The Investors Centre Keyworker Discounts your child moves into college, money management is a new skill set they need to master. Teaching them the basics of saving, budgeting and spending can make their financial journey that much smoother. While personal finance 101 might not be on their course syllabus, tackling these simple tips can help them get an A+ in their financial life and graduate with a strong foundation.

1. Choose the Right Place to Store Your Money

A checking account is the financial home base for your money. It’s where you can store your income earnings from part-time jobs or side hustles, as well as a way to pay bills and manage your savings. But not all accounts are created equal, and the one you use in high school may no longer fit your budget as a student. Consider switching to a free checking account, like BECU’s, that fits your needs and offers tools designed just for students.

2. Figure Out How Much You Spend Each Month

Getting a handle on your monthly expenses can help you create a realistic budget. Start by determining the fixed expenses you have each month, including rent or dorm fees, utilities, car payments and any subscription services you have. Then add in other non-fixed items, such as a weekly movie night out with friends or an occasional shopping spree.

3. Find Student Discounts

It’s easy to forget that there are a lot of places where students can save big. From software to streaming services, many brands offer deals just for being a student. Encourage your student to ask for discounts and keep a eye out for student promo codes, coupons, and special deals.