Personal Finance Tips for College Students

Posted by Lone Star CU on 09/21/2020

September listicle header graphicThe college years are a time when many people establish financial habits that will carry them for the rest of their lives. Get started on the right financial foot with these tips:

Spending plan: Know how much money you have available for college expenses. Create a workable monthly spending plan that balances income, loans, and gifts with anticipated expenses.

Records: Use an app to track expenses or monitor expenses online. Tracking expenses will help you see where your money is going and adjust your spending as needed. Also, remember to review your financial statements every month.

Credit cards: Commit to paying credit card bills in full and on time each month. Using credit wisely teaches you how to live within your means while creating a positive credit record that could help when buying a car, renting an apartment, obtaining insurance, and even landing a job. If you are just starting your credit journey, a LSCU Share Secured Credit Card can help you establish a credit history.

Organization: Keep all financial records, bills, and account statements in one location. This will help you pay bills on time, avoid late fees, and keep an unblemished credit score.

Personal information: Learn about the different forms of identity theft, the kinds of personal information you need to protect, and how to protect information—even, and especially, from friends and roommates. Learn the pitfalls of careless use of social media.

Keep the future in mind: It’s tempting to spend for today and not think about tomorrow. But good financial habits will benefit you today, tomorrow, and years in the future.

Consider refinancing: Do you have multiple student loans from different companies or schools? LSCU can help! We offer a seamless loan refinancing program that can make your life easier and less stressful.

If you’re looking for help choosing a college, LSCU offers Edmit free to our Members. Edmit provides personalized college recommendations based on your family’s finances and student’s academic merits.

Topics: advice for members