The college season is back in full swing and you are a college freshman. Congratulations! You’ve worked hard to get here. Right now, you are very busy, finding your way around campus, meeting new roommates, exploring new classes and new teachers. And, if you are like the majority of college students, you are hoping you can afford college without too much of a financial burden in the future.

There is much you can do right now to take control of your financial future by saving wherever and whenever you can. Treat personal finance like a second major and you can avoid unnecessary expenses now, reducing your financial burden when you graduate.

Money Management Tips

• Create a budget. You’re an adult now and are responsible for managing your own finances. The first step is to create a realistic budget or plan and stick to it.
• Watch spending. Keep receipts and track spending in a notebook. Pace spending and increase saving by cutting unnecessary expenses like eating out or shopping so that your money can last throughout the semester.
• Use credit wisely. Understand the responsibilities and benefits of credit. Use it, but don’t abuse it.  How you handle your credit in college could affect you well after graduation.  Shop around for a card that best suits your needs.
• Take advantage of your bank’s resources. Stockman Bank and most banks offer online, mobile and text banking tools to manage your account night and day. Use these tools to check balances, pay bills, deposit checks and monitor transaction history.
• Lookout for money. There’s a lot of money available for students — you just have to look for it. Apply for scholarships, and look for student discounts or other deals.
• Buy used. Consider buying used books or ordering them online.  Buying books can become expensive and often used books are in just as good of shape as new ones.
• Entertain on a budget. Limit your “hanging out” fund. There are lots of fun activities to keep you busy in college and many are free for students.  Get the most from your student ID.  Use your meal plan or sample new recipes instead of eating out.
• Use only your bank’s ATMs. Avoid fees by using ATMs owned by or affiliated with your bank. If you must use an ATM that is not affiliated with your bank, take out larger withdrawals to avoid having to go back multiple times.
• Expect the unexpected. Things happen, and it’s important that you are financially prepared when your car or computer breaks down or you have to buy an unexpected bus ticket home.  You should start putting some money away immediately, no matter how small the amount.
• Ask. This is a learning experience, so if you need help, ask. Your parents are a good place to start. Or, you can contact your Stockman banker. We are always ready to help, and remember—the sooner the better.