Archive
PF for Back-To-School
Summer breaks have passed the halfway mark for many college students like me. As much as we’re dreading the return to late nights in the library, there are many things we should start doing to prepare for the back-to-school season. On the top of my priority list is reorganizing my financial stuffs.
Bank Accounts: It’s important to sort out your bank accounts before you return to school so that come September you keep paying bills on time and have a way to withdraw cash without paying hefty ATM fees.
I recently opened a new checking account with Citibank to take advantage of the ThankYou Network promotion. I already had a M&T Bank account that I opened when I started college. M&T Bank is close to my campus so it’s convenient to use during the school year. But this summer I deposited checks (like my paychecks from my FiLife internship) into the new Citibank account. It’s easy to manage this account online and I’m going to keep using it for paying bills when I go back to school. But I need to remember to transfer money to my M&T account so that I have emergency cash handy at school.
Credit Cards: It makes sense to pay off credit card debt before you get to school and have to start slapping down your card at the bookstore and snack bar.
I’ve always handled my credit cards pretty well. No late or missed payments, no spending over the credit limit. But especially before I head back to school, I must make sure that I get my cards completely paid off. Textbooks, school supplies, food, etc. will soon be eating up my money. The last thing I want to think about is whether I have enough to pay for the new camera I bought last month.
Student Loans: Make sure your student loans are in order before you arrive on campus.
If you are taking federal loans or have been given grants, make sure that they have been accepted through your school’s student account website. Also, review the amount of debt you’ve built up over the last few years. Consider consolidating if the numbers are adding up to a lot. But remember, students can no longer consolidate federal loans while they’re still in school.
- Comments (1)
- Add a comment »
(1) Comment
great post! i just wanted to add something to it.
a simple but often overlooked way of saving money is to buy USED books for your classes. look ahead at what classes you’re taking and check prices online. most colleges also have bulletin boards or places where students can post used books for sale. there can be quite a large price difference between a new and used book.
considering that most of us will never open a textbook again after the class has ended, it makes no sense to buy a brand new book. newer editions also usually aren’t that much different from older ones.
having said that, make sure you post your own books for sale from previous semesters. you usually get a lot less back from the bookstores and you also get to help another poor college kid out too. don’t be lazy and soon you’ll have a stash of cash waiting to be spent at your local bars.