Collegiate Financial Freedom

You have waited 18 long years for this day, the day where you cross over from your adolescent life into the threshold of adulthood…the day you leave for college! Your parents get you all packed up and settled, and as you watch their car drive away all you can think is “FREEDOM!”

But freedom comes with responsibilities. When you go away for college, even if you are still relying on your parents for money, you are still faced with your first bout of financial “freedom.” Budgeting, money management, credit cards may sound foreign to you, but becoming knowledgeable of these terms will set you up for monetary success in your college years and beyond.

Here are some basic tips to guide you through your collegiate financial freedom: 

LIVE WITHIN YOUR MEANS (AKA: LIVE LIKE A COLLEGE STUDENT)

If you spend more money than you earn, then you will always be trying to catch up on payments and stuck in debt. No amount of credit will erase the problems you can bring upon yourself. Make a habit of spending less than you earn. You can’t get by with living like a millionaire on a college student’s budget. Save your money so that when you do graduate, you can live like that millionaire you always wanted to be.

FOLLOW A MONTHLY BUDGET

Even if your parents are paying for your college, you should still have a budget outlined and stick to it. A good budget keeps you from accidentally overspending, and falling into debt. Put together a list of spending categories (food, clothes, entertainment etc.) and set limits on how much you can spend within that category a month. Don’t be wary of the word “budget,” it is just a means to keep you in check with your spending. You can definitely still have fun, just budget it in!

TRACK YOUR SPENDING

This is easy. Save all of your receipts and use a notebook or your computer program of choice to track your monthly spending habits. This will make you extremely aware of what exactly you are spending your money on each month. You will quickly realize the areas where you need to cut back, and might be surprised how much you are actually spending on certain items. 

USE CREDIT CARDS WISELY 

Credit cards are great if used wisely. Stray away from the credit card booths trying to lure you in with free t-shirts and Frisbees, and instead check out cards that have rewards programs and provide low interest rates. Credit cards can play a vital role in establishing your credit history, so only spend money that you actually have. If you get into the habit of only paying the minimum amount each week, you will end up paying off your credit card debt way after you are out of college! Be wise and pay off your balance every month, and you will stay out of trouble.

OPEN A TTCU CHECKING ACCOUNT!

By opening a checking account with TTCU, you can access your accounts via ATM, debit card, check, Virtual Branch, Mobile Branch and even shared service centers if you go to college out of state. There is a checking account for everyone, whatever the need. TTCU makes it easy for your parents to deposit funds into your account in times of need, so there is no reason not to open one today!

College is where some of your greatest memories will be made; don’t let your memories be tarnished by poor money management skills. Have fun while spending wisely, and know that you’re already ahead of the pack by knowing these easy money management tips!