Managing your finances as a college student means paying for textbooks, meal plans and supplies on a limited budget while still finding cash for concert tickets and nights out.
Making a habit of saving, investing and budgeting early can get you on the road to financial success. Having an emergency fund, for example, will allow you to cover unexpected expenses, from car repairs to broken laptops.
CNBC Select rounded up the best money apps for college students. They're easy to use but effective when it comes to managing your cash, so you can begin to dip your toe into money management and build a stronger foundation for your future.
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
$4.16/month for Core Plan with discount
With Monarch, you can track your expenses, net worth, investment portfolio and more. Collaborate with your partner and save reports to stay on track and achieve your financial goals.
50% off limited-time offer: $2.99 per month for the first year, then $5.99 per month (billed annually). Seven-day free trial
Users can run customizable reports based on their spending, income and savings. Personalized spending plan adjusts in real-time.
Best money apps for college students
For learning how to budget
Goodbudget
Cost
Free for 20 total envelopes; $8/month (or $70/year) for unlimited envelopes
Standout features
Allows users to plan their household's spending using the "envelope method," where they allocate a certain amount of their income into categories like groceries, rent and debt payoff. Users are only supposed spend what's in their envelopes and if they go beyond their budget the envelope will show red to indicate that they overspent
Categorizes your expenses
Yes, but users can customize
Links to accounts
No, users manually create "envelopes" and input their transactions
Availability
Has a web-based version, and also offered in both the App Store (for iOS) and on Google Play (for Android)
Security features
256-bit bank grade encryption in a data center
Terms apply.
Budgeting may sound intimidating, but it's simply a plan for how you'll spend your money each month. When you know what's coming in (i.e., how much you're earning), you can more effectively manage how you choose to spend it. There are many different ways to create a budget, but beginners who want to manage their money on the go should check out the Goodbudget app.
The app is pretty much the digital version of the envelope method, a budgeting strategy where you label a few envelopes with different spending categories and put a certain amount of cash into each. Once you spend all the money, you'll need to wait for your next paycheck (or the next month) to replenish your envelopes.
Goodbudget pretty much uses the same idea, but instead of real envelopes, you'll have digital ones. You can label them to indicate things you usually spend on — for example, school supplies, gas, fun money and food. Each category will have its own envelope. You'll divvy up your paycheck among each one, and you're only allowed to spend the amount allocated in each envelope.
If you overspend, the envelope will turn red to indicate that you went over budget.
Unlike most budgeting and expense tracker apps, Goodbudget does not link to your bank accounts. You have to manually create the digital envelopes and input your transactions. The app gives you 20 envelopes for free, or you can sign up for unlimited envelopes for $7 per month, or $60 per year. You can learn more about Goodbudget in our roundup of the best budgeting apps.
For saving money
Oportun Set & Save
Minimum balance
None
Monthly fee
30-day free trial; $5/month
Maximum transactions
None
Excessive transactions fee
None
Overdraft fees
None
Offer checking account?
No
Offer ATM card?
No
Terms apply.
When it comes to saving money, every dollar adds up — especially when you're consistently stashing small amounts over time. That's pretty much what Oportun Set & Save is here to help you do.
The app connects to your bank account and automatically saves small amounts of money for you each day. This could be 75 cents, one dollar, five dollars or anything in between. (You can indicate a maximum amount you want Oportun Set & Save to save on any given day.) Oportun Set & Save puts saving on autopilot, so you don't have to manually move money into a separate account.
You can also create different goals to save toward, like a spring break trip or a new laptop. And if you don't have any specific goals in mind, you can just save money for the sake of getting a jump start on post-grad life.
For cash back without a credit card
Rakuten
Cost
Free
Cash back
Yes
Coupon codes
Yes
Mobile app
Yes
Works with in-store purchases
Yes
Welcome bonus
New users can earn a $10 bonus after spending $25 on purchases made in your first 90 days. You also may be able to earn an even larger bonus if you're referred by a friend.
How to redeem your savings
Rewards are issued quarterly.
Terms apply.
Once you're in college, some expenses are just hard to escape, like textbooks and groceries. But it's nice to earn a little cash back on these essentials. That's where Rakuten comes in. It's both an app and a browser extension that can help you earn cash back when shopping online or in-person.
To get started, connect your debit or credit card(s) to the app. Then, when you make a purchase from a brand within Rakuten's network (there hundreds to choose from), you'll receive a certain percentage in cash back. The cash back gets paid out quarterly and can be a great way to boost your savings just by buying things you needed anyway.
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Bottom line
While using apps to manage your money may not be a good fit for everyone, one thing's certain: practicing good habits are essential for building a strong financial foundation – and college is a great time to start! Keep in mind that personal finance is personal – whether you love an app that automatically syncs your bank account info or you prefer creating your budget manually, there's a method out there for pretty much everyone.
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