Back to School Banking: Get Ready for School with Bask^®

Starting college is an exciting transition, and your finances should be part of the plan. Setting up the right bank account and creating a budget before the semester begins can help you stay on top of expenses, make confident money decisions and build healthy money habits that can serve you long after graduation. That’s the foundation of college financial planning: start with a plan and stick to it. 

Why College Budgeting Matters Before Classes Begin

Back-to-school costs go beyond books and tuition. Before classes begin, take time to prepare for both routine expenses and unforeseen ones. A solid budget and the right banking solutions can help you stay on track. Start by planning for costs such as:

• Books and supplies — Textbooks alone can cost between $200 and $400 per class plus digital materials and major-specific tools. 
• Housing and meals — Rent or dorm fees, meal plans or groceries, and utilities if you live off-campus.
• Transportation — Parking, gas or transit passes, flights home, occasional rideshares.
• Phone and internet — Your cell plan and home internet if you live off-campus.
• Lab and course costs — Additional fees and materials may be required for certain classes, including lab supplies, software subscriptions, creative materials and course-related activities.
• Everyday living — Ongoing costs like laundry, toiletries, medications and replacing worn clothing or shoes.
• Entertainment and activities — Streaming services, campus clubs, dining out, weekend activities and occasional concerts or events.
• Emergency fund — Unexpected car repairs, medical costs or family needs.

The reality: College expenses often go beyond tuition, room and board. Textbooks, supplies, transportation, meals and everyday spending can add up quickly. Opening a checking account early can help you stay organized and manage these costs more effectively as part of your overall financial plan.

How to Budget Using a Simple Financial Plan 

Financial Planning 101: A Simple Framework

A budget can help you make the most of your money while you’re in school. One popular approach is the 50/30/20 budgeting rule: 

• 50% to needs: Tuition, housing, groceries, transportation, insurance and other essentials
• 30% to wants: Dining out, entertainment, travel, subscriptions and social activities
• 20% to savings and debt: Building an emergency fund, saving for future goals, or paying down debt

The best budget is the one you’ll actually use. Monitoring your spending patterns and setting up account alerts can help you identify when you’re spending more than you expected so you can make adjustments before small expenses turn into budget challenges.

You can also look for opportunities to reduce expenses and boost savings. Textbook rentals, used copies and library resources may help lower costs. If you receive a refund or other financial windfall, setting aside a portion in savings can help support future goals and unexpected expenses.

College adjustment: If your budget feels stretched during a demanding semester, consider adjusting to a 60/20/20 budget, with 60% allocated to needs, 20% to wants and 20% to savings. Banking tools like spending alerts and automatic transfers can make it easier to stay on top of your finances while keeping savings a priority.

Categories, Savings Targets and Emergencies

A college budget should account for essentials like tuition, housing, meals, transportation, books, technology, healthcare and personal expenses. If possible, aim to save 10% to 20% of your income. Even small automatic transfers of $10 to $25 can add up over time. Keeping those savings in a high-yield savings account can help your money grow faster, compared with accounts offering lower rates, while remaining available for emergencies or unexpected expenses.

Creating Financial Habits That Last Beyond Graduation

A checking account for everyday spending and a high-yield savings account for short-term goals can help simplify college budgeting. Interest-bearing accounts can also help your money work a little harder while keeping funds accessible.

Account alerts, automatic payments and recurring savings transfers can make it easier to stay on top of your finances throughout the semester.  

Interest-bearing checking offers:

• Daily access to your money 
• Debit card transactions, bill pay and ATM withdrawals
• Real-time spending visibility in mobile apps
• Many offer low or no monthly account fees
• Potential to earn interest while keeping funds accessible

High-yield savings provides:

• Competitive interest rates
• Flexible access to funds when needed
• A separate account for emergency funds and future goals
• Higher earning potential than a traditional savings account
• A balance between growth potential and accessibility 

Why it matters in college: College is the perfect time to build smart money habits. Even setting aside a little money regularly can help create a strong financial foundation for life after graduation.

Managing your checking and savings accounts with the same bank can also simplify day-to-day money management. You can view balances in one place, move money between accounts quickly, set up account alerts and track your spending and savings without juggling multiple logins or platforms.

Financial success often starts with small, consistent habits. An interest-bearing checking account and a high-yield savings account can help you manage current expenses while building a foundation for future goals. Combined with a thoughtful budget, these accounts can be tools that help you stay organized, strengthen your savings routine and build confidence in your financial future.