College Budget
Admission offers received – check!
Enrollment decision made – check!
What’s next? You’ll be getting a lot of information about the next steps from your college for registration and orientation. Meanwhile, you might want to start a conversation with your parents about a spending budget for college.
Here are 6 money management tips for you to consider.
- Open a bank account. 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
A quick online search can give you a good estimate of the cost of attendance at a particular college. Use these estimates to determine your monthly budget.