In this last month before school starts, you've probably got a long list of things that you need to do before heading off to college — especially if it's your freshman year. While you're making preparations, be sure you cover all the basics on your financial to-do list.
Don't have one? Luckily, I've made a handy checklist of things to help get your finances organized before you head off on your own.
Make sure your college financing is in order. Taking out student loans? Be sure you have contact information for your lender and your school's financial aid office so you can work with them to ensure you've got your tuition bill covered.
Set up a bank account. If you don't already have one, be sure you've got a savings account and an ATM card. If this is your first time owning an ATM card, be sure you know how to use it to make both deposits and withdrawals.
Get a credit card
for emergencies. This is nice to have as a backup plan — especially if you're taking a car to college. But be sure you understand the interest rate and how it's calculated before you ever use it.Create a budget. Remember that this will be a working document that will be adjusted as you learn more about how you spend money when you're on your own. But for now, make a list of all the expenses you can anticipate at this point, as well as the income you plan to be generating.
Get your financial information organized. Buy a flexible file folder and keep track of any financial papers that you receive in hard copy (statements from your bank, student loan papers, etc.).
Talk to your parents
. Visit with your parents about money and expectations. Share your budget with them. (See item #4!) Make sure you understand what expenses they expect you to cover, and what they will pay.Make a bill-paying plan. If you're going to start receiving your own bills for the first time, make a plan to ensure that they get paid on time. Will you pay them online or by check? Will you pay them as they come in, or set up a couple times a month to get them all paid at once?
This list should get you started. Now, what other financial "to-do's" do you have before college?
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