Your journey into college and adulthood can be a bumpy road. Learning to manage your finances as a student can be a bit stressful and maybechallenging to navigate but finding the right bank, accounts and services can make all the difference. Here are 3 tips for money management for both new and returning college students.
- Get a checking account with no monthly fees. An account without a monthly service fee saves you the money you need to reach your financial goals. SmartBank’s SmartDirect and SmartFree checking accounts offer a variety of benefits that college students can utilize – most importantly, surcharge-free ATM transactions. Explore checking account options with local banks and be sure to understand all they have to offer and understand any fees that may be associated.
- Use a bank with a reliable mobile app to track spending, balance, and more. Being able to see a comprehensive list of where and when your money is spent all while creating budget limits and setting goals is important to any college student. SmartBank offers a free mobile banking app with features that include setting spending limits, limiting fraud by enabling location limits, and selecting specific transaction types. Set spending limits to keep track of your spending and create a budget by entering a maximum transaction amount. Use the app to manage select locations your card can be accepted and specify the types of transactions you use to avoid fraudulent charges. These features are easy to navigate and are included in the SmartBank application.
- Begin your year on the right foot and use these tips to take the worry out of managing your money as a student. Use your checking account to pay rent. By using your checking account to pay your rent, you can report this information to the credit bureau and build your credit. Having a good credit score can set you up for a health financial future following college. Make sure to check that your landlord doesn’t already report your rent to help you build credit to avoid extra work.