College is an exciting time full of new experiences. If you are in school or starting college soon, you have a lot of unfamiliar territory to navigate. Going off to college means figuring out a new class schedule, a new social life, and new financial responsibilities. As you head off to Washington University, Missouri Baptist, or Harris-Stowe, take a moment to prepare for your financial well-being over the next four years.
As you register for classes and schedule extracurriculars, plan to open new bank accounts in St. Louis to help streamline your finances. As your local credit union, Neighbors CU is dedicated to keeping your finances in order as you navigate college life in Missouri. Avoid the stress of an empty wallet by following these smart spending and savings tips for college students in St. Louis.
Begin with a Budget
Whether you’re paying your own college expenses or living on a fixed income from your parents, you’ll need to budget your money. This may be your first experience creating and maintaining a budget, but don’t be intimidated. A budget is an essential financial tool that will benefit you in college and beyond.
To build a budget just calculate your available funds for the month and make a plan to cover your upcoming expenses. Popular budgeting categories include:
- Rent
- Utilities
- Transportation
- School supplies
- Groceries
- Entertainment
- Savings
Once you’ve accounted for your bills, it’s clear how much money you have left to spend on fun. Sticking to your budget can help you avoid running out of money and eating only ramen noodles at the end of the month.
Utilize your Checking Account
If you don’t already have one, now is the time to open a checking account in St. Louis. Checking accounts from Neighbors CU have all the tools you need to manage your money from your phone, computer, and in person. Real-time account balances from the mobile banking app help you keep track of your available funds.
You can use your checking account to deposit checks with direct deposit and mobile deposit, schedule bill payments, withdraw money from ATMs, and pay for purchases with your Neighbors Visa® Platinum Debit Card.
Watch your Spending
In order for your budget to work, you need to plan your purchases. Unnecessary and impulse spending will wreck your budget and leave you short of cash by the end of the month. If you are having a hard time sticking to your budget, look closely at your spending. It’s ok to reexamine your budget and make a new plan that better suits your habits. Redistribute your income into categories that work for you or find ways to make some cash on the side.
If you are trying to free up more cash in your budget, look for free offers and discounts aimed at students in St. Louis. Some common student discounts include:
- Discounted passes for public transit
- Free movie rentals, audio books, and equipment rentals at city libraries
- Student pricing at movie theaters, restaurants, and local businesses
Other ways to reduce your monthly spending include:
- Shopping at consignment and thrift stores for clothing and household goods
- Cooking meals at home rather than eating out in restaurants
- Picking up your takeout orders from the restaurant instead of paying high delivery fees
- Canceling the streaming services that your rarely use or can share
- Finding a roommate or two to split the cost of rent, internet and utilities
Be Credit Card Smart
A credit card is a secure and easy to use payment method that allows you to make purchases online, at the store, and through your phone. College is a great time to open your first credit card, but only if you plan to use it responsibly. Having a credit card that you pay on time every month starts to build your credit score by developing a credit history. A good credit score will come in handy later in life when you want to apply for housing, a car loan, and other financial products.
Because you can spend more on a credit card than you have in your bank account, it’s easy for college students to overspend and create credit card debt. If you plan on using a credit card in college, remember to use it sparingly and review your balance often. Credit card interest is compounding and adds up quickly, so remember to pay your balance off in full each month.
Earn while you Learn
Many students leave college with a mountain of debt from tuition, books, and living expenses. If they do find a good paying job after graduation, the shine of that first paycheck is dulled by loan repayment schedules and possible credit card debt. The best way to avoid graduating broke or in debt is to remain employed during your college years.
There are many job opportunities for college students that fit into your busy schedule. Local restaurants and shops will often work with your changing class schedule and summer breaks. Remote work can be done on your own time from the comfort of your dorm or school library. Work-study programs are especially easy to navigate as you stay on campus and work for the college or university in your free time.
Keeping a job throughout college will help you earn money to cover your expenses while also building work experience that looks great on your future resume.
Become a Neighbor Today
Whether you’re just in town for school or you live in the area full-time, Neighbors CU is the right partner for all your financial needs. As a college student in St. Louis, the last thing you need is financial stress distracting from your studies. We’ll set you up with the checking account and credit card you need to navigate the next few years of school.
Neighbors CU is the financial partner of students at University of Missouri–St. Louis, Saint Louis University, and schools across Missouri. We proudly serve those who live and work in St. Louis City, St. Louis County, St. Charles County, and Jefferson County (MO) as well as St. Clair County, Madison County, and Monroe County (IL). Stop by one of our convenient locations to learn how you can be financially successful while in college in St. Louis.
