How to Save Money as a College Student

If you're like most students, this is the first time you'll be managing finances on your own and you could probably use a little help. Don’t be shy — dive in! Below are some important tips to help you navigate finances as a college student.

1. Budgeting

Budgets give you a reality check on what’s coming in and going out and helps you avoid expensive mistakes. Summit’s got an easy, free way to track spending: . Set budgets for groceries, entertainment and more, plus get alerts when you’re close to your budget limit.

2. Paying tuition and room/board

Hopefully you’ve already had some frank talks about school-related expenses and who’s paying for what and how. Make sure tuition due dates are on everyone’s calendar. Some schools only send bills to the student, regardless of who’s paying, so make sure you're checking your email as due dates approach.

3. Credit card debt

A credit card can be a handy thing—but it can also put you into real debt, real quickly. Come into Summit and we’ll help you find a card that’s a good fit and walk you through the ins and outs of managing it. Most students will need a co-signer for a credit card, so come in with a parent or guardian.

4. Hidden costs of debit cards/ATMs

There are two costs for students to be aware of: fees when you withdraw money and fees if you overdraw your account. To solve the first, use a or any local ATM with no fees.
For the second, ask a Summit staff member to show you how to have purchases declined if there’s not enough money in an account. Sure, it will be embarrassing to have your card turned down, but the alternative could be an overdraft you don’t even know you have, which leads to fees and more overdrafts (and can be really expensive).

5. Mobile security

Whether you're Venmo-ing money to split a pizza or checking your account balance, you are probably conducting most — if not all — of your financial life via phone. Do you have basic security safeguards in place? Do you know not to use the highly hackable coffee shop Wi-Fi to check your account? Stress the importance of protecting your PINs and passwords. Even better, check out our .

6. What you should — and shouldn’t — spend student loan money on

The whole topic of how much to borrow and where to borrow it from isn’t one we’ll tackle here (though check out Summit’s ), but you do need to spend some time talking with your parents or guardians about the real cost of that money (i.e., interest) and what counts as a legitimate college expense. Tuition and books = good choices. Pizza and spring break trips = not so much.

Good luck to you! And please stop by your nearest for help navigating our financial tools.

Smart money tips brought to you by

, Summit’s exclusive financial wellness program.

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