the purchase.
- Learn how to deposit checks. Most bank mobile apps will allow you to deposit checks right from your phone. Great for those graduation checks you will receive.
- Create a budget. A spending plan is essential. Know how much money you will have each month from your financial aid, a campus job, or from your family. With your parents, create a realistic monthly budget. Then, your biggest task will be to stick to your budget.
- Learn how to schedule & pay bills from your account. You might have a phone bill or other bills you are responsible for. Learn how to pay on time and keep within a budget.
- Decide with your parents and if you choose, open a credit card account BEFORE leaving for college. Credit card companies will offer many promotions for new students on campus – free shirts, new tech gear, etc. Don’t be tempted by free stuff! Open ONLY one credit card and use this card as a “backup” (if you don’t have cash) to help establish good credit.
Start practicing good money management skills now so that you have one less thing to worry about freshman year.
Take Action
Use the Cost of Attendance in GuidedPath to calculate your college budget. Here you can find the amount listed as “Personal Expenses”. Use this to calculate your college budget. Divide the number by 9 months to determine your monthly budget.
