5 Financial Tips Every Freshman Should Know Before Setting Foot on Campus

Starting college is a huge milestone. You’re finally about to experience all the independence, excitement, and yes, a little bit of chaos that comes with it. But while you’re busy picking out dorm décor and planning your class schedule, there’s one thing you absolutely can’t overlook: your finances.

Managing money might not sound like the most thrilling part of college life, but trust me, a little financial savvy now can save you a mountain of stress later. So before you set foot on campus, let’s talk about five crucial financial tips every freshman should know.

Create a Realistic Budget Before You Arrive

Let’s be honest: it’s way too easy to blow through cash in college without even realizing it. One Starbucks trip here, a couple of late-night Uber Eats orders there, and boom, you’re wondering where all your money went.

That’s why building a budget before you even pack your bags is a game-changer. Start by figuring out how much money you’ll have coming in each month. Are your parents helping? Do you have a part-time job lined up? Maybe you’ve saved up from a summer gig?

Next, map out your expected expenses. Think textbooks, food, personal items, transportation, and (of course) some fun money. Don’t guess, actually, sit down and estimate these costs. Apps like Mint, YNAB (You Need A Budget), or even a good old-fashioned spreadsheet can help you see where your money needs to go.

And here’s the kicker: stick to it. Budgeting isn’t about cutting out all the fun; it’s about making sure you have enough left for the things that truly matter.

Be Smart About Student Loans and Financial Aid

Financial aid and student loans can feel like a lifesaver. But they can also turn into a financial headache if you’re not careful.

First things first: look into scholarships, grants, and work-study programs. These don’t need to be paid back, which makes them your best friends.

If you do need to borrow, make sure you actually understand how loans work. Federal loans usually have lower interest rates and more repayment options compared to private loans. Always, always borrow only what you absolutely need, not what you’re tempted to spend.

If you do need to get student loans, remember that they can be a valuable tool to help you achieve your educational goals. With the right loan, you can access the funds you need while benefiting from flexible repayment options and competitive interest rates. Just be sure to explore your options and choose the one that best supports your long-term financial success.

Remember, student loans are meant to help you invest in your future, not fund spring break trips to Cancun.

Understand the True Cost of College

When you think about the cost of college, you probably picture tuition first. But guess what? Tuition is just the tip of the iceberg.

There are so many “extras” that can sneak up on you. Housing, textbooks (which can cost hundreds per semester), meal plans, laundry, school supplies, health insurance, transportation back home, it all adds up. And fast.

Before the semester even starts, take a little time to list out these extra expenses. Some schools provide cost-of-living estimates, but doing your own homework can help you budget more realistically.

Would you rather find out you’re short on cash halfway through the year or plan ahead now and avoid that panic? Yeah, thought so.

Open a Student Bank Account

If you don’t already have one, opening a student-friendly bank account should be high on your pre-college checklist. A good student account usually comes with no monthly fees, low minimum balance requirements, and plenty of free ATMs.

It’s smart to go with a bank that has locations near your campus. Or if you prefer, a good online bank can also be a solid option, just make sure you can easily deposit checks and get cash when you need it.

Once your account is set up, keep an eye on your balance. Sign up for mobile alerts to track your spending. Overdraft fees are brutal and can eat up your budget in no time, so it’s important to know how to pay an overdraft if you find yourself in the red.

Better yet? Set up a small automatic transfer into a savings account each month. Even if it’s just or, those little amounts add up, and they’ll come in handy when your laptop charger mysteriously disappears two weeks before finals.

Start Building Good Credit Habits Early

Credit might feel like something you’ll deal with “someday,” but building good habits now can make a world of difference later.

A student credit card can be a great tool if you use it wisely. That means only charging what you can afford to pay off in full each month. Not “most of it.” Not “hopefully next month.” Pay. It. Off.

Why does this matter? Good credit can make renting an apartment, buying a car, or even landing a job much easier down the road. Plus, a strong credit history can save you thousands in interest over your lifetime.

If you’re not ready for a credit card yet, no worries. You can still build your credit by making sure you pay any bills (like your phone plan) on time, every time. Good habits now = financial freedom later.

Wrapping It All Up

College is an amazing time to grow, learn, and explore. But it’s also the time to lay the foundation for your financial future.

By creating a budget, understanding the real costs, being smart with loans, setting up a good bank account, and building solid credit habits, you’re setting yourself up for success, not just in college, but for years to come.

Sure, money talk might not be as exciting as picking your roommate or choosing electives. But trust me, a little financial savvy now means way fewer “uh-oh” moments later.

So what’s your first move going to be? Setting up a budget? Checking out scholarships? Opening that student bank account? Whatever it is, get started today. Your future self will be high-fiving you.

This post may contain affiliate links. Financial Panther has partnered with AwardWallet and CardRatings for our coverage of credit card products. Financial Panther, AwardWallet, and CardRatings may receive a commission from card issuers. Some or all of the card offers that appear on the website are from advertisers. Compensation may impact on how and where card products appear on the site. The site does not include all card companies, or all available card offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

More Recommended Ebike/Scooters

Check out these other ebikes and scooters I've reviewed:

Urban Arrow Ebike – Last year, I made one of the largest purchases I’ve ever made – I bought a $9,000 electric cargo bike from Urban Arrow. In my Urban Arrow review, I will discuss what it is and why I decided to buy this bike, as well as discuss how impactful a bike like this can be on your journey to financial independence.
Troxus Explorer Step-Thru Ebike – The Troxus Explorer Step-Thru is a fat-tire ebike that I’ve had the pleasure of riding for a while now. It has amazing power, great looks, and awesome range. If you’re looking for a great fat-tire ebike that offers a lot for the price, the Troxus Explorer Step-Thru is definitely one for you to consider. Check out my Troxus Explorer Step-Thru Review.
Hovsco HovBeta Ebike – The HovBeta is a folding ebike with great specs and a lot of interesting features, and importantly, it’s sold at a good price point. I’ve had a blast commuting with it and using it to do deliveries with DoorDash, Uber Eats, and Grubhub. Check out my Hovsco HovBeta Ebike Review.
Vanpowers Manidae Ebike – The Vanpowers Manidae is a fat tire ebike that I’ve been riding as my primary winter commuting bike and have also been using it to do food delivery with apps like DoorDash, Uber Eats, and Grubhub. After clocking in a decent number of miles with this ebike, I wanted to write a post sharing what my experience with the Vanpowers Manidae ebike has been like. Check out my Vanpowers Manidae Review.
Sohamo S3 Step-Thru Folding EBike Review – A Great Value Folding Ebike – The Sohamo S3 Step-Thru Folding Ebike is an entry-level folding ebike that offers a lot of value for the price point. I’ve been riding the Sohamo S3 for a while now, putting the bike through its paces, and I have to say, this bike has exceeded all of my expectations. Check out my Sohamo Review.
KBO Flip Ebike – The KBO Flip is an excellent bike. I’ve had a great time riding it and think it’s a versatile bike that can be used for a lot of purposes and can fit a variety of lifestyles. It’s worked out great for me as a general commuter bike and as a food delivery bike. Check out my KBO Flip Review.
Hiboy P7 Commuter Ebike – The Hiboy P7 is an excellent electric commuter bike that’s offered at an affordable price point. The range and speed of this bike are both very good, so you won’t have any trouble getting anywhere you need to go with it. As a food delivery vehicle, this is also good – with how much range it offers, you’ll be able to work all day on a single charge. Check out my Hiboy P7 Commuter Electric Bike Review.
Himiway Escape Ebike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
Espin Sport Ebike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
Varla Falcon Scooter – The Varla Falcon is an excellent scooter that offers a good amount of power at a lower price point compared to more powerful scooters. It’s not exactly an entry-level scooter, nor is it a high-powered scooter. I think it fits somewhere in-between those two categories – an intermediate scooter if I had to give it a category. Check out my Varla Falcon Review.
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Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.

More Recommended Investing App Bonuses

For additional investing app bonuses, be sure to check out the ones below:

M1 Finance ($100) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with just $10 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
Webull (20 free stock shares) – Webull's current promotion gives you 20 free shares valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free shares using Webull.
Moomoo (15 free stocks) – Moomoo is a free investing app currently offering 2 different referral bonuses if you open an account using a referral link. Read my Moomoo referral bonus guide for more information.
Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.

More Recommended Bank Account Bonuses

If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.

Upgrade ($200) – Upgrade is a free checking account that’s currently offering a $200 referral bonus if you open an account and complete a direct deposit. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Here’s a post I wrote with more details: Upgrade $200 Referral Bonus – Step By Step Directions.
Ally Bank ($100) – Of all the banks out there, Ally is, without a doubt, my favorite. At the moment, Ally is offering $100 to customers who open an eligible Ally account and meet the requirements. Here are the step-by-step directions to earn your Ally Bank referral bonus.
Fairwinds Credit Union ($175) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
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US Bank Business ($900) – This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
GO2Bank ($50) - GO2Bank is an easy bank bonus that I recommend people take advantage of if they have an easy way of meeting the direct deposit requirement. I like that it’s easy to open the account and that the bonus pays out quickly. Check out my step-by-step guide on how to earn your GO2Bank $50 referral bonus.
Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link. Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
Varo ($25) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $25 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.

Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.

Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.

Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:

SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $300 if you complete a direct deposit.
5% Savings Accounts. I'm currently getting 5.24% interest on my savings through a company called Raisin. Opening a Raisin account takes minutes to complete, it's free, and all of your funds are FDIC-insured. I explain how it works, why I'm now using it to store my emergency fund and any other cash savings I have, and why I recommend everyone check it out in this review.
US Bank Business. US Bank is currently offering new business customers a $900 signup bonus after opening a new account and meeting certain requirements.
M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account.
Empower. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.

Feel free to send Kevin a message here.