Best Tricks for Effective Money Management

Publication date:

6 Money Moves Every New College Student Should Make

When you go to college, first of all, you think about the subjects that you will study, about communication with classmates, a new home, and also those campus activities. The least worried things are your financial capabilities and how you should manage your money. You consider it simple since you don’t have much money in your pockets and it seems to be easy. But soon you’ll face huge changes in your lifestyle because of the student life, and find it hard to control your life from all sides.

So how to manage money when studying in college? Here are several practical money moves that every student should know.

Make Your College Life Easier with These Simple Steps

1. Open a student checking account.

The first money move for every college student to make is to open a checking account. This will allow you to manage your money properly and learn some banking habits. There are no strict requirements about the opening deposits and minimum balance. Moreover, you will have an opportunity to use some perks like, for example, free checks or free ATM transactions.

2. Set an automatic bill payment.

After you open your own student checking account, you may set an automatic bill payment of your regular expenses. It is simple: just use the online bill paying services of your bank and begin automating your bills. This will help you keep track of your personal finances and focus on studies. But make sure that each time you have enough money in your bank account to pay the bills.

3. Manage your financial aid.

You also need to learn to manage the money you receive as a university financial aid. It's nice to get money for studying in college, that's why there is a desire to spend it on some parties and goods. In order not to run out of aid money until the next semester, create a spending plan. Do this at the beginning of the academic year, so that you can quickly stick to it and control your financial expenses.

4. Monitor your student loans.

A very important issue when studying in college is to keep an eye on your student loans. Do not make mistakes of those students who were not interested in their student loans, and then regretted it before their graduation. Contact your lender at the college to find out about your student loans and learn how much you owe.

5. Build an emergency fund.

Building an emergency fund can be highly useful for an average college student. Imagine a situation when you need to pay off extra money or have problems with financial aid. In this case, you need to somehow get the additional sum of money. For this, we recommend you to make an emergency fund and add in your excess money whenever it’s possible. At first, even a small amount of money in the course can increase several times and save you in an embarrassing situation.

6. Learn from your financial mistakes.

Getting an education in college is a great time to learn new skills and prepare yourself for an adult life. Especially it concerns the financial sphere - always watch your actions and learn from your mistakes. If you did something wrong, analyze your problem and find out what your financial defect is. Also, investigate yourself to know whether you have the money temptations to avoid them in the future.