United Bank's 10 Money Management Tips Every College Freshman Should Know
August is here and that means over the next few weeks colleges and universities will be welcoming to campus their 2016 incoming freshmen class.
But before they head off to college, United Bank wants to share some personal finance and money management ideas we think every freshman should know. We also want to provide this information to our customers who may have sons or daughters about to begin college so you too can remind them of what they can do to be responsible with their money and get a start on building a sound financial future.
Here are 10 money management tips to help every college freshman take control of their financial future and avoid unnecessary expenses now to reduce any financial burden when they graduate:
- Create a budget. You’re an adult and are responsible for managing your own finances – so create a realistic budget and stick to it.
- Watch your spending. Spend wisely and increase savings by cutting unnecessary expenses like eating out or shopping so that your money can last throughout the semester.
- Use credit wisely. Understand the responsibilities and benefits of credit. How you handle your credit in college could affect you well after graduation. Shop around for a card that best suits your needs.
- Take advantage of our banking resources. United Bank offers online, mobile and telephone banking so you can manage your account 24/7. Use your smartphone to check balances, pay bills, deposit checks and monitor transaction history. We have a new checking account that would be a perfect fit for every college student’s banking needs Simpl-e Checking and they can apply for it online!*
- Lookout for money. There's a lot of money available for students - you just have to look for it. Apply for scholarships and look for student discounts or other deals.
- Buy used. Consider buying used books or ordering them online. Buying books can become very expensive and often used books and other class material are in just as good of shape as new ones.
- Entertain on a budget. Limit your “hanging out” fund. There are lots of activities to keep you busy in college and many are free for students. Get the most from your student ID. Use your meal plan instead of eating out.
- Use only your bank’s ATMs. Avoid fees by using ATMs owned by or affiliated with your bank. If you must use an ATM that is not affiliated with your bank, take out larger withdrawals to avoid having to go back multiple times. United Bank is part of the Allpoint ATM Network – which means our customers have access to over 55,000 ATMs worldwide to use surcharge free. For more information, visit Allpoint - Surcharge Free ATMs Worldwide
- Expect the unexpected. Things happen, and it's important that you are financially prepared when your car or computer breaks down or you have to buy an unexpected bus ticket home. You should start putting some money away immediately, no matter how small the amount.
- Don’t be afraid to ask. This is a learning experience, so if you need help, just ask. Your parents or our bankers are a good place to start.
For more tips like these as well as other resources covering personal finance topics, visit the American Bankers Association’s (ABA) website for consumers at aba.com/Consumers.
Content for the Money Management Tips was provided by the ABA. Links to third party sites are provided for your convenience. United Bank is not responsible for the content available at the third party sites.
* You must sign up for electronic banking as a condition of this account. Only electronic statements will be provided with this account. Conversion to another account option will occur in the event you do not elect electronic banking or wish to receive paper statements. Certain terms and conditions apply. Please see the Consumer Account Agreement and Disclosures for details. Message and data rates may apply.