As summer comes to an end and the school year kicks off, it’s time to transition from sunny beach outings to backpacks, class schedules, and dorm necessities. Whether you’re starting your first year of college or supporting someone who is, now is the ideal moment to plan ahead, especially regarding finances.

Here at Drake Bank, we understand that building financial confidence begins with cultivating good habits, having access to the right tools, and receiving support from a local bank that knows your needs.

Step 1: Set a Back-to-School Budget

With expenses such as school supplies, tech gadgets, textbooks, and moving costs, back-to-school spending can quickly add up. Before heading out to shop, develop a straightforward budget to keep your finances in check:

  • Create a checklist of essentials (e.g., laptop, notebooks, bedding).
  • Estimate costs and look for student discounts or gently used options
  • Build in some buffer for occasional expenses (e.g., sporting events, laundry)

Step 2: Plan for Ongoing Expenses

For college students, it’s about more than just one-time purchases. You’ll need to manage:

  • Meals and groceries
  • Transportation (e.g., gas, public transit, rideshare)
  • Subscriptions (e.g., streaming, software)
  • Weekend fun – yes, you deserve it!

This is where having a dedicated checking and savings account becomes essential.

Step 3: Open a Checking or Savings Account

At Drake Bank, we make banking simple, secure, and student-friendly.

Whether you’re managing financial aid, part-time income, or simply learning how to handle your finances, we offer checking and savings accounts that are designed with your needs in mind:

 Step 4: Start Building Smart Habits

We understand that managing finances in college can be a daunting task. However, it’s also the ideal time to cultivate habits that will serve you throughout life. Here are some tips for helping to stay on track:

  • Set up direct deposit for any income or financial aid refunds
  • Automate savings, even $10/week will add up over time
  • Monitor spending weekly and adjust as needed
  • Use alerts to avoid overdrafts or late payments

Drake Bank’s mobile app helps you manage all this from the palm of your hand.

College is just the beginning. The sooner you learn budgeting and saving skills, the better prepared you’ll be for significant life changes ahead, like job searching, buying a car, or renting your first apartment.

With Drake Bank by your side, you’re not just opening an account; you’re beginning a partnership with a trusted financial ally dedicated to helping you shape a brighter future.

Contact our team to learn more about how we can help.