Basics Of Money Management For Students

For many students, going away to college can mean newfound independenceand new responsibilities

. One of your most important responsibilities will be managing your own money. From cutting expenses to building credit, follow these three basic money tips for students to help set yourself up for a bright financial future.

1. Open a checking or savings account: College students money should be kept safely in a checking or savings accountor combination of the twoinstead of keeping it all in cash. Checking accounts for students allow you quick access to your money when you need to pay bills, and often come with a convenient debit card for use at ATMs and for everyday purchases. A savings account is also a helpful money management tool for students, allowing you to save the money you earn from part-time jobsand earn interest on those savings.

Be sure to compare checking and savings accounts to ensure you understand any fees or minimum balance requirements that may apply. Youll also want to make a regular habit of checking your account statements and records, whether theyre paper statements or online, to keep an eye on your money and potential unauthorized charges. Should you find a transaction you didnt make, contact your bank right away.

2. Watch your spending: From setting up a budget to finding ways to pay less for the things you need, being careful about how much money you spend will help set you up for financial success.

Tuition: To help offset the cost of your education, take the time to research and apply for multiple scholarships, as well as inquiring about financial aid. These can help shave thousands of dollars from your tuition, which may mean more money in your pocket.

Books: Buy used textbooks whenever possible. They may have some writing or highlighting on the pages, but buying used can help you save potentially hundreds of dollars each semester.

Food: If youre living on campus, you may be required to purchase a meal plan from the university. Consider how often youll eat on campus. For example, a student who stays on campus 7 days a week for most of the academic year will need a more comprehensive meal plan than someone who commutes to classes or goes home on weekends. Carefully compare plans to help ensure youre getting the proper nutrition you need at a price that makes sense for your budget.

There is no better time than the present for college students to start managing their money. Consider opening a savings account to build an emergency fund, and be sure to compare checking accounts for students from several different financial institutions. Such checking accounts may have modest fees and may not require a minimum balance, making them a great choice for students who are just starting out.

Content was created and provided by M&T Bank, member FDIC

Resources:

http://www.goodfinancialcents.com/money-management-tips-every-college-student-should-know/

http://www.smartaboutmoney.org/ResourceLibrary/SearchResults/tabid/442/default.aspx?m=832&rid=264

by: William Hauselberg

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