Managing and keeping track of your finances can get pretty stressful, especially as a student. What with loans coming in, debts coming out, the extra money from your three side jobs and parents coming in, it can be difficult to keep on top of everything, which is why having a solid plan and a bank account before you head off to college can make the world of difference. For many students, moving away to college is the first time they’ve needed to set up a bank account and it can be a stressful experience. But, it doesn’t have to be. If this sounds like you, then here are four tips to make banking and finances a more enjoyable experience.
Find The Right Bank Account For You
The first step to setting up your bank account is to find the right bank account for you. As a student, it’s best to look for a free bank account such as with BB&T, as you want to keep your costs down in as many areas as possible. There are lots of different options for student checking accounts out there, so shop around and look for what suits you. Many will be free or cheap and offer perks if you are under a certain age.
Look Out For Free Perks And Benefits
Look out for the free perks and benefits that come with different checking accounts, but don’t let yourself become absorbed by them. They are usually offered to try and lure you in, and if a checking account looks too good to be true, that might be because it is. Check online to compare different checking accounts and go into the bank itself to speak to a member of staff, as often this can open up even more hidden benefits to you.
Open A Savings Account Too
If you’re opening a checking account, it’s probably a good idea to also open a savings account. A savings account gives you a place to put all of your money out of sight, so you are less likely to spend it recklessly. It’s very easy to transfer between your savings account and a checking account, so there shouldn’t be any problems if you do find yourself in trouble and need to dip into your savings. You can also set up for some streams of income to go straight into your savings account without ever reaching your checking account, so every month, a little bit more goes towards your summer trip.
Transfer And Keep Track Of All Of Your Money
If you already have a bank account but want to set up a new one, then transfer all the money from that bank account into the new one as soon as possible. If you have large amounts of money in cash, then it’s a good idea to take that into the bank and get it put into your account instead.
Once you’ve set up all of your accounts and have transferred your money, the hard part is keeping track of all of it. There are a lot of apps available to help you, such as mint and squirrel. Most big banks also provide online/mobile banking options, which can be a great way to keep track of your money throughout the day, without having to go to an ATM.
