NORTH HAVEN, CT (September 19, 2013) -- As summer winds down, many young adults will head to college this fall. Managing personal finances can sometimes pose a challenge for college students, especially when you consider the cost of education, books, housing and day-to-day living expenses. As we say goodbye to summer and hit the books, Connex Credit Union offers financial tips and “smarts” for the back to school season.
“For many college-bound students, heading off to college is a first step toward financial freedom,” said Frank Mancini, President, Connex Credit Union. “It’s often the first time to managing your own expenses in a way that’s much different than living at home. We want to offer some tips to get you off on the right start and so that you don’t find yourself in a financial predicament”
Tip # 1: Establish a “Credit Union” relationship for your banking needs. Focus on two things: free and electronic. Look for free checking accounts, free online bill pay and mobile banking services including remote check deposit. Make sure the credit union participates in a nationwide surcharge-free ATM network, like Allpoint with over 43,000 surcharge-free ATMs nationwide. Also, look for balance alerts and an institution that participates in a Shared Branching network giving access to your account at over 5,000 branches nationwide. These will save you time and money. Fees can add up and if you’re not careful you can pay more than what you bargained for!
Tip #2: Create a budget so you can see how much money you are earning, how much you are allowing yourself to spend and how much you can save. Be realistic about how you budget your money; don’t overestimate how much you think you will make in a semester and don’t underestimate what you think you’ll be able to get by on. Plan on unexpected expenses as you can’t always predict where your money will go during the semester. Save money for potential emergencies or unexpected expenses.
Tip # 3: Track your expenses. It’s not enough to have a budget if you don’t pay attention to it. Every couple of dollars can add up to a lot. See where you’re spending your money and where you can save. Get it down on paper to see what you’re actually spending—you may be surprised! Use our free program called Finance Works to help you.
Tip #4: Manage your time wisely; newfound independence comes with juggling new responsibilities. A free checking account that provides multiple online and mobile services will help you save time and money. Most of your banking needs can be done from your dorm room at any time of the day or night. If you have a part-time job, use direct deposit to have your paycheck automatically deposited into your account. Plan your day each morning or night before and set priorities for yourself; do first things first!
Tip # 5: Don’t be afraid to ask for help! Students will make mistakes just like we all do. What is important is finding that balance of education and financial responsibility that allows students to take the lead in their decision-making processes. Chances are you know someone who has gone through or are going through the same thing you are and they can help guide you on your new journey.
“These tips can help you start your year off right,” says Mancini. “In addition, some other helpful tips would be to be careful with credit, don’t live beyond your means, and consider renting your books. If your schedule allows it, get a part time job, as it is always good to have extra income. Take advantage of student perks such as free tutoring and student ID discounts. And don’t forget to call home. Have a great semester!”
For more information and resources, please visit www.connexcu.org.
About Connex Credit Union
As the Unbank, Connex Credit Union is one of Connecticut’s largest credit unions serving more than 47,000 members at 7 branches throughout greater New Haven. Headquartered in North Haven, Connecticut, Connex is a full-service member-owned credit union that offers members a full-range of financial services and products, including savings and loans, Unbank Checking, Smart Score credit score range, free online and mobile banking and more. Connex also participates in a Shared Branching network giving access to your account at over 5,000 branches nationwide. Membership is open to anyone who lives, works, attends school or worships in New Haven, Hartford or Middlesex Counties. It’s time to Unbank! For more information please call 1-800-CR-UNION or visit www.connexcu.org.