5 Smart Money Management Tips for College Students

UniBank would like to give college students 5 tips on how to achieve financial success and smart money management while in college:

1. Budget, Budget, Budget. Determine a budget for the whole semester, and then break it down by week. Add the total cost of all out of pocket expenses for the semester, such as books, groceries and housing. For example, if you budgeted $700 for groceries for a 14 week semester, that leaves you with $50 a week for groceries. Stick to that budget and you will be in good shape by semester’s end.

2. Spend Wisely. In order to make your budget work for you, keep track of where all of your money is going. Little expenditures, like stopping in at the local fast food restaurant for a burger, add up. Make sure you check back to your bank account before making any purchases to always be sure that you have the money to spend.

3. Maintain Records. Save all receipts by keeping an envelope in your desk marked “Receipts” to keep them all together. This way, you will always have them where you need them when it is time to balance your check book. Save your monthly bank statements, too, so you can monitor all of the activity in your account.

4. Safety First. Beware of scams and never give out personal information like your social security number or PIN. Make sure you trust all phone and internet vendors before giving out your debit or credit card information. If you aren’t sure whether you trust them, take down their name, number and web address and do your research before giving out any information.

5. Monitor Your Credit. You should only use your credit card for emergencies or out of the ordinary purchases such as computer equipment and travel expenses. When you get your bill, always pay more than the minimum balance due, and keep close tabs on your credit report to watch for fraudulent activity.

UniBank offers many financial education resources for college students. Being well-informed and financially literate is an important part of making good financial decisions.