How to Budget for College Spending

 

Tis’ the season of summer jobs for college students and saving up some $$$ for the upcoming school year. Here at Frontier Bank we have some great banking tools to help you prepare your spending for the college year! A great way to start right now is to use our savings calculator and the 3 budgeting tips below to see how much you should be putting away monthly. It’s also a great time to get your mobile checking set up so you can take us with you no matter where your school is! Let’s get prepared and get next semester off to a great financial start!

  1. Make a list and track your income and expenses. Find an easy to use tracking aid to help you like a budgeting app or excel spreadsheet.
    • Income typically includes earnings from your job, scholarships, financial aid, allowance, work study, etc.
    • Your expenses should include categories like tuition, food, transportation, housing, entertainment and other school expenses like textbooks and lab fees.
  2. Figure your monthly cost of living by subtracting your expenses from your income. A good rule of thumb is to underestimate your income and overestimate your expenses.
    • Any money left after subtracting your expenses from your income will be "extra". Instead of using this as free spending money, it may be wise to consider putting it in savings to build an emergency fund or put it towards paying off your tuition faster.
    • If you find your expenses are greater than your income you may need to refigure this part of the budget and consider your "needs" vs "wants" and cut unnecessary items from your expense list, like eating out.
  3. Keep in mind that each semester may bring different expenses or possible opportunities for income, so it is important to reevaluate your budget often and adjust it as needed.

Sound daunting? Luckily Frontier Bank offers several great products to help you out! 

  • Free checking and totally free checking with BIG time cash rewards! They're free and include all the banking bells and whistles like:
    • No minimum balance
    • No monthly service fee
    • Free online banking, mobile banking & mobile deposit
    • Free checks at account opening
    • Free initial ATM/Debit Card
    • Free Statements- paper or electronic
    • and more!
  • Online Banking- Stay on top of your banking activity and balance with real time access to your Frontier Bank account, it's safe, secure and FREE! Online banking allows you to:
    • Transfer funds between your Frontier Bank accounts
    • View recent transaction activity including check and deposit images
    • Pay bills online
    • and more!
  • Mobile Banking App- A must have for College students! Frontier Bank App makes it possible for you to securely access your online banking account on-the-go anytime, anywhere. We use the latest technology to ensure your information is protected. No matter where you are, you have the convenience and flexibility to manage your accounts on your mobile device. Mobile banking enables you to:
    • Check your account balances on the go
    • Review your transaction history
    • Transfer funds between Frontier Bank accounts
    • Deposit checks with Mobile Deposit
  • Mobile Deposit- Get access to your money as soon as receive it, by depositing checks with your mobile banking app. Deposit checks from your birthday card, mom's care package, or a refund check quickly and securely and for free!

Sarah Weber
Video Banking Manager
Phone: 712-472-2537
Sarahw@frontierbk.com

 

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