Oak Ridge, N.J. – July 22, 2015— As college students head to campus for the fall semester, money management should be on their personal syllabus, according to Lakeland Bank. The bank has released ten money-saving tips to help college students get an early start on securing their financial future.
“It’s important for college students to recognize and take control of their spending and saving habits,” said Thomas Shara, president and CEO. “They should treat personal finance like a second major and began building a foundation for their financial future now rather than waiting until they graduate.”
Lakeland Bank offers the following tips to help college students form responsible money management skills:
- 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 and stick to it.
- Watch spending. Keep receipts and track expenses to identify spending habits. You can cut unnecessary expenses like eating out too often to make money last throughout the semester.
- Use credit wisely. Understand the responsibilities and benefits of a credit card. Use it, but don’t abuse it. How you handle your credit in college could affect you well after graduation.
- Go Mobile. Most banks offer online, mobile and text banking tools to manage your account 24/7. Use them to check balances, pay bills, deposit checks and monitor transaction history.
- Lookout for money. There is money available for students…you just have to look for it. Apply for scholarships and look for student discounts or other deals using your student ID.
- Buy used books. Consider buying used books or ordering them online. Buying new books can become expensive and often used ones are in just as good shape as new ones.
- Entertain on a budget. Limit your “hanging out” fund. There are lots of activities to keep you busy in college and many are free.
- Use only your bank’s ATMs. Avoid fees by using ATMs owned by or affiliated with your bank. If you must use an ATM not affiliated with your bank, make a larger withdrawal rather than several smaller ones to avoid additional fees.
- Expect the unexpected. Things happen! So it's important to be prepared when your car or computer needs repair or you have to buy an unexpected bus ticket home. Create an emergency fund by putting some money, even a small amount, into a separate account.
- Ask. This is a learning experience, so it’s okay to ask for help. Your parents or your bank are a good place to start, and remember—the sooner the better.
Through its social media channels, the Bank also offers college related educational blogs and videos for students and parents. Recent blogs include “Setting Up a Dorm Room – How to Save When Packing for College” and “Tips on How Students Can Manage Money at College”. Visit LakelandBank.com or Facebook to learn more.
About Lakeland Bank
Lakeland Bancorp (LBAI), the holding company for Lakeland Bank, has $3.6 billion in total assets with 48 branch offices, five regional lending centers, and two loan production offices spanning Bergen, Essex, Middlesex, Morris, Passaic, Somerset, Sussex, Union and Warren counties in New Jersey, and the Hudson Valley region of New York. Lakeland Bank is the second largest commercial bank headquartered in the state and offers an extensive array of consumer and commercial products and services, including online and mobile banking, localized commercial lending teams, and 24-hour or less turnaround time on consumer loan applications. For more information about the full line of products and services, visit LakelandBank.com.