Set Your Sights on Financial Success as a College Student | St. Johns Bank
Senior year of high school is full of excitement and fun. But it’s also a time to think ahead to your future!
Our team at St. Johns Bank wants you to be as financially prepared as possible when starting college in the fall. Therefore, our professionals are here to offer you advice on how to take control of your finances while in college.
How to Become a Financially Responsible College Student
We know—you already are going to have a new school, college classes and football games to focus on at college. But as important as those things are, handling your finances during college the right way needs to be a huge priority.
Let’s take a look at how you can start becoming responsible with your finances once you are out on your own:
First, create a budget. While you might have money coming in from your parents, loved ones, financial aid and/or scholarships, you are going to want to make sure you have all your expenses covered. A budget can help you gauge whether the money coming in and the money going out match up.
When thinking of your expenses, make sure you think of everything:
- Monthly bills
You also want to make sure you have savings included in your budget, as you always want to be prepared for any unexpected expenses that may come your way, such as your car needing a new battery or needing an extra book for a class.
Build up what’s known as an emergency fund—a special savings account designed to help handle those unexpected expenses in life. This will help ensure that you don’t have to turn to credit to cover an expense.
Finally, do not think you have to buy everything new, especially when it comes to textbooks. Shop around and see if you can buy a used textbook at a better price. Also, if you are living off campus rather than in a dorm, see if you can buy furniture from students graduating or from secondhand stores so that you are not having to worry about extra monthly bills to cover furnishing your new apartment.
Do you need to set up both checking and savings accounts before heading to college in the fall? Contact our team at St. Johns Bank today!