Top Financial Tips for College Students (and Parents!)

College is more than writing papers, pulling the occasional all-nighter and hanging out with good friends. It’s also an exciting leap forward toward greater independence and self-reliance as an adult.

At UW Credit Union, we’re here to help students and parents alike prepare for the big educational adventure ahead, especially when it comes to developing budget-savvy habits.

That’s why we encourage college students and their parents to work together and follow these tips for financial success. Think of it as a Financial Wellness 101 group study project!

1. Create a budget or spending plan

• Talk about true living costs and financial needs in college
• Identify who is paying for what
• Discuss smart choices for spending on fun activities

2. Learn how to use credit wisely

• Explore student-oriented financial products and services
• Discuss credit scores and research positive credit practices (e.g., making on-time payments, etc.)

3. Take ownership of student loans

• Understand the FAFSA process and disbursement schedule
• Learn about loan options, terminology, and how student loans work
• Determine if repayments start during college or after graduation

4. Protect personal information

• Monitor financial accounts for unauthorized activity
• Learn how to keep credit and debit cards, passwords, etc., secure
• Understand identity theft and how to avoid it

5. Identify financial services that fit specific needs

• Learn about checking and savings account options
• Explore ATM fees, minimum balances and special features
• Identify how to transfer money between accounts and financial institutions

Easy, Smart and Stress-Free Options for College Students

Here’s another tip for financial success: Before classes start, it’s a smart move for students to set up their financial accounts ahead of time, ideally before high school graduation, so they’ll hit the ground running.

UW Credit Union offers several hassle-free accounts that are a good fit for college students, whether they’re attending school in Wisconsin or anywhere else in the U.S.

Good luck with the academic journey ahead!