Learning how to manage your daily finances can help relieve stress and ease your transition to college. Here’s what you need to know in order to maintain financial responsibility:
  1. Set up a checking account. Your first order of business is to set up a checking account. If your parents will be depositing money regularly, it makes sense to keep your account in your hometown bank. But if you are going to be making most of the deposits yourself, it may be more efficient to open an account at a bank in your college town. Most banks can help you decide which type of account is best for you and your situation—just ask for help when you visit.
  2. Develop a budget. Make sure to set up your budget several months before you leave for school so you can see how well it’s working for you. (For help setting up a budget for the first time, read the ShortCut “Find a Budget That Works for Me.”) Once you are at college, you may need to make some slight adjustments as you settle into your new living arrangements. Don’t be afraid to tweak the numbers a bit if you need to.
  3. Check into credit and debit cards. Credit and debit cards can be useful when you are at college, but they’re not for everyone. For help deciding which card (if any) is best for you, check out the article entitled “Should Teens Have Credit Cards?” If you have a card, read the ShortCut “Use My Credit Card Wisely.”
  4. Prepare for a job on campus. Many students work while attending college. If you want (or need) to work, prepare a simple resume now that highlights your high school academics, extracurricular achievements, and prior work experience. Ask previous employers or teachers if they are willing to be references and get their contact information (do this before you graduate from high school). Potential employers will be impressed at how organized you are, which could give you an edge over other applicants.
  5. Look for bargains at school. Some coffee chains offer special pricing to college students, for example, by charging fifty dollars for a mug and giving free refills all year. If you drink at least one cup of coffee a day, that can be a great deal. Volunteer ushers often get free admission to plays or concerts. The bargains are out there, but you may have to search for them.
  6. Save money on your weekly entertainment. Instead of going out for dinner and a movie, get a group of friends together and split the cost of a pizza and some DVDs. Most colleges offer free or cheap movies on campus. For other money saving ideas, read “Ten Ways to Save Money and Ten Ways to Lose It.”
  7. Take a personal finance class. During your junior or senior year, sign up for a class that will teach you how to manage your money. Classes such as personal finance and basic accounting teach you how to write a check, balance a checkbook, and understand credit card interest and fees.