As a college student, May often marks the end of the academic year and the start of summer. It’s a great time to get your finances in order before the next semester or summer plans kick in. Here are five financial steps every college student should take in May to stay on top of their money game.
1. Review Your Budget for the Summer
Summer often brings changes in income and expenses, whether you’re working a summer job, interning, or taking a break. Review your budget to account for these shifts. If you don’t have a budget yet, create one! List your expected income (e.g., job wages, parental support) and expenses (e.g., rent, food, travel). Use tools like budgeting apps or MMCCU’s online banking to track your spending and stay within your means.
Pro Tip: Set aside a small amount for fun summer activities to avoid overspending impulsively.
2. Apply for Scholarships and Financial Aid
Many scholarships have spring deadlines, and May is your last chance to apply for some. Spend time researching scholarships for the upcoming academic year through your school’s financial aid office, online databases, or local organizations. Also, check if you need to renew or reapply for existing financial aid, like grants or work-study programs, to secure funding for next semester.
Pro Tip: Contact MMCCU for information on student loans or financial resources if you need extra support for tuition or expenses.
3. Evaluate Your Student Loan Situation
If you have student loans, May is a good time to check in on them. Log into your loan servicer’s website to review your balance, interest rates, and repayment terms. If you’re graduating soon, research repayment plans or income-driven options to prepare for when payments begin (typically six months after graduation). For current students, confirm that your loans are deferred while you’re enrolled.
Pro Tip: MMCCU offers financial aid resources and can help you understand loan options and plan for repayment—reach out today!
4. Build an Emergency Fund
Unexpected expenses, like car repairs or medical bills, can derail your finances. Start or add to an emergency fund, even if it’s just $10-$20 a month. Open a savings account with MMCCU if you don’t already have one, and set up automatic transfers to make saving effortless. Aim for a small goal, like $500, to cover minor emergencies without relying on credit cards or loans.
Pro Tip: Look for a high-yield savings account at MMCCU to earn a little extra interest on your emergency fund.
5. Check Your Credit Report
Your credit score impacts your ability to rent an apartment, get a car loan, or even land certain jobs after graduation. May is a great time to check your credit report for errors or signs of identity theft, especially if you’ve been using credit cards or paying bills independently. Visit AnnualCreditReport.com to get free reports or check through MMCCU.
Pro Tip: If you spot errors, dispute them directly with the credit bureaus. MMCCU can guide you through the process if you need help fixing inaccuracies.
By taking these steps in May, you’ll set yourself up for financial success over the summer and beyond. Explore MMCCU’s website or stop by our branch for personalized advice, student-friendly accounts, and resources to help you achieve your financial goals. Let’s make this summer the start of your financial glow-up!