Summary: Starting college means more than packing your bags, it also means taking control of your finances. A few simple steps now can help you build smart habits and avoid costly mistakes later.
The stretch between high school graduation and your first day of college is a unique in-between time. You’re wrapping up one chapter, stepping into another and getting your first real taste of independence.
And one of the biggest shifts? You’re now in charge of your own money.
That can feel overwhelming, but it’s also an opportunity. A few smart moves this summer can set you up with habits that will pay off long after your first semester.
Here’s where to start:
1. Know your costs.
Education is an investment. Start by building a simple budget. You don’t need anything fancy: Use a spreadsheet and an online calculator like the one the Credit Union offers.
Think beyond tuition. Your real costs will include:
Once you see the full picture, you can start making smarter choices.
Smart Move: Food can quietly eat up your budget. Dining out adds up fast, but meal plans, student discounts and even group meals with friends can help you stretch your dollars.
2. Know your income.
Now consider what money you have coming in each month. This might include:
Find the total cash available and divide it into monthly amounts.
Smart Move: Connect with your school’s financial aid office. They can point you to additional resources. You can also explore scholarships through federal tools like studentaid.gov.
3. Start a safety net.
You don’t need a lot to start saving but opening a savings account is important. You can start by setting aside $20 a month to create a cushion for things like:
Smart Move: If you’re working during summer, consider saving a portion of every paycheck. Graduation gifts? Same idea. Enjoy some, save some.
4. Set up the right bank accounts.
If you’ve been relying on cash or a basic account, it’s time to take the next step. With mobile deposit, banking with the Credit Union is easy to do anywhere. Setting up the right accounts can establish you for financial success:
Smart Move: Keeping your savings in a separate account makes it easier to track progress and harder to dip into it for impulse purchases.
5. Understand credit before you need it.
Building credit will likely become part of your college experience, especially if you’re taking out student loans.
Understand how your financial moves will affect your credit. The key is education. Before you borrow, understand:
Consider whether your career will enable you to comfortably repay your student loans. With that in mind, only borrow what you need. You can also explore education loan options offered by the Credit Union.
If you decide to get a credit card during college, be sure to use it carefully:
Smart Move: Find a credit card with award benefits and pay for at least one thing on your credit card each month, such as groceries, utilities or gas. Then pay it off completely when you get the bill. Using credit this way can help you build a strong financial foundation and earn you rewards and points you can use. The Credit Union offers number of credit card options to help you tailor your spending.
Beginning college means starting fresh in a lot of ways, especially financially. But if you take a little time this summer to plan ahead, you won’t just be reacting, you’ll be ready.
If you’re currently attending school or have already graduated, we offer lending, refinance and consolidation options to get a better rate while making one manageable payment.
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