Throughout the country, classes are now back in session. With a global pandemic still underway, the back-to-school season is looking significantly different across all grade levels. However, as colleges resume, some lessons still ring true: get to know your professors, always take advantage of extra credit, and create a plan for financial success.
College is often the time when students prepare for financial independence, and it’s the perfect opportunity to establish positive money management habits. Here are our five money essentials that should be on every student’s college checklist this fall.
Know your fees.
If you’re opening a new checking or savings account separate from your parents, be aware of the fees that your financial institution may charge. Is there a minimum balance you must maintain in your account at all times? Are there fees for using ATMs outside of your network? How much will it cost if you overdraw on your account?
We suggest joining a credit union. As a not-for-profit financial cooperative, a credit union typically will offer higher interest rates on savings accounts, lower interest rates on loans, and lower or fewer fees. Addition Financial offers Aspire Checking Accounts, which have specific perks for college students (read: no minimum balance requirements, free money orders, and other benefits).
Take advantage of student discounts.
Your college ID badge is helpful for more than just library access and free printing on campus. With a student ID, you can get discounts at some retailers and entertainment venues, along with cheaper tickets to local and national attractions. A simple Google search will help you find the most up-to-date list of vendors who offer student discounts, but it never hurts to ask at the check-out. Be sure to keep your student ID with you!
Make responsible credit decisions.
Gone are the days when banks could sign you up for a credit card in exchange for a free T-shirt, but students should still keep a watchful eye when making decisions around credit. Consider starting with a secured credit card to help you build credit responsibly (Addition Financial offers partially secured credit cards with our Aspire Checking Accounts!). Although it may be tempting, avoid opening store credit cards without really reading the fine print. Often these cards have high interest rates or other hidden costs, such as an annual fee. Avoid relying too heavily on credit – instead, consider using the card for groceries, gas or another necessary expense that you know you will pay off each month.
Keep your information safe.
During stressful times like a pandemic, scammers often prey on the emotions of others to gain money or valuable information. Do not share your PIN with anyone, and know that your financial institution will never call you and ask for account numbers, passwords or other personal information. In addition, be careful not to share this information with roommates. Shop only on secure websites and shred paperwork with sensitive information on it. If in doubt, check your credit report periodically to make sure no inquiries have been made or accounts opened in your name without your knowledge. Right now, AnnualCreditReport.com is offering free credit reports from all three bureaus once a week through Spring 2021.
Know what is in your account at all times.
With online and mobile banking at our fingertips, it’s easier than ever to keep up with your accounts. Keep an eye on your transactions every day to ensure that you don’t spend money that isn’t in the account. By overdrawing your account, you can end up spending a lot more in fees than you ever would have on the product or service itself. It’s also important to monitor your transactions to ensure that there are no fraudulent purchases. If someone does get ahold of your debit or credit card, you’ll want to report this to your bank or credit union right away to minimize any damage and to secure your accounts.
As students head back to school this fall, we wish you all the best in your classes and beyond!
Valerie Moses is a Senior Relationship Manager at Addition Financial Credit Union, where she manages public relations and various Central Florida partnerships. When she is not at a community event or cheering on the UCF Knights, she can be found at her lifestyle and travel blog, Wellness & Wanderlust.
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