College may be the first time you have to take responsibility for managing your money.  This includes saving and paying for the things you need and want, creating a budget and establishing credit.  In order to afford college and the opportunities that come with it, some of you may decide to get a job.

Savings and Checking Accounts

  Savings

• A savings account should be used to deposit money that is not needed for your basic living expenses.
• It is an easy way to start saving money and earning interest.
• Keeping money in your savings account is safer than carrying it in your wallet.
• Make sure you understand the terms of your account including transaction limits, balance requirements and fees.

  Checking

• A checking account should be used for most of your day-to-day expenses and activities.
• Payments and purchases can be easily made from your account by using debit cards, checks and online banking.
• Cash may be accessed at ATMs or at merchants that provide cash back on purchase transactions.
• Monthly statements will be sent to you in order to balance your checkbook.
• Make sure you understand the terms of your account including balance requirements, daily debit card limits and fees.