Students: Here are Tips on Managing Your Money

August 30th, 2021 by

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As you prepare for your first year in higher education, you have already learned so much as it relates to your financial situation. From establishing a budget to learning about all the financial aid opportunities, securing the necessary loans, and finally how to manage those funds.

Here are some more tips on how to manage your money, according to the Consumer Financial Protection Bureau. 

Related: What to Know About Co-Signing a Student Loan

To state the obvious, the first thing you can do to better manage your money is to research what type of bank account would be best for you.

By choosing an account before school starts, it will make it so much easier to manage your money as it comes to withdrawals and deposits. Once you have the account, make sure you sign up for a direct deposit, especially if you are expecting funds from your financial aid office.

Having a direct deposit already established for your account will most likely expedite the availability of your money, rather than having to wait for your school to issue a paper check, etc. 

Related: Student Loans: How Much Should You Borrow?

When choosing a bank account, you should shop around. Don’t feel like you need to settle for the first local bank or credit union that is near your campus.

Your school may have a bank or credit union that many students use, also, and this may be worthwhile, depending on proximity to campus and services offered.

You should consider other services that they can offer your accounts, such as remote deposits, mobile apps, and online bill-pay. As you begin your research, you may want to stay clear of those accounts that state they are “free” or easy as very few accounts charge no fees at all.

By doing a little research and making some sound decisions early, it can save you money and headache in the years that follow.

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