Useful Tips for College Students
Going to college can be a lot of fun, but it can also be a stressful time. Dealing with predatory lenders, credit card companies, and the cost of books can take its toll on anyone. Here are some useful tips to help you make it through college with some money left in your pocket. Follow these simple rules and all you’ll have to worry about is making it to class!
Tips for College Students
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- Direct deposit can help you avoid check cashing fees and to get your money in your hand sooner. Services like online banking and BillPay make it easier to check your account and pay all your bills without leaving your couch.
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Pay yourself first. Setting aside a little money in a savings account every check can help you start saving. You can use automatic transfers to help you remember and with the power of compound interest you’ll be ahead before you know it.
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Credit union perks can help you get ahead faster. A Wright-Patt EasySaver account rounds change into a savings account with every purchase, and TrueSaver pays a high yield from the first penny in your account.
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- Monitor your spending. Limit yourself and plan your spending for things you need, and be careful of things you want. If you set aside a certain amount for entertainment and watch your spending, you’ll see your savings grow. Using cash instead of your card makes it easier to keep track of where your money goes.
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Online tracking features in Home Banking help you monitor yourself. Online services such as Mint.com are also great tools.
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- Is a free t-shirt really worth your credit future? NO. So be careful of tempting offers from other credit card companies.
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We understand that credit cards are a necessary part of life, but high interest rates are not. Make sure you get the best deal with a low fixed interest rate past the promotional period and check out the fees and penalties. Paying your credit cards on time will help you avoid fees and interest rate increases.
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Remember that a credit card is a loan, and the interest can add up quickly. It can take 34 years to pay a $2,500 purchase off if you only make the minimum payment. That can be scary, so pay your credit cards off as early as possible.
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- Debit cards are a convenient way to purchase and help you avoid the hassle of a check. But, you have to be responsible with these too. Since the money comes directly from your checking account, there’s no interest, but be careful not to over-spend. Use cash to avoid over swiping your card. Don’t forget to keep track of your spending like you would a check, and monitor your account online.
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- Many companies offer great student discounts. Make sure you ask if there’s a student discount when you’re at a restaurant, buying a movie ticket, or even a car. Being a student comes with a lot of great perks that some people don’t know about. Search around and you’ll find a lot of great discounts.
- Scholarships and grants are available and many go unused. It may take some research to find them and apply, but it’s worth it. You may find yourself without student loans when you graduate.
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- Good credit is important! It can affect your loan rates, insurance rates, and even what kind of job you can get. Students need to be especially careful not to damage their credit during college. Be wary of loans and credit cards that seem to good to be true.
- Monitor your score online, check for mistakes in reporting and always pay loans and credit cards on time. Check out AnnualCreditReport.com for some useful tools.
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- Every loan you take has to be paid back.
- If you need private funding, check the rates, terms, and especially fees. Some lenders add origination fees and other penalties that make the loan riskier than it may appear. The WPCU Student Choice loan has no origination fees, lower interest rates, deferment and flexible terms to help you avoid the rising cost of college.
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- It’s easy to feel overwhelmed, but debt counseling can help you feel better. Take advantage of great services such as GreenPath Debt Solutions at WPCU. Whether you need help now, or are worried about the future, GreenPath can help. It’s free and confidential and can help you work out a plan to get ahead.
