Personal Banking
Most students enter college without a strong knowledge of how to actively manage their money. The task can be both daunting and confusing – but it’s important that you learn now as opposed to later, when it can be even trickier. How do you start?

Start with a Monthly Budget
The first thing you should do is set a monthly budget. Consider your monthly income and monthly expenses – if you don’t have income, consider the amount of money you might be receiving from your parents on a monthly basis – and see if you are spending money wisely.

What is my current expected income? How much will I get each month?
1. Summer savings = $1000
2. Birthday money = $50
3. Work – study = $400 / month
4. Stipend from mom and dad = $850 / month
5. Scholarship = $1000

What expenses will I be incurring on a regular basis? How much will I spend each month on each?
1. Cell Phone Bill = $30 / month
2. Dorm Phone Bill = $10 / month
3. Textbooks
4. Transportation (SEPTA, cabs, etc)
5. Partying = $35 / month
6. Clothes and laundry = $25 / month
7. Food (outside of meal plan) = $40 / month

Once you set your monthly budget, adjust it to reflect how much you are spending weekly. You can then withdraw a fixed amount of money each week and plan to use just that amount of cash; this will help you physically keep track of your cash instead of watching it all quickly disappear! Be sure to keep your ATM/credit card receipts, bank statements, and bills to track your expenses.