College Student's Guide to Budgeting

Whether you’re a college student or a parent footing all or part of the bill, managing that kind of money is easier if you set up a budget to track cash inflow and outflow. You can create your budget using a spreadsheet, budgeting software, budgeting apps for your mobile phone or even just on an old-fashioned sheet of paper. Here are some items to keep in mind:

Housing

If you live in student housing and have a meal plan, you know those costs ahead of time. However, if you decide to live off-campus, you’ll need to plan for rent, groceries and utilities. Consider all the possibilities. For example, what if the rent is affordable with three roommates, but one moves out mid-semester? How will you share and cover costs?

Insurance

On campus or off, you’ll probably have some expensive electronics in your possession, such as a smartphone, laptop, tablet, etc. Renter’s insurance is an inexpensive way to help ensure you can replace your stuff should it be lost, stolen or damaged by fire or plumbing disasters.

Books and supplies

In addition to books, include the cost of printer paper, toner cartridges and portable storage devices, such as flash drives.

Local transportation

including bus, subway or train fare (or gas, maintenance and insurance costs if you have a car on campus).

Entertainment and food not covered by your meal plan, and the extras

• Phone bills and Internet connection charges.

• Laundry and personal hygiene products, toiletries and haircuts.

• Gifts and contributions.

• Travel expenses for trips home, spring break, etc.

Watch out for budget busters

The most carefully crafted budget can be sabotaged by thoughtless or impulse spending. Need a caffeine pick-me-up before class in the morning? Brew your own rather than dropping $5 for a latte at a coffee shop. Hang out with friends in the community room at your dorm rather than going out on the town and spending (possibly drinking) too much. Think carefully whether you really need those $100 concert tickets — your favorite band may sound just as good (or better) in a recording.

Save now, manage later

Students face challenges every day, from studying for exams to getting to class.  Our Free Student Checking Account caters to these needs while keeping your busy day to day life in mind, including account security alerts and fraud detection tools to keep your account secure. Once you or your student is on campus, use our Online Banking tools to help manage your budget. For example, our mobile app provides a convenient way to transfer money between accounts, deposit checks remotely, verify account balances and more, conveniently and securely from your Android or Apple smartphone or tablet. Check out our checking accounts and mobile banking solutions.

* Source: The College Board, “Trends in College Pricing 2020"