College is the perfect time to start building smart financial habits

College is an ideal time for students to begin their journey toward financial health by creating

Healthy financial habits. While students can learn how to manage their finances in the classroom, this is the solution

Real-time on-campus experiences provide opportunities to start practicing responsible saving

Spending habits.

Yes, college students are adults, but between studying, career and planning their future, it is even more important

They still value guidance and tools to cope with their increasingly independent lifestyle. Here are some

Suggestions to help those looking to develop good financial habits while in college.

Go back to basics

While most college students understand their spending and savings, they often develop those skills

Through part-time jobs in high school – the increased financial responsibilities that come with college

It could mean it’s time for some refresher courses. Consider tracking spending for a while and

Separate expenses into “needs” versus “wants.” Groceries and rent are important needs, for example,

While late night dinner with friends is considered a desire.

Build a budget

After tracking monthly spending, it’s easier to create a budget to see how much money is coming in –

Whether it is from jobs, scholarships, loans, family contributions or other sources – for the amount

It is spent. Students can make sure they have enough money to meet their needs, and know how much

They have their needs and determine what needs to be modified. Even if it seems minimal, setup

Setting aside some money to save will go a long way too. Become conscious of spending decisions,

Including the need to cut back on some ‘wants’, it is a lifelong exercise, so starting the practice now can be possible.

Pay dividends in the long term.

Reduce student debt

Although borrowing for college may be unavoidable, there are ways to reduce debt as a student. to prepare

Loan payments while you are in school can reduce the amount that will be paid back after graduation because

Interest has less time to accrue. Students can also apply for grants, scholarships and awards while at university

College, many of which are offered specifically for upperclassmen or for outstanding achievement at a college

field of study. Campus jobs are also available to students and can pay for room and board (eg

Resident Assistant role) to put extra money in their pockets.

Use credit carefully

Many students apply for their first credit cards in college. Cards intended for new cardholders, e.g

The Chase Freedom Rise Card can be a great way to start building a credit history. These cards tend to

They have low credit limits and low annual percentage rates to help students avoid charging more than they are owed

can be repaid. Students should aim to pay off their purchases every month to avoid interest charges,

Which will make their purchases cost more in the long run than the initial sticker price.

Bottom line

There are a large number of financial tools available to help college students track their spending, savings, and money

budget. Many banks also offer checking accounts designed for college students such as Chase College

Check what allows them to manage funds, view accounts, and transfer or request all funds

Through the Chase Mobile application.

If you’re ready to get started on the path to financial success or want to help your college-aged child build

Good financial habits that last a lifetime, visit to learn more.

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