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Home > Top 5 Financial Tips for College Freshman

College Financial Tips

8/14/2023

Top 5 Financial Tips for College Freshman

1. Avoid High Bookstore Prices

  • Buy or borrow books used from upperclassmen who have already taken the class.
  • Check prices from book resellers such as Amazon and eBay for the best prices.
  • Consider renting your books for the semester instead of buying.

2. Use Credit Responsibility

  • Read the fine print on too good to be true credit card offers.
  • Since you are beginning to build your credit, you should start with a credit card with a low interest rate with no annual fee.
  • Avoid acquiring multiple credit cards and racking up debt that you cannot pay off.

3. Minimize Student Debt

  • Remember that student loans should be used for tuition, books, housing, and meal plans – not spent on an extravagant social life.
  • Get a part-time job or a work-study position to earn extra money.
  • Even though student loans aren’t due until after graduation, start paying them off as soon as you can to minimize the total amount due upon graduation.

4.  Set a Spending Limit

  • Costs from unnecessary purchases can add up fast, especially when you are living on a budget.
  • Set a limit of your non-essential spending in your budget, such as $50 or $100 per month.
  • If you come in under your spending limit at the end of the month, save the extra money.

5. Utilize Connected Credit Union's Services

  • If you are moving away for college, you can still do your normal banking via Shared Branching. With over 5,400 locations across the nation, chances are you’ll be close to a CO-OP Shared Branching location.
  • Earn rewards through your Connected Debit Card on everyday purchases! With our UChoose rewards program, you'll earn rewards to redeem for cash, travel, or gift cards when you sign for your purchases instead of using your PIN. Remember: Sign, don't PIN, it's a win/win.
  • Download the Connected CU mobile app for convenient banking anywhere, anytime. Check your account balance, mobile deposit a check, transfer funds, and more!  It is available in the App Store and on Google Play.

 

 

Disclaimer: Any reference made in this blog to a specific product, process, or service does not constitute or imply an endorsement by Connected Credit Union of the product, process, or service, or its producer or provider.



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