Prepare yourself for college with these financial tips for new college students.
You’ve purchased your dorm room furniture, met your roommate and have your fall class schedule in hand, so you must be all set for college, right? Think again!
Going off to college is a major life changing event as you are one step closer to entering the adult world. Part of being an adult is responsibly managing your bank accounts. Peoples Bank & Trust wants to make sure you are supplied with the tools necessary to find financial success as a college student.
Consider this “off to college banking checklist” to before you head to campus this fall:
- Set up a checking account. Set up a basic checking account with a debit card. This is an easy way to get introduced to banking responsibilities without having to worry about additional payments and bills. Peoples Bank & Trust offers a variety of checking accounts that you can choose from.
- Learn how to balance a check book. Once you have a checking account set up, understand how to balance your transactions and follow your accounts. It is much harder to know how much money you have if you use a card rather than cash, so it is important to track your checking account to prevent overspending.
- Understand check writing basics and how to pay bills. Depending on your living situation at college, you may need to make rent and/or utility payments. While many landlords and utility companies offer an online payment option, knowing how to write and send a check is still a very important skill to have. Making regular and on-time payments is the base of building good financial habits.
- Access online banking services. In today’s world, we understand that you are more likely to do your banking from your phone rather than physically going into the bank. You can access, make transfers and manage your accounts by utilizing Peoples Bank & Trust’s online and mobile banking services.
- Create a budget. At this point, your financial goals are probably to eat dinner tomorrow night and to pay for school. However, taking time to sit down and creating a list of your financial goals can help you create a budget that is realistic for you at this time in your life.
We hope that you have a great first semester of college and are able to find success managing your money! You are always welcome to contact Peoples Bank & Trust if you have any questions or concerns.
Peoples Bank & Trust
Equal Housing Lender
Member FDIC