Financial tips for college students
MSUFCU can help you send your child off prepared
EAST LANSING, MI (August 12, 2019) — Often on their own for the first time, college students are in a critical phase where they can begin or continue practicing responsible money management. With the school year about to get into full swing, it is important for students to take their finances into their own hands with proper budgeting and planning to help prepare them for financial success during and after college.
Deidre Davis, chief financial officer for Michigan State University Federal Credit Union, said MSUFCU offers a number of products and services as well as various financial resources geared toward college students. They include:
- Financial seminars
- Include topics on budgeting, credit, student loans and more
- Visit msufcu.org/events to browse and sign up for upcoming sessions
- Financial 4.0 website and app
- Offers blogs on financial topics, financial calculators, and budgeting tools for college students
“Responsible money management can take many forms, but some good practices to share with the college students in your life include budgeting, building credit early, spending within their means and the start of a savings habits,” Davis said, providing several tips for each area.
- Make a budget that includes total income and expenses
- Create categories and spending limits in each
- Stick to the plan to avoid overspending in certain categories
- Building credit early
- Begin making purchases and pay off credit cards each month to create positive credit history
- Will help with getting loans in the future, such as home and/or auto loans
- Will also help when getting approval on apartment leasing, purchasing phone plans, buying car insurance, etc.
- Spending within their means
- It can be easy to overspend on things like food and drinks, nights out and spring break trips – especially on credit
- Be budget-conscious and avoid maxing out or carrying a high balance on credit cards, as these behaviors will hurt his/her credit score
- Start saving
- Saving on a fixed/small income may seem difficult, but it’s worth the effort
- Try putting a small amount from each paycheck into a sub-savings account designated for emergencies, future plans, or whatever he/she needs or wants to save up for
About Michigan State University Federal Credit Union (MSUFCU)
Founded in 1937, MSUFCU has a national reputation for excellence and has received several top industry and workplace awards, including being named a Best Credit Union to Work For® by American Banker for the sixth year, a Top Workplace by the Detroit Free Press for 13 consecutive years, and a National Best and Brightest Companies to Work For® winner for seven consecutive years. MSUFCU has also been certified as a Great Place to Work® for 10 consecutive years and has been recognized by the Credit Union National Association, earning first place for the people-helping-people philosophy Louise Herring Award. MSUFCU is headquartered in East Lansing, Mich., and has 23 branches, over 350,000 members, $7.61 billion in assets, and more than 1,100 employees. For more information, visit msufcu.org.