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.
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.
Your free credit reports don’t include your credit score. In fact, there’s no law requiring any organization to provide consumers with their credit scores for free. But some financial institutions have taken it upon themselves to offer this service to consumers. PSECU provides eligible members with this information through our free credit score service*.
As a college student, you may not be using your credit much now, but it’ll impact a lot in your future: your ability to get a car loan, whether you’re approved to rent an apartment, or even your car insurance costs. Keeping tabs on your credit now will set you up to be knowledgeable about this topic and get you into the habit of regularly monitoring it.
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.
For example, if you’re on your parent’s cell phone plan, will they pay it completely or do they expect you to contribute to the bill? Do you split an electric bill with a roommate? Whose account is making the payment and how will they be reimbursed? Clear communication now can reduce financial stress and confusion when payments are due later.
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.
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. When you’re around town, you can also ask if local businesses offer a student discount for entry to events or on products. This is a great way to keep your entertainment costs low. But if money is tight, the best way to save is to check out any free events offered on campus or in the community you live in.
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.
While using your student ID for discounts, be sure you’re only purchasing items you truly need. It can be tempting to get a discount wherever you can, but if an item or event isn’t necessary, you could end up overspending instead of saving.
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.
While you’re at the financial aid office, ask about scholarships you can apply for, both from the school and outside organizations. There may be a notice board posted outside the office with a list of scholarship opportunities, or an email list you can sign up for to stay updated. Typically, you don’t have to pay back scholarship funds, so they’re a great way to help reduce your tuition bill without taking on more debt. Financial aid offices can give you an idea of what scholarships are available, who qualifies, and when you need to submit applications, so you don’t miss any deadlines.
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.
Are you an ace in math or a computer whiz? Consider becoming a tutor. Share your services on social media or ask your academics department if they have any on-campus tutoring jobs to help you earn some extra money.
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. In addition to earning some cash, you can list this role as work experience on your resume to give it a boost.
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.
*PSECU is not a credit reporting agency. Members must have PSECU checking or a PSECU loan to be eligible for this service. Joint owners are not eligible.