5 FREE smart money tips for Alabama college students

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Heading off to college comes with all sorts of firsts: your first class schedule, your first roommate and, for many students, your first real taste of managing money on your own.

Between tuition, textbooks, groceries and the occasional late-night Target run, it can be easy for your budget to get away from you. The good news is, you don’t have to have it all figured out on day one.

We met up with the team at AmFirst and talked to financial coach Cindy Lopez about a few smart money moves to help college students build a strong financial foundation—one small step at a time.

1. Only borrow what you actually need

Student loans can be an important resource for paying for college, but Lopez recommends thinking carefully before accepting the full amount you’re offered.

Beyond student loans, college can come with plenty of moments that feel urgent. But an emergency doesn’t always require an immediate financial decision.

“If you don’t need it, don’t take more than what you need. You don’t want to accumulate too much debt early on.

If you suddenly feel like you need a car, a new credit card or another major purchase, take a breath before making a commitment. Step back and consider your options: Could you borrow a friend’s car? Use campus transportation? Wait a few months?”

Cindy Lopez, Financial Coach, AmFirst

Smart money tip: Consider a “safety net” minimum—for example, what you’d need to pay a crucial bill for 3 months—and sock that away in a savings account. AmFirst’s Pocket Change accounts are perfect, since they help you automatically save at a doable rate.

2. Start with a budget—even a simple one

Your first college budget doesn’t need to be overly complicated, just consider how much money you have coming in and what you’re spending on each month.

But don’t forget the expenses that may have been easy to overlook at home—groceries, toiletries and those miscellaneous purchases can add up quickly. Knowing where your money is going can help you avoid wondering where it went.

“Mom and dad are used to buying toiletries and buying food in the house, and when you have to do that on your own, it can really surprise you. Try to set a realistic weekly or monthly budget and limit wants in favor of needs.”

Cindy Lopez, Financial Coach, AmFirst

Smart money tip: Your first credit card can be a useful tool for beginning to build credit, but only if you use it responsibly. Start with just putting gas or groceries only on your credit card. Most importantly, have a plan for paying it back—and stick to it.

3. Look for easy ways to save + grow your savings

Saving money as a college student doesn’t necessarily mean working 20 extra hours a week. If you need a little financial boost, look into work-study or other on-campus opportunities that can make it easier to balance work and your class schedule.

You can also save by taking advantage of student discounts, coupons, sales and cost-saving apps. And if you receive a financial aid refund you don’t immediately need, consider putting some of it into savings rather than spending it just because it’s available.

Smart money tip: AmFirst’s Pocket Change account is another easy way to grow your savings—every debit card swipe rounds up and the difference lands in savings automatically. Before long, you’ve got a few hundred dollars you barely noticed saving!

4. Don’t compare your finances to your classmates

College is a time when you’ll meet people from all kinds of financial backgrounds, and it’s easy to assume everyone else has more spending money than you do. But trying to keep up with your classmates can quickly put a strain on your budget.

Whether it’s eating out every night, buying new clothes or making a big purchase because your friends are doing it, remember that their financial situation may look very different from yours.

Smart money tip: You don’t have to spend money you don’t have to fit in. Be mindful of your own circumstances and make decisions that support YOUR financial goals—not someone else’s lifestyle.

5. Don’t be afraid to ask for help

Financial aid, scholarships, student loans and banking can feel overwhelming, especially if you’re navigating them for the first time. But you aren’t expected to know everything.

“There are resources that are available. We don’t expect you to know it all.

What we do expect is that you go ask questions, and you can never ask too many questions.”

Cindy Lopez, Financial Coach, AmFirst

Smart money tip: Have some questions or need guidance with money moves? AmFirst members receive free financial wellness coaching—click here to book a session.

BONUS: A new AmFirst resource for students across Alabama

Wherever you are enrolled this semester, AmFirst makes it easy to tap into a smarter financial future. Here’s how to find out how these free resources can work for you:

• Locations: Throughout the greater Birmingham area—find a branch or ATM location near you at this link
• More info: Visit their website | follow them on Instagram or Facebook | or call AmFirst directly: 800-633-8431

And for students starting their college journey at Jacksonville State University, getting financial guidance just got a little more convenient. AmFirst recently opened a new branch at Jax State, giving students another local resource as they navigate their finances.

As your new school year begins, we hope you find these easy, free tips a great way to start off on strong financial footing. See how AmFirst has the help, resources and tools you need for a bright future.

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AmFirst is federally insured by the NCUA