Tips to Manage Your Finances as a College Student

Between classes, work, and everything else, money management probably isn’t at the top of your priority list if you’re in college. But the habits you build now will stick with you long after graduation.

We understand college students have a lot on their plates, and it’s easy for finances to take a back seat. At First Pioneers Credit Union, we offer resources and financial tools designed to help students in the Greater Acadiana area stay organized and confident in managing their money during this stage of life.

Here are some tips from our team to help you take control of your finances while you’re still in school.

Create a Budget

Budgeting is where everything starts. It’s the foundation that keeps you from wondering where all your money went at the end of the month. A budget gives you control and helps you see exactly what’s coming in and what’s going out.

Start by listing all your income sources. This might include money from a part-time job, financial aid that covers more than tuition, support from family, or a paid internship. Write it all down so you can see what you’re actually working with each month.

Next, track your expenses. This includes housing costs, groceries, transportation, tuition and fees, books and supplies, entertainment, subscriptions, and time out with friends. When you’re in the middle of spending, it’s easy to lose sight of where your money is going. Once you list it out, patterns start to appear.

You might notice you’re spending more on takeout than expected or that old subscriptions are still billing you. A budget helps you understand what you can afford and make intentional choices with your money.

Separate Wants from Needs

This can be trickier than it sounds because something that feels like a need in the moment might actually just be a strong want. Essential spending includes things you absolutely have to pay for, like rent, utilities, groceries, textbooks, and transportation to get to class or work.

Nonessential spending covers everything else, such as eating out, buying new clothes when your current ones are fine, or getting the latest video game. 

College life comes with plenty of small expenses that can add up quickly. You might need to pay for printing materials, school supplies, or even specialized equipment or subscriptions required for certain classes. Those costs are often unavoidable, so it helps to plan for them ahead of time when setting your budget.

Open a Checking and Savings Account

If you haven’t already, open a checking account and a savings account. Banking with a credit union can offer some advantages over larger banks, especially for students. Credit unions often have lower fees and provide financial education resources to help you build smart money habits as you go.

Your checking account is for day-to-day expenses. It’s where your paycheck is deposited, where bills are paid, and where your regular spending happens. Your savings account is different and should be used for specific goals or unexpected expenses.

Most banks and credit unions now offer mobile banking, so you can check your balance, transfer money, and set up alerts right from your phone. You can also schedule automatic transfers from checking to savings to make sure you’re consistently setting money aside without having to remember each time.

Build Smart Credit Habits Early

Building credit is something worth learning early. Some students may already have a credit history by being an authorized user on a parent’s credit card, while others might be starting from scratch. Either way, understanding how to manage your credit score is important for your future.

When you apply to rent an apartment, landlords will check your credit. If you need to finance a car, lenders will review your credit history. Building good credit now can open doors later and help you develop strong money management habits.

If you decide to get a credit card, use it responsibly. Always pay your bill on time. Keep your balances low. Just because you have a $1,000 limit doesn’t mean you should spend that much. Try to pay off the full balance each month, or if that’s not possible, keep your balance under 30% of your limit.

Avoid opening multiple credit cards just because you qualify for them. Having too many cards, especially when you’re starting out, can make it easy to overspend. Start with one card, use it for small, regular purchases you already plan to make, and pay it off consistently. That’s how you build credit the smart way.

Save for Emergencies and Future Goals

Life happens, and sometimes things come up that you didn’t plan for. Your car breaks down, your laptop stops working right before finals, or an unexpected medical bill shows up. Having even a small emergency fund can help you handle these situations without added stress. This is important even if you have family support.

Even if you can only save $20 or $50 a month, it’s worth doing. Over time, it adds up, and you’ll be glad you have it when something unexpected happens. It also helps you think more strategically about how you manage your money.

Make the Most of Student Discounts and Free Resources

There are usually plenty of free resources and student discounts available, especially on campus. Many schools offer free internet access and printing in the library. You might also be able to borrow textbooks instead of buying them or use software on library computers instead of paying for subscriptions. Your local library is another great resource and often offers free access to tools, materials, and digital resources. 

Beyond campus, many companies offer student discounts on software, entertainment, streaming services, and more. Always ask if there’s a student rate before paying full price for anything, and take advantage of every opportunity to save.

Get Financial Guidance When You Need It

Managing your finances can feel overwhelming sometimes, and that’s completely okay. Asking for help isn’t a sign that you don’t have things under control. It’s actually one of the most responsible steps you can take, especially as a student.

Our team is here to help you navigate these situations. We also host workshops designed for young adults that cover topics like budgeting, credit, saving, and planning for the future. Taking advantage of these opportunities doesn’t cost you anything except a little time, and the knowledge you gain can help you feel more confident about managing your money.

Since financial education isn’t always taught in school, it’s important to be proactive. When you’re ready, visit or contact First Pioneers Credit Union. We’re here to help you understand your finances, answer your questions, and give you the tools you need to succeed.

We’re committed not only to providing financial products for our members in the Greater Acadiana area but also to offering the resources and education that help them build financial confidence.

If you live, work, worship, or attend school in Lafayette, Acadia, St. Martin, Vermilion, or Iberia Parish, you’re eligible to join us. You’re also eligible if you have an immediate family member who’s already a member.

And if you’re a graduating high school senior or currently enrolled as an undergraduate student in college or a technical school, our 2026 scholarship application is now open. Apply by March 31 for a chance to receive financial support.