Top 5 Money Moves to Make Before Next Semester

As you return to campus, you may be thinking about reuniting with friends, selecting your classes, or enjoying the freedom of living on your own – but you’ll want to think about your finances, too. We’ve put together a list of the top five money moves you should make before heading back to college this semester.

1. Check Your Credit

Considering how important your credit is for all the things you want to do in life, checking your credit before you head back to college should be a priority. You can access your credit report for free once a year from each of the three credit reporting bureaus. Be sure to check out www.AnnualCreditReport.com, as it’s the only website authorized by the government to provide you with this information.

When reviewing your credit report, you’ll want to make sure everything is accurate – including your personal information, tradelines, and account history – and that no fraudulent accounts have been opened in your name. If you find errors on your credit report, you should contact the credit reporting bureau to have it updated.

2. Review Your Budget

Take the time to put together a realistic budget for the upcoming semesters. First, determine your income and see if any amounts have changed. This can include income from work, financial help from parents, or funds from financial aid. Next, make a list of what costs you’ll have this year – like meals, cell phone bills, school supplies, housing expenses, and discretionary spending (sometimes called “fun money,” or what you might use for meals out or movie nights with friends.)

Once you have your income and expenses listed, have a conversation with anyone who may be involved in your finances. Parents, grandparents, and even roommates can have an impact on your bottom line. Discuss who’s paying for each expense and how those payments will be made.

When crunching numbers, don’t forget to account for savings. Setting aside funds now can keep you afloat if you’re faced with an unexpected expense or an emergency. Even a single dollar here and there can add up over time and help create a habit of setting aside money for savings.

If you need help putting your budget together, download PSECU’s free budgeting worksheet to get started.

3. Maximize Student Discounts

Your student ID can provide money-saving opportunities throughout your time in college. Many retailers and streaming services offer discounts to students on items you may regularly buy, like clothing, school supplies, and music subscription services.

Another thing to consider for discounts is traveling. College students are typically traveling during peak times (weekends and holidays), which amounts to higher transportation costs. Before you book any travel, see if your student ID can provide any discounts on airfare, car rentals, and more.

4. Talk to the Financial Aid Office

The last thing you want is to be surprised by a large tuition bill. Check in with your financial aid office to make sure you submitted all your required documents, and your tuition is covered. If your tuition isn’t fully covered by financial aid, discuss what options you have for payment plans. Ask about any future documents they may need (like an updated FAFSA) and make note of the deadlines in your calendar. Submitting your financial aid documents early or on time means you won’t miss out on any funding.

5. Make Some Extra Cash

Whether your funds are limited or you’re just trying to get ahead, find ways to make some extra cash. Before you head back to campus, see if you have any unused items or old books that you can sell. Other students may be looking for deals on used books or dorm room supplies, so cash in and sell off any items you no longer need.

If you’re living on campus, you may be able to become a resident assistant, or RA, in your dorm. These positions typically have flexible hours, so they won’t interfere with your classes. Depending on your school's policy, you may receive a paycheck or a discount on your housing costs. Visit the Residence Life department at your school to see what opportunities are available on your campus.

Manage Your Money with PSECU

Managing your finances in college can get you closer to reaching your goals during and after school. If you need help staying organized, don’t hesitate to reach out to PSECU. To learn more about how we can help you manage your money and save, check out our banking options for college students.