Strategy #4: Simplify your banking.
If you have relocated to attend graduate school, you may need to establish a new bank account in the area. Even if you have an account, it's a good idea to evaluate how well your bank is serving your current needs. For example, does your bank offer a low- or no-fee checking account that doesn't require a minimum balance? Shop around for the best deal possible.
Follow these practices to simplify your banking:
- Record all written checks, deposits, and ATM and debit transactions immediately in your checkbook. Recording these transactions right away frees you from having to remember them later on and lets you focus on school-related matters.
- Plan ATM withdrawals in advance. Establish a routine for withdrawing cash, such as once a week, and put the card away to reduce spontaneous spending.
- Have your paycheck direct-deposited into your bank account.
- Consider having some of your regular bills auto-debited from your bank account, but only if you're sure the funds will be available.
- Reconcile your checkbook register with your bank statement monthly or use online banking. If your checkbook register doesn't reconcile with your monthly bank statement, the effect can spiral into an expensive mess of bounced checks and overdraft fees.