With college starting for freshmen across the country, now is also the time to be thinking about money. Why? Because for many freshmen, this will really be their first time handling money on their own. They will have to pay bills, handle budgets, find a bank, and be faced with choices around credit cards and insurance.
It’s important that parents prepare their college freshmen for these money choices, just like they would prepare them for other life decisions.
Here are ten of the most important choices, and some amazing tips to go with them.
1. Find A Bank That Works With Your College Situation
Going off to college presents a great opportunity to evaluate your banking options and determine what’s best for your new circumstance. The account and financial institution that made sense for your high school self might no longer provide you the greatest value – especially if you’re moving far away.
Incoming college students should spend time doing research to ensure that they find the banking products and services that meet their new needs and will ultimately help them save money. For example, some banks offer accounts with reimbursement for out-of-network ATM fees and a low minimum daily balance requirement, which could especially benefit college students. Other banking features that could be particularly convenient for students include mobile remote deposit capture, online bill pay, and person to person payments.
- Lindsay Sacknoff, Senior Vice President of Retail Deposit Products and Pricing at TD Bank
2. Keep Your Personal Finances Mobile
It’s important for millennials to be smart with their money and know how to properly invest, save up, and pay off their debts. In our modern times, millennials have no excuse for not setting up a savings account. Using your phone makes saving and budgeting very easy. I personally recommend the following apps:
- Level – Gives you a real time image of your money and spendings.
- SavedPlus – Savings slider, helps you automatically transfers into savings account, put change into savings account
- Mint – Organizes your spendings into categories.
- Neil Grossman is a financial expert and chief investment officer at TKNG Capital.