Student banking and budgeting tips

As you head off to college, it's very possible that your only banking experience up until now was the special savings account you had as a kid that came with toys and treats when you reached your small savings goals. If that's the case, it's time to graduate to the next level of college student banking. Read on to learn more about what to look for in a student bank account, how to bank wisely and even review saving tips for students.

If possible, open a student bank account before you get to campus. It will be one less task to take care of during freshman orientation. To do this, figure out which banks have branches and ATMs near campus. Some may even be on campus. This will come in handy if you need to visit the bank to deposit or withdraw money, or if you want to get money from an ATM without paying fees.

A good first account to have is a student checking account that offers the convenience and benefits you want. It's designed so you can easily perform transactions like withdrawals, deposits and transfers on a daily basis. If you get a campus job or your parents send you a little cash now and then, put that into a checking account rather than keeping it in your wallet to make sure it is secure.

With a student checking account, you'll be given an ATM or debit card that you can use to make purchases and have the ability to write checks. Additionally, you should look for a student checking account that comes with perks you can use. For example:

• Online and mobile banking*
• Mobile alerts when your balance gets low
• Low fees (including overdraft and monthly maintenance fees)
• Safety and security features to help protect your account
• Direct deposit for paychecks from an on-campus job
• Easy ways to make payments using Zelle^® or Digital Wallet

One of the best saving tips for students is to start consistently saving right away! Yes, even though you may not be making much money, you can still stash away some of what you have for a rainy day in a savings account vs. a checking account. What will you do if your smartphone dies, your bag finally rips in half, or you need to buy an extra expensive textbook? That's when you'll wish you had a little money saved.

Once you have your savings account open, you can easily transfer money from your checking account. This will help you from spending it on everyday purchases. And, if you have a steady enough income, you can set up automatic transfers from your checking account into your savings account. Even if it's only $25 per week, it can add up and could come in handy someday.

Budgeting may not be something you are thinking much about at this point in your life. But, following some basic budgeting tips may help you reduce some of the money stress or avoid having to go into debt. For example, avoid opening credit cards if you're not making any money. If you go to the movies a few times, make a trip to the mall, decide to go out to dinner with friends, and then buy the latest DVD or video game, pretty soon you may run up a bill you can't pay.

Another budgeting tip is to look for cheaper alternatives to planned activities. Look for coupons online or sign up for email discount lists so you can buy the things you want for less. There are plenty of discounts available just to students, so be sure you always have your student ID with you. You can also explore other money saving tips for students for ideas on how to save even more.

Whether you're a college-bound freshmen or a senior who's looking to get your finances in order, feel free to explore our student banking options. You can learn more online or visit a local branch for additional questions or assistance. We’re always happy to help.