Managing Money as a Student
Managing Money as a
College Student
College is one of the busiest,
most hectic times of your life: you have to balance school, friends,
extracurriculars, and simply handling living on your own for the first time.
That leaves little time to thoroughly plan your finances. Managing money as a
college student can sometimes be tough, but it isn't impossible! If you're struggling, check
out some of our top tips for student finances . . .
Managing Money as a College Student
Sign up for electronic statements and notifications.
Between classes,
activities, a social life, and maybe a job, you likely don't have time to stop by the bank and check on your account. You
can make this easy on yourself by signing up for email and mobile notifications
from your credit union or bank—you check your email every day and always have your phone on
you, right? That way, your monthly statement is right there in your inbox, and
you get notified when you're at risk of reaching
your limit on your credit card or your account is low.
Learn to budget.
Budgeting
isn't just for adults with a whole host of bills, and it doesn't have to be difficult! Learning to budget is an important step
towards good financial health—especially if you look at your account and think to yourself "Where is my money
going?!". You can use technology here, too. Download a money managing
app like Mint on your smartphone, and it will allow you to track how much
money you have and where it's going. It even has
features that allow you to allocate funds for certain expenses, and lets you
know when you're reaching that limit. Once you have a budget organized, you
can . . .
See where you can cut
expenses.
Grabbing macchiatos
every day from Starbucks, or dining out at Chipotle once a week? Those trips
really add up, taking a major toll on your checking account. Start setting
limits on how much you can spend on these expenses and, more importantly,
follow them. Or, make these trips out a less frequent occasion—a coffee on Friday
morning to celebrate the upcoming weekend, for instance, instead of one every
day.
Practice simple
investments.
If
your student finances are in order and you have some wiggle room in your budget, maybe
you're looking for ways to practice even better financial health.
Putting extra money in simple, low-risk investments, like certificates of deposit (CDs), is an excellent way to start. With a CD, you set aside a
certain amount of money for a period of time. You have a rate of interest, set
when you make the investment, so you will have more money upon the end
of the term.
____
Need help managing
money as a college student? BluCurrent Credit Union can help with that! Our
organization offers everything a college student could need—checking accounts,
debit cards, and low-risk investments like certificates of deposit. We have
three locations in southwest Missouri: two in Springfield and one in Nixa.
BluCurrent also offers convenient mobile and online banking! If you're interested in learning more about how our organization can
benefit you, we would love for you to stop by one of our locations or visit our
website. We look forward to meeting you!
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