For many students across South Texas, August marks the month of finally heading off to college and being on your own. It’s also the time when you’ll be in charge of your own financial affairs. You’ll be able to decide when and how to spend your money. As always, however, you should spend it wisely.
You can easily keep track of your budget and spending with one of our convenient checking accounts coupled with its various online components! Let’s talk about some ways you can get in good financial shape as you take this important step in your life!
When in college, your finances are the last thing that you’ll want to worry about, and it’s easy to neglect them with so much else going on. Everything can get in the way – classes, student organizations, studying, study groups, etc. This is the time many students begin their lives with bad money habits and commit financial choices that can haunt them for years. Have a well thought out strategy on what to do during your first week in school for a clearer view of what your budget for the semester will be like.
Make a Budget
This is the heart of your strategy. Whatever your monetary sources are (student loans, Pell Grants, parents, scholarships or work study), start figuring out how much money will be going out versus how much will be coming in. Keep track of your expenses (bills, books, food, etc.) and place everything in categories while leaving some room for emergencies and savings. Remember, not following your budget can push you into a dangerous habit of overspending and accumulating debt.
Structure is Key
With our checking account, you’ll have access to our online banking options, the convenience of our mobile app and the ability to open a savings account as well. With our online banking service, you’ll be able to log into your account anywhere with Internet access. Our mobile app can give you the latest information on your balance so you won’t overspend!
Account for Your Finances
In order to have a clear picture of your finances, pick a day of the week to account for everything (money-wise) that is going out versus how much you have coming in. Keeping records or your finances will help you cover all of your monthly expenses while giving you a good idea of how much you can afford to spend.
Remember, the point of keeping a budget is to keep yourself on track. Every now and then you might be tempted to buy an expensive meal or even head to a hotspot during the weekend. This is when budgeting will help you know if it’s okay to do so or not.
Helping You Stay on Track
College life should be spent enjoying the new experiences around you, deciding what path your future should take, studying and making friendships that will last a lifetime. Our checking accounts and online services can complement your college experience by keeping your spending on track. Get in touch with our credit union in Brownsville today to get started!