Financial Tips to Do Better

Did you go to college? What did you study? Maybe you or someone you know is heading off to college; the boxes are packed, the dorm is waiting, and it's time for the important next step, but what's being forgotten?

Attending college is exciting and intimidating, and not everyone gets the chance, so take it seriously! As you prepare for college and list everything you need to take care of before classes start, don't forget to make a financial plan or add a few money-saving checkboxes to your list. When I left home for college, I was so distracted getting ready for my freshman year that I forgot to figure out my finances. It was a real wake-up call when I got my first paycheck from my college job and had no way to cash it. Thankfully, now you can use digital banking to deposit checks from almost anywhere.

We have some finance tips to ensure that you're not forgetting anything important, as well as a few tips to help reduce the cost of attending college.

TAKE ADVANTAGE OF STUDENT DISCOUNTS

I miss my student discounts more than I do the college camaraderie; THEY'RE THAT GOOD. Seriously, take advantage of student discounts while you can. If you're living on campus, a nice little college town has probably sprung up full of local or chain businesses that will offer special discounts to college students. Take advantage of your own mini walkable city.

Check with your school's student center to see if they have a list of participating companies, or you can browse student websites to find a discount database. If you're commuting or attending online, still take advantage of every money-saving advantage that you can. Usually, all you will need is your student ID card or, if you're doing something online, to link your college credentials.

"Oh, but what can I get a discount on?" Fantastic question, hypothetical soon-to-be college student I've invented.

• Movie theaters typically offer discounted tickets when you present your college ID card. Catch a movie for even cheaper than a matinee.
• Many subscription and streaming services, like Adobe, Hulu, Max, etc., offer a lower-cost tier of their service catered to students, including software companies. Entertainment, education, and computer tools at a steep discount; what more could you want?
• Lots of retail stores and restaurants offer student discounts, including national chain stores and restaurants as well as locally owned ones. Grab a bite to eat as a treat without eradicating your wallet.
• Concert venues, museums, amusement parks, and other entertainment venues in your area will likely offer reduced-price tickets for students.

Savings add up; don't feel guilty or be afraid to use the tools available to you. Use your student discount while you can! Have fun on a budget without paying the full price.

What Are You Going to Eat?

Most colleges will have meal plans that feed you a certain amount each day. Desperate to save money and avoid further debt, the meal plan I signed up for in college was one meal a day, which I quickly realized was a terrible idea.

Selecting a college meal plan can be confusing. With plans like "unlimited" and "elite" or "silver" and "gold," it can be difficult to determine the differences between each plan and which is best for you. Review the different features of each so you can choose the best option that matches your dining preferences.

Plus, you can always balance out your meal plan with stocking up on a few essential groceries to keep in your dorm room and dining out on occasion. Weigh the costs of the lower-priced meal plans versus the expenses of groceries and dining out to see if it'll help you save. That way, you won't get stuck in a rut eating the same food all the time!

Businesses in your college town might have weekly specials and deals. Keep a look out for $1 wing night, $2 sushi rolls, or Taco Tuesday specials so you can escape the campus for a bit and get a bite to eat cheaply. Make it a weekly outing and start a new tradition with your friends.

Get Your Textbooks Here

There's no way around it - textbooks are expensive. It's painful to fork over hundreds of dollars each semester for textbooks that you sometimes feel you didn't get all the value out of, but there are a few things you can do to help yourself.

Check your syllabus well before the first day of class. To avoid the hefty price tags attached to your textbooks, research renting them online or check if they've entered the public domain. You might not need a physical book at all.

However, if you need or prefer to purchase physical textbooks, there are plenty of ways to help you save. You don't have to buy all your books brand new from the campus bookstore or preferred provider - get them used! There are also several online bookstores or other sites where you can purchase books for reduced prices, buy them used, or rent them for the semester. Your college might even let you sell your textbooks back at the end of the semester. You won't get anywhere near the same amount back, but it will reduce the overall cost, and you can pocket the returned money for next semester.

How Do I Get My Money

Don't make the same mistake I did - know where the ATM in your town is, and figure out how you're going to access your finances while you're away.

• Surcharge-Free ATMs: Before you leave for school, contact the credit union to ask which ATM networks they serve. They'll likely be able to help locate several surcharge-free ATMs in your area – helping to avoid costly fees.
• Get Cash Back: If ATMs on or around campus charge withdrawal fees, no worries! Use your debit card at grocery stores and request cash back. It's a quick and easy way to get money and avoid pesky charges.
• Shared Branching: As a credit union member, you have access to a Shared Branching network that includes over 5,000 branch locations in all 50 states. At any Shared Branching location, you can deposit, withdraw, or transfer funds, cash checks, make a loan payment, and more.
• Access Your Funds Anywhere: With our Digital Banking app, you can access your accounts anytime, anywhere – never worry again about accessing your money while living your busy life. Use the app, or log in online and take care of all of your needs. Make a habit of checking your account regularly and stay aware of how much money you’re spending while you’re away at college.

We’re Here to Help!

You (or your loved ones) should be able to go to college and be excited. Do what you can to defuse financial worries before you arrive – make a financial plan you can stick to. Little costs can add up quickly, so staying on top of your spending is crucial. By taking advantage of these tips, you can manage your money successfully and save when possible!

If you’re heading off to college soon, we’re here to help you prepare. Please stop by any of our convenient branch locations or call 800-834-0432 to learn which tools and accounts will serve you best as you set out on your own. And parents, we’re here to answer all your questions and ensure your child has access to everything they need to manage their money responsibly.

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Each individual’s financial situation is unique and readers are encouraged to contact the Credit Union when seeking financial advice on the products and services discussed. This article is for educational purposes only; the authors assume no legal responsibility for the completeness or accuracy of the contents.