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July 01, 2024
Financial Freedom

Money Management Basics for Students

 

It’s never too early to begin learning the basics of good money management. Below are a few tips to help you form a solid foundation towards your financial future.

 


 

Open a bank account

Whether you’ve started working at your first job or you’re still earning an allowance, you will want a bank account sooner or later. Without a basic checking or savings account, it becomes harder to save, spend and organize your money. Fortunately, it’s easy to open a checking or savings account:

  • Choose a bank that’s close by and offers basic accounts that would work well for your needs. Most banks provide online account opening options as well.
  • Pay attention to ATM fees, minimum balance requirements and other account details. If you don’t keep up with them, fees can quickly sneak up on you and eat away at your hard-earned cash.
  • You’ll need a valid driver’s license or passport, as well as a second form of ID or proof of residence to open your account. If you’re younger than 18, consider opening a joint account with a parent or legal guardian.
  • Once you open your account, make your first deposit. If possible, set up direct deposits (electronic deposits) through your job to conveniently put your paychecks into your account on your behalf.

 

Know the rules of spending and saving

With a bank account of your own, you’re set to learn the basics of personal finance firsthand. For the best results, it’s important to keep a few ground rules in mind at all times:

  • Spending (and saving) adds up quickly. For example, simply opting for home-brewed coffee over a daily trip to the coffee shop could amount to thousands of dollars saved over five years. Yes, we said thousands.
  • Money is more than just a number on your phone or bank statement. If you use a debit or credit card, keep in mind that your posted balance is fluid and may not reflect any pending charges.
  • Always pay yourself first. That’s right, by saving even a small slice of every paycheck, you become the boss of your financial future.

 

Utilize mobile banking apps

In today’s world, keeping up with your finances has never been easier. With mobile banking apps, like the free myTrustmark® app, you can check your balance whenever and wherever you want. And you can send money to friends to pay them back for picking up your tab. You can also set up account alerts to receive notifications for having a low balance or when various transfers, payments or other items post to your account. Alerts are sent through the myTrustmark app or can be delivered by email, phone or text.

 

We’re here to help

Trustmark offers convenient, online financial education learning through our Financial Education Tool Kit. You’ll find information on a variety of topics, as well as useful tips to help you keep your finances in line. There’s something for everyone, like how to pay for college, buy a car and get a loan.

You can also talk to a Trustmark associate at any of our convenient branch locations to learn more about our products and services and how we can help you with your finances - today and in the future.

 

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