5 Money-Smart Things To Do Before Going To College

Heading to college? These five money-smart steps can help you ease through the transition and gain greater independence.

College applications sent, acceptance letter received, FAFSA submitted, and now all that’s left to do is prepare for the next chapter! Things can get hectic with everything that needs to get done but instead of stressing out, check out these tips for things to do before going to college.

Pre-College To-Do List

Set Up Your Finances With A Savings & Checking Account

Make sure all of your finances are in order before starting school. If you don’t have one already, open a savings and checking account with a debit card.

Look for a savings and checking account that offers low fees and interest rates. As a college student, you may not have a steady regular income, so it’s smart to look for an account that won’t penalize you for not making monthly deposits. The A+FCU Value Checking Account is great for no-frills banking, with no minimum balance and no monthly fees.

Once you set up your account, make sure to learn about all the tools your account comes with so you can better manage it. For example, ensure you have online banking set up and ready so you can keep track of your finances 24/7 from any device. Whether you’re going away to college or not, having online banking will allow you to review your account, transfer money, and deposit checks without needing to go to a branch.

Also, consider applying for a college credit card. If you’re responsible, a low-limit credit card can be a great way to build credit. Use your card for expenses you were planning to pay with cash and pay the balance in full each month instead. This helps build your credit history for when you really need it, like renting an apartment or borrowing for large purchases.

Before going away to college, students going into grades 9 through 12 can take advantage of the summer Financial Boot Camp from A+FCU that teaches you how to responsibly manage money. The course is open to the public, meaning you can bring your friends.

Create A Budget & Save For Expenses

Use the time before college begins to save as much money as possible. Your savings can help cover additional expenses, emergencies during the school year, or necessities like books, tuition, or housing.

You can even use your downtime to financially plan ahead for next year. Start the 52 Week Savings Challenge or consider opening a share certificate so you won’t be tempted to spend.

You’ll also want to create a budget before you go to school. Determine your income (money coming in from financial aid, scholarships, grants, etc.), your expenses (money going out), and what the difference is between the two. You can utilize a college budget worksheet to get a good idea of your expenses. This added preparation can help you assess whether you need a part-time job to cover your living expenses.

It’s also important to realize the difference between a want and a need when it comes to college expenses. Textbooks are a need, while new clothes and food delivery should be categorized as wants that can quickly add up.

You can also talk to older siblings, neighbors, or friends about their expenses at school. They may have tips for saving on food and textbooks and can advise you on expenses you might not consider, like traveling home for holidays or planning for miscellaneous university fees.

Find An On-Campus Job

On-campus jobs offer a lot of benefits that off-campus jobs do not. Often, on-campus jobs help you meet more people, not only students but also faculty and staff. Additionally, many on-campus jobs allow you more schedule flexibility. Your employer understands that you are a student and may allow you to reduce your hours around finals and other exams. Some campus jobs even allow you to study during idle times on the job.

Campus jobs fill up quickly, so begin searching and applying as soon as you can. Contact the career services department on your campus and ask if they have a website or database for you to search based on your criteria.

If you need to interview and aren’t on campus yet, try and schedule multiple for the same day or, if possible, online or over the phone. If you’ve never had an interview, many campus career services departments will help you prepare for that too.

Contact Your Roommates To Budget And Coordinate Supplies

Whether you plan to live with a friend or someone you’ve never met, make sure you talk on the phone, via email, or even in person to discuss your living situation for the coming year.

Figure out the items you’ll need for your living spaces – such as a microwave, couch/futon, television, etc. – and who can and will bring what. If you’re moving into an apartment, communicate ahead of time how you’ll be splitting bills and food costs. Consider making a monthly budget you can share for items you’ll be purchasing together.

Create A Dorm/Apartment Checklist

There are plenty of checklists and packing lists for living on your own for the first time available online. Review a couple of them and write down the things that are relevant to you. Research what your college provides in the dorms or what comes included with your apartment to avoid duplicating items.

Make sure you set a budget for dorm/apartment shopping and follow it! Look for deals and comparison shop as much as possible. If you’re going far away or out of state, see if you can ship your items directly to the dorm/apartment.

Summary

Your first year of college is exciting, but can take a lot of planning – especially when it comes to your finances. Set up a budget and stick to it, plan ahead, and save when you can to make your college experience more enjoyable.

A+ Federal Credit Union has educational resources to help young adults learn more about financial literacy as you head to college. Learn more about our savings and checking accounts and guidance on financial aid before you head off to college. College is an investment, so the more you know, the better decisions you will make for your future.