3 Financial Moves to Make Before You Go Off to College

Going off to college for the first time is an exciting milestone. After all, you're leaving the nest (albeit temporarily) and are finally going to get to live on your own (well, more likely in a packed dorm, but it isn't your parents' house, so there's that).

But it's important to make sure you're financially prepared to go to college. And with that in mind, here are a few key moves you'll want to tackle this summer.

1. Set up a budget

You may have plans to hold down a job while attending college. Or maybe your parents will be giving you a specific allowance. Either way, do your best to estimate or understand how much money you'll have available to spend each week or month, and then figure out a budget that allows you to cover your needs.

Let's say your parents are paying for your dorm and meal plan, but you'll need extra money for things like your cellphone, personal care items, dorm supplies, and leisure. If your parents are willing to transfer $200 a month into your bank account and your cell phone costs $90, you know you'll have $110 to spend on your remaining expenses. A budgeting app might help you keep track of those expenses.

2. Apply for a credit card or get added as an authorized user on one

You generally need to be 18 years old to apply for a credit card. Some people, however, go off to college at a younger age.

If you're not old enough to get your own credit card, or if you're not approved for a credit card of your own (which might easily happen if you don't have any sort of credit history), then you should talk to your parents about getting added as an authorized user on one of their cards. It's important to have a credit card to fall back for true emergencies, such as if you end up in the hospital with an illness or injury and need to pay for treatment.

Of course, if you're going to get added to your parents' credit card account, they'll probably want to set ground rules. They may tell you that you can only use their card for true emergencies. And even then, they might ask you to let them know before you use it. Make sure to follow those rules so you don't upend your parents' finances and lose that privilege.

3. Boost your savings

Just as you may want a credit card to fall back on when you head off to college, so too will you appreciate having savings. If you're working this summer, stick a large chunk of your earnings into your savings account so you have money to tap when you need it.

You might also want the flexibility to spend money on leisure and entertainment while you're away at college. Having savings allows you to do that without incurring debt.

You may be growing increasingly excited by the day about leaving for college. But take some time this summer to check these important financial moves off your list before you depart.