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Now that you’re heading to college, you may find that much more freedom is available to you. However, with that freedom comes more responsibilities, like managing your finances. If this is your first time striking it out on your own, it is understandable to feel excited—and a little nervous—about what’s ahead.

But there’s no need to worry. The college experience is the perfect time to develop good financial habits. Here are a few things to keep in mind as you take in your new surroundings.

Get Familiar With Budgeting

Your finances may be a lot tighter than before, which means you need to have a solid plan in place to keep things manageable. One of the best strategies you can implement in your life now is how to budget.

There are many resources on how to create and manage a budget, so we’ll keep things brief here. A few fundamentals to keep in mind are:

• Identify your income sources (loans, part-time job, family support)
• Categorize expenses between “needs” and “wants”
• Find where you can reduce spending
• Evaluate your spending periodically and adjust where necessary
  

Also, make saving part of budgeting. You can open a new savings account so you can distinguish between your spending money and money set aside for emergencies.

Take Advantage of Every Opportunity To Save

Now that you’ve come up with a budget, it’s time to think of ways to take your money further. Some go-to strategies may include what your family has been doing, like cutting costs while grocery shopping. It might also be cheaper to use a bike or campus-supplied transit to get to school as opposed to using a personal vehicle.

Textbooks will be a big expense, so prioritizing pre-owned purchases to save money makes sense. Use the Internet to compare prices on required texts. Liberal studies courses frequently assign literary works, which you can probably borrow from the local library for free. Many public libraries require you to be a registered resident of the city or county where they are located for you to use their resources. So if you’re going to an out-of-town school, take advantage of your hometown’s digital library if they have one.

Your budget may have called for cutting back on “wants” like entertainment and takeout. Regarding the former, this is a good time to seek out new experiences and see the events your campus is hosting. You may be surprised by the events your college is hosting that are free to students! You might also have access to an on-campus fitness/recreation center or local establishments that offer exclusive discounts to students.

Protect Your Data and Be Wary of Fraud

Think of the things you can access through apps: Online Banking, credit card information, and personal information. This is stuff hackers would love to have—and they have the tools to steal them. Therefore, you must protect your digital presence to prevent identity theft and fraud.

Get familiar with your college’s information security and Internet usage policies. Only connect to approved, on-campus wireless networks. Treat unsecured or public Wi-Fi with suspicion, and only provide login credentials if you are absolutely sure of where the connection is going. Be skeptical of scanning QR codes, as this is a potential vector for hackers to hijack your devices.

Enable two-factor authentication of your accounts where possible. Check your bank and credit card statements regularly, and be on the lookout for suspicious charges. Now is an excellent time to be familiar with your Mobile Banking App and its card control features as well.

For many, going to college includes taking the first steps into adulthood. While incorporating your studies into your work-life balance has its challenges, know that you can always get advice when it comes to managing your money. Visit your local financial institution to find more resources on budgeting and spending.