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
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.
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 Chase.com/StudentBanking to learn more.