As college students head to campus for the fall semester, money management should be on their personal syllabus. BankWest suggests the following money saving tips to help college students form a strong foundation for money management and get an early start on securing their financial future:
- Create a budget. The first step is to create a realistic budget or plan and stick to it.
- Watch spending. Keep receipts and track spending in a notebook. Pace spending and increase saving by cutting unnecessary expenses like eating out or shopping so that your money can last throughout the semester.
- Use credit wisely. Understand the responsibilities and benefits of credit. Use it, but don’t abuse it. How you handle your credit in college could affect you well after graduation. Shop around for a card that best suits your needs.
- Take advantage of your bank’s resources. Most banks offer online and mobile banking tools to manage your account night and day. Use these tools to check balances, pay bills, deposit checks and monitor transaction history.
- Lookout for money. There’s a lot of money available for students — you just have to look for it. Apply for scholarships, (keep an eye out on BankWest’s scholarship page) and look for student discounts or other deals.
- Buy used. Consider buying used books or ordering them online. Buying books can become expensive and often used books are in just as good of shape as new ones.
- Entertain on a budget. Limit your “hanging out” fund. There are lots of fun activities to keep you busy in college and many are free for students. Get the most from your student ID. Use your meal plan or sample new recipes instead of eating out.
- Expect the unexpected. Things happen, and it’s important that you are financially prepared when your car or computer breaks down. You should start putting some money away immediately, no matter how small the amount.
- This is a learning experience, so if you need help, ask. Your parents or your bank are a good place to start, and remember—the sooner the better.
If you ever have any questions about your BankWest account, feel free to give us a call at (800) 253-0362. Our eBanking associates are available from 7 a.m. – 7 p.m. CT every day.