Money 101: Smart Financial Moves for College Students

College is an exciting time full of new experiences, but it also brings financial responsibilities that can be tough to manage. Learning to handle your money wisely now will help you avoid stress and set you up for long-term success.

Create a Budget and Track Your Spending

A budget helps you stay in control of your money.

• Know your numbers: Start by listing your income (part-time jobs, scholarships, and family contributions) and your expenses (tuition, rent, food, books, and entertainment).
• Needs vs. wants: Separate your essential expenses (needs) from non-essentials (wants). Always prioritize what you truly need.
• Use tech tools: Budgeting apps like Monarch, YNAB, or Town & Country’s free Money Management tool make it easier to track spending and stay organized.
• Review regularly: Adjust your budget as your expenses or income change.

Spend Smarter and Cut Costs

Saving money in college is all about being intentional with your spending.

• Use student discounts: Take advantage of discounts on food, clothes, subscriptions, and more. Apps like UNiDAYS and Student Beans can help you find deals.
• Buy or rent used textbooks: Save big by renting or buying secondhand books through platforms like Chegg, Amazon, or your campus bookstore.
• Cook at home: If you live off-campus, cooking your meals is much cheaper than eating out. Meal planning can also lead to healthier eating.
• Use what you have: If you are paying for a meal plan on campus, use it!
• Use free campus resources: From gyms and libraries to student events, many activities and services are included in your tuition.
• Curb impulse spending: Before every purchase, ask: “Do I need this, or do I just want it in this moment?”

Build Credit Responsibly

Establishing credit now sets the stage for future financial opportunities.

• Start small: A student or secured credit card can help you begin building credit. Use it for small purchases and pay it off in full each month.
• Consider being an authorized user: A trusted family member can add you to their credit card, helping you build credit through their responsible habits.
• Always pay on time: Your payment history is a major part of your credit score. Set up auto-pay to avoid late fees.
• Monitor your credit: Get a free annual report at AnnualCreditReport.com, or use Town & Country’s Savvy Money tool to keep tabs on your credit.

Earn Extra Income

Earning while in school can reduce the need for loans and boost your budget.

• Apply for work-study: If you qualify, on-campus work-study jobs offer flexible hours that work around your class schedule.
• Find part-time work: Local businesses or remote opportunities can help you earn without overwhelming your schedule.
• Start a side hustle: Tutoring, freelance work, delivery services, or pet-sitting are great ways to earn extra cash.
• Seek paid internships: Gain real-world experience and income at the same time.

Manage Student Loans Wisely

Student loans can be helpful but must be used carefully.

• Choose federal first: Federal loans usually offer better terms than private loans, including lower interest and flexible repayment options.
• Only borrow what you need: Avoid the temptation to borrow more than necessary for living expenses or non-essentials.
• Make early payments: Even small payments during school can lower the total interest you’ll owe and build good habits.

Stay Cyber Safe

College students are frequent targets for scams. Protect your identity and finances by practicing smart online habits.

• Use strong passwords and update them regularly.
• Enable multi-factor authentication on important accounts.
• Avoid online banking on public Wi-Fi.
• Be alert for phishing scams or fake emails.
• Check your accounts often for suspicious activity.

Town & Country Is Here to Help

Money management in college doesn’t have to be overwhelming. At Town & Country Federal Credit Union, we’re here to help you succeed.

• Choose the right account: We’ll help you select a free high-interest checking or rewards credit card that fits your goals.
• Boost your financial literacy: Access free resources through our blog and Banzai education tools.
• Track your credit score: Our Savvy Money platform makes it easy to monitor and improve your credit.

Ready to get started? Contact us at info@tcfcu.com, call 800-649-3495, or book a free consultation online. Financial literacy starts now—let us help you every step of the way.