(BPT) - By Mary Hines Droesch, Head of Consumer, Small Business & Wealth Management Banking and Lending Products at Bank of America

Pack your bags and sharpen your pencils because it's time to kick off another school year. Whether you're heading to college with new responsibilities or figuring out what to do with the first paycheck from your full-time job, there's no better time than the back-to-school season to prioritize financial education and refine your money management skills.

This season is all about setting the habits that will lay the foundation of your adult life, from learning to do laundry and cook on your own to managing your finances. Whether you're just starting out or already maintain a budget, here are a few tips to help you develop smart financial habits on your path to financial independence:

1. Organize your finances with a budget

Transitioning into adulthood means managing monthly expenses and bills, possibly for the first time. That's where budgeting comes in. According to recent research from Bank of America's Better Money Habits financial education team, 52% of Gen Z say they both don't make enough money to live the life they want and share that the high cost of living is one of the primary barriers to financial success. With so much unease about their financial futures, it's important for current students and recent grads to start budgeting and saving early on.

The appropriate monthly savings amount varies by situation, but an easy strategy to get you started is the 50/30/20 method: 50% of your after-tax income should cover needs (rent, groceries, student loan payments, etc.), 30% should go to wants, and 20% should go into savings. These percentages can be adjusted as needed, but this framework can help first-time budgeters.

2. Open a savings account and add to it regularly

A dedicated savings account helps safeguard your deposits and ensures you're intentional about saving. Unlike a checking account, which provides you with access to your money for everyday needs, savings accounts enable you to set aside money for bigger purchases or special occasions. This is crucial for growing your money and ensuring you can achieve long-term goals.

Take it a step further and make saving money a no-brainer by automating it. Consider digital solutions like the Bank of America Keep the Change^® program - it rounds up the price of every debit card purchase to the next dollar and automatically adds that to your savings account. Watching your savings grow can be motivating and will help you save up for things like new textbooks, a laptop, or even a fun spring break trip.

3. Build an emergency fund

Did you know 57% of Gen Z lack enough emergency savings to cover three months of expenses? Emergency funds are financial safety nets that are meant to be used, as the name implies, in case of an emergency - whether you need to replace your brakes, your apartment floods, you have a medical emergency, etc. Life is unpredictable and often throws us curveballs, so doing what you can to prepare, like building an emergency fund, is one way to get ahead of those surprises. Start small and build your fund over time - your future self will thank you.

4. Build strong credit and maintain a high credit score

Credit scores might be a vague concept to understand when you're just starting out. Think of your credit score as a financial report card, similar to the ones you get at school. To build strong credit and maintain a high credit score, it's important to pay your bills on time and in full. You can ensure that you stay on top of this by setting up reminders for upcoming expenses or using digital automatic payment tools available through your bank. Your credit score is especially important as you begin thinking about making larger purchases down the road.

5. Get a better deal for your buck with student discounts

Between textbooks, rent, groceries and having some fun, being a student requires a fairly stringent budget, but your 'student' status also comes with its perks. From tech to dining out to entertainment and online streaming services, there are a plethora of deals that you can access through your student email or your school's offerings. Take some time to scout these out and take advantage while you can.

Embracing these habits as you step into this exciting new chapter will empower you to be proactive about your finances. With time, you'll set yourself up for a smoother, more independent financial future.