Class Is In Session: Financial Tips For College Students

For many students, college is the first time you are living away from home and are experiencing a newfound freedom and with that, responsibility. How you manage your finances is just as important as making it to class on time and can help set you up for a successful future whether you are starting classes as a first-year student or entering the world as a recent college graduate. Here are some financial tips to set you on the path to success.

Build Good Credit

One of the biggest challenges when you’re first embarking on your financial journey is understanding credit. Establishing strong credit will help you expand your opportunities later in life, whether it be furthering your education, applying for a car loan, or renting an apartment. New graduates and college students often get inundated with credit card offers in the mail, which can lead to confusion if the offer looks compelling. Consult with a trusted family member before making a big decision like opening a credit card. There are varying interest rates depending on each offer, which can add up if you cannot pay off the balance in full. Some gain credit card experience before college by becoming an authorized user on their parent or guardian’s accounts as young as age 14. This allows people to establish credit at a young age without having an actual credit card. But it’s important to keep in mind that if the parent or guardian doesn’t pay, it could negatively affect the child.

Track Your Spending

Create a budget to track your spending and come up with strategies that make sense for you depending on your priorities. For example, limit purchasing expensive coffee every day on campus or spending money on food delivery to your dorm. By cooking or purchasing a coffee maker you can save in the long run. You might be surprised how much you can save each year by cutting out unnecessary expenses. As a college student or a recent graduate, budgeting will help you manage your wants to keep them under control.

Ask for Help

It is always the right time to ask for help. The Workers team is always available to ask questions and get advice that can lead to a financial plan that works for you. Open an account for your rent, create an emergency savings, or open a checking account that pays you cash back. Workers is here to help you feel confident about your finances.

College can be overwhelming and entering the real world after college can be daunting. Workers Credit Union offers products and services that will help you achieve financial wellness at any stage of life, like our Advantage Checking accounts that pay you cash back or earn high interest.