College years are the time when many people establish financial habits that will carry them for the rest of their lives.
Pay attention to these items to get off on the right financial foot:
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Spending plan: Know how much money you have available for college expenses. Create a workable monthly spending plan that balances income, loans, and gifts with anticipated expenses.
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Records: Use an app to track expenses or monitor expenses online. Tracking expenses will help you see where your money is going and adjust your spending as needed. Also, remember to review your financial statements every month.
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Credit cards: Commit to paying credit card bills in full and on time each month. Using credit wisely teaches you how to live within your means while creating a positive credit record that could help when buying a car, renting an apartment, obtaining insurance, and even landing a job.
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Organization: Keep all financial records, bills, and account statements in one location. This will help you pay bills on time, avoid late fees, and keep an unblemished credit score.
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Personal information: Learn about the different forms of identity theft, the kinds of personal information you need to protect, and how to protect information—even, and especially, from friends and roommates. Learn the pitfalls of careless use of social media.
Apps make personal finance easy
There are many apps to help you manage your money. Research and find the one that is best for you and your financial situation. Credit Karma is one example of a free app that helps track your credit score and, since they have merged with the mint app in 2024, you can also link all of your financial accounts to view them in one place. As always, read the terms and conditions when setting up these types of apps.
Special account for students
Kstate CREDIT UNION also offers a Collegiate Checking account with for qualifying college students. It includes benefits like rewards for good grades, free checks, no monthly service fees, when you sign up for estatements, and no minimum balance. Visit our website to learn more about the Collegiate Checking account.