Money tips for students: What our coaches want you to know

Managing money as a student doesn't have to feel like a second full-time job, at least, that's what financial coaches Krissna Chong and Ciara Kelley from our Arizona State University^® branch want you to know. With a few smart habits built early, you can avoid the financial stress that trips up so many young adults and set yourself up for a future that's genuinely exciting, not just survivable.

1.    Stretch every dollar on food, fun, clothes and books

The biggest money drains for students aren’t big purchases, they’re the small, daily ones that add up invisibly. Here’s how to take back control in four of the sneakiest spending categories.

Food

Meal plan each week before you shop. A list kills impulse buys. Cooking at home is almost always cheaper and healthier than eating out and campus dining halls are an underused bargain if you have a meal plan.

Entertainment

Your student ID is a discount card in disguise. Museums, movies, local events, fitness classes, you name it!  Show your ID everywhere. Check out your campus calendar to see what free events are out there and worth putting on your calendar.

Clothes

Thrift stores and consignment shops offer real finds. So do clothing swaps with friends. Focus on a small wardrobe of versatile pieces rather than chasing trends, you’ll spend less and look more intentional.

Textbooks

Never buy new if you can avoid it. Rent, go digital, check the library’s reserve desk, or coordinate with classmates. A quick price comparison online before purchasing can save you $50–$100 per book.

2.    Build a budget that actually works for you

A budget isn’t a punishment — it’s a plan. Start by writing down every source of income and every regular expense. Then give every dollar a job before it gets spent.

The 50/30/20 Rule — A Simple Starting Point

Put 50% toward needs (rent, food, transport), 30% toward wants (dining out, entertainment), and 20% toward savings or financial goals. It’s not perfect for everyone, but it’s a solid foundation to build from.

Budgeting apps and even a simple spreadsheet can keep things visible and honest. Review your spending monthly and try not to judge yourself, but as a learning opportunity to adjust. The best budget is the one you’ll actually look at.

“Your budget should fit your life; not make you feel like a prisoner to it. Adjust the categories, find what sticks, and revisit it often.”  — Ciara Kelley, Financial Coach

3.    Build a safety net before you need one

Life will throw something unexpected at you, a broken laptop, a car repair, a surprise medical bill. Without savings, those moments turn into debt. With even a small emergency fund, they’re just inconveniences.

How much should I have in my emergency fund? Start with $500–$1,000

That’s enough to cover most minor emergencies without reaching for a credit card. Even saving $10–$20 per month gets you there. Set up an automatic transfer so it happens without thinking.

Keep this money in a separate savings account — out of sight, out of mind. And be honest with yourself about what counts as an emergency. A last-minute concert ticket does not qualify.

“The emergency fund isn’t about having a lot of money. It’s about not letting a single bad week derail months of progress.”  — Krissna Chong, Financial Coach

4.    Build credit the right way — no debt required

Your credit score will matter more than you think! For renting apartments, financing a car, even landing certain jobs. The good news: you can build strong credit without carrying a single dollar of debt.

Starting off with a student or secured credit card is an option if you’re just starting to build your credit. Use it for small, predictable purchases like a coffee, a streaming subscription, and pay the full balance every month, without exception. This builds a track record of reliability without costing you anything in interest.

The golden rule of credit

Never charge more than you can afford to pay off in full that same month. A credit card is a tool for building history, not for spending money you don’t have.

Paying bills like your phone plan on time can also contribute to your credit history, depending on your provider. Avoid co-signing anything you’re not ready for, your credit score takes on the other person’s risk.

5.    Checking vs. savings: Know the difference

Both accounts serve a purpose but mixing them up is one of the most common ways people accidentally drain their savings without realizing it.

Checking Account

Your checking account is your everyday account. Use it for rent, groceries and regular purchases. It’s designed for frequent transactions and easy access via debit card.

Savings Account

Your savings account is your money’s home when it’s not being spent. It earns interest over time and is best kept separate from daily spending, ideally at a slightly inconvenient distance from your checking.

The key insight both coaches share: keeping these accounts separate protects your savings from impulse spending. When everything is in one place, it’s too easy to tell yourself you’ll “replace it later.”

Ready to put these tips into action? Start with a Free Checking account — no hidden fees, no stress, just a simple way to keep your money organized from day one. And if you want a little more guidance, our financial coaches are available for in-person 1:1 coaching sessions to help you build a financial plan that actually fits your life.