Top 5 Financial Tips for College Students

Posted by GO Federal Credit Union on October 3rd, 2019

Heading off to college is a big step towards independence for a lot of Texas students. One of the most important things they need to know is how to make smart financial decisions. GO Federal Credit Union has got you covered with the top 5 things every college student needs to know about finances.

1.    Be organized
Knowing when your bills are due, what you need to purchase for classes, and keeping track of all-important dates are going to be key in saving money by avoiding late fees and higher costs.

2.    Monitor your accounts
With online banking available at your credit union, monitoring your account balances has never been easier. Use mobile apps to set alerts and verify account balances before any major purchases to avoid overdraft fees and potentially wrecking your credit.

3.    Fraud and theft protection
Protecting your finances is crucial in today’s world of technology. Don’t use public WIFI for financial transactions and when possible, protect your passwords, and keep valuables in a secure location. When using person-to-person payment apps, make sure to verify that you are sending money to the right person.

4.    Smart shopping
Being smart about shopping always starts with comparing item prices before purchasing. Look for coupons and discounts online and try to avoid impulse purchases.

5.    Have a weekly spending plan
This might be the most challenging part to stick to, but having a weekly spending plan for food, activities, entertainment, clothing, supplies, and transportation is key in successfully managing your finances. Many students may find it helpful to keep two accounts and transfer each week’s money into one account to lessen temptations.

Implementing these tips before you get into bad spending habits will set you off on the path to a stable financial future and reduce added stress down the road.

About the Author

Based in Dallas TX, GO Federal Credit Union has committed itself to empowering its members through meeting their various financial needs. Like any other credit union, GOFCU is also a not-for-profit financial institution.

Federally insured by NCUA and Equal Housing Lender