Five back-to-school saving tips for students

Whether you’re starting your first semester of college, or well into your higher education journey, you probably have a lot of expenses. Rent, books, food, socializing – the list goes on. Building good habits and getting the right supports in place can help you stay focused on your studies, and stress less about where your money is going.  

Here are five tips to help you manage your money: 

1. Make a budget 

Try dividing expenses into three categories: wants, needs and savings. Then keep an eye on how much you’re actually spending every month on each category. 

Lucky for you, BMO has money management tools can help with this. Total Look (U.S.) is a free online tool that gives you a complete view of all your accounts – BMO and non-BMO – to help you understand where your funds are going.   

If you need some help getting started, try out the budgeting module on BMO SmartProgress. You’ll learn strategies, tips and tools to sick to your budget and achieve your financial goals.  

2. Open a low-fee bank account  

For example, the BMO Smart Money Checking account has no monthly maintenance fee for account holders under the age of 25, no overdraft fees, and unlimited transactions at 40,000+ ATMs across the United States.  

3. Save without stress 

Whether you’re saving for something specific or just want to build in the habit, saving can be simple. Small and steady works! If you’re a BMO mobile app user, you can determine a target using the Savings Goals feature and set up automated contributions to help your funds grow. 

4. Build your financial literacy 

A new school year is the perfect opportunity to learn new ways to make real financial progress. BMO SmartProgress a free online education platform that features customized financial literacy content that can be consumed anywhere, anytime.  

5. Pay your bills on time and monitor your credit score  

Credit score information can remain available for a long time, and can impact your ability to borrow or make large purchases. Paying your credit card or phone bills a few days late might seem minor – but those oversights can negatively impact your score.  

Check your credit score periodically to ensure all your information is correct, and to identify any issues that could impact your credit rating. Credit Coach is a fee-free way to check your credit report, and to see how potential credit products can impact your score.