Part of entering adulthood is building your financial literacy. Getting into the habit of keeping records and managing a budget while you're still in college can make the transition into your late 20s and 30s much easier to navigate.
Many students put off building those skills, however. According to a 2015 survey, 65 percent of students gave themselves a poor grade when it came to their money management skills.
You can improve your financial literacy today by implementing a record-keeping system for the student check stubs you'll see in college. Here are three types of student check stubs you need for your records.
1. Your Student Loan Disbursement Stubs
If you're one of the 44.2 million students racking up student loan debt, you need to pay attention to your disbursement stubs.
Each time you receive your student loan money for the semester, you should also get a disbursement stub. This check stub will include information like the date of disbursement, the amount of your loan, and other financial tidbits you'll need to know about after graduation.
Keeping a close eye on how much money you have coming in through your loans can keep you from blowing your budget before the semester's out. A thorough record of your borrowing can also save you from defaulting on your loan payments after graduation.
2. Your Tuition Payment Stubs
Most of the money from your student loan payments will go toward your college tuition. You should receive a receipt from your school's bursar office each time you make a payment.
The same rings true if you're paying for your schooling out of pocket. Be sure you always ask for a payment stub every time you put your hard-earned money toward your education.
Make sure you keep a copy of these receipts, too. Not only is it good to track such a big expense, but a detailed receipt can save you in the event of an administrative error. If your bursar somehow misplaces a payment, your receipt can save you from missing out on your education.
3. Your Employment Check Stubs
If you're working a regular job during college, you'll receive a check stub every payday. Your check stub contains valuable information that can help you budget and plan for tax time.
Your check stub will tell you the number of hours you worked per period, your wage, and the amount of money withheld for taxes. It should also show you your total earnings for the year.
If you're working a student job or volunteer position, it's still a good idea to get a check stub a few times per month. A stub can help you track your hours and prove your time worked. That's essential if you're working for class credits.