5 Habits of Financially Smart Students

To prepare for the start of the school year, you might be shopping the sales to buy notebooks or even a laptop — but there’s a lot more to student finances than just school supplies. If you are a student, now might be a good time to ask yourself: “Am I being financially smart?”

There are many students who are just as prepared with their finances as they are with their notebooks. Here are the 5 financially smart habits students rely on to keep their finances in check.

1. Financially smart students use their credit card sparingly

Credit cards are powerful tools that can create opportunities to build good credit, but if used in the wrong way can lead to some significant consequences. Many banks offer student-specific credit cards that can help you start building credit.

Regardless of which card you have, remember to use it for purchases you know you can pay off quickly. Maximize credit card rewards by aligning your rewards with your spending patterns.

2. Financially smart students maximize their time

Taking classes requires a lot of time and effort, but you may be able to still find time to do other things. Whether you choose to work a part-time job or volunteer at a local charity, pursue something that you can add to your resume or that will give you a financial lift. A part-time job can help alleviate some financial pressure and volunteering makes you feel great. Check out your campus’ community service office to explore opportunities.

3. Financially smart students use their student loans wisely

First and foremost, you should use your student loans to pay for your tuition, but if you have scholarships or other financial assistance you may find there is a bit of money to spare.

Use this money wisely, and don’t spend it frivolously. Buy your textbooks or pay for essentials like rent and food. Better yet, save it and use the money to pay back your student loans.

4. Financially smart students apply for scholarships

Often your university will have an official scholarship board or website and may offer scholarships by department or college as well. First-generation college students and students from diverse backgrounds may find scholarships that apply specifically to them.

Check local organizations and government entities for scholarships and apply, apply, apply!

5. Financially smart students use a (student-specific) bank account

Whatever your financial decisions, being a financially smart student starts with having a bank account. This might seem like unnecessary advice, but a DepositAccounts survey revealed that 13% of students lacked a checking account.

If you have a bank account already, ask if there is an account that offers specific benefits for students.

A Zions Bank Anytime Checking® account* is a solid option for students. There are easy-to-use digital tools for managing your money, no monthly fees if you opt-out of paper statements, and you don’t have to maintain a minimum balance.

Open your account today online or at a Zions Bank branch near you with a $50 minimum opening deposit.

*Please refer to the Deposit Account Agreement, Account Disclosure, Deposit Rate Sheet and Personal Account Schedule of Fees available in the online Agreement Center or speak with a banker for more details.