There’s almost no other rite of passage to adulthood more symbolic than that of leaving home for college. As a college student, that independence, while liberating, is also overwhelming. One of the most overwhelming aspects is learning to manage personal finance. Here are some tips to take a little of the uncertainty out of the process.
1. Find a bank that has a student friendly banking program. Many banks, while advertising convenience, still have difficulty recognizing the needs of students. Finding a college friendly program can be more difficult than one would think.
Prairie State Bank & Trust offers a Bank Anywhere account designed specifically for students. The card offers FREE Unlimited Online Banking & Withdrawals as well as ATM Fee Reimbursement when you find yourself far from home without access to a PSB&T ATM. Click HERE for a full list of features.
2. Make saving as routine as bill paying. Routine is important when it comes to finance and keeping a routine in college is essential. Putting 5 dollars away every Friday is a routine that adds up, helping with groceries at the end of the month or building an emergency savings plan. Many banks offer an option to “round up” your purchases when using your debit card, putting that extra money into an account of your choice. As a busy college student, that often adds up, providing some much needed relief when needed. More details on that service here.
3. Find apps useful in keeping track of online purchases. Online expenditures such as streaming services (Netflix, Hulu, etc.) and monthly retail memberships ( Amazon, Walmart) can add up after a while. Sometimes we forget just how little we use some of these services and need a gentle reminder. Luckily, there are a bevy of apps available that’ll keep track of these expenses for us and even give recommendations on which ones to get rid of.
4. Get help from the professionals. Your local bank is a great resource for financial help. From setting up a checking account to long term savings solutions, your bank might be just the institution set you on your financial path.
Here at Prairie State Bank & Trust we’re ready to help you with any financial questions you might have. Don’t hesitate to reach out! 1-800-597-2977
5. Keep your information secure. College often requires a purchase here and a purchase there. Sometimes things fly at us with such rapidity that you barely know which payment’s going where. You can never have enough protection when it comes to your finances. Make sure that your financial institutions are secure and have defenses in place to safeguard your information!