With college comes increased responsibility. Knowing how to manage your finances early in your college career can serve as a catalyst for managing greater earnings in the future and can help you avoid costly mistakes. It is extremely important that you do the necessary research and preparation to make sound decisions regarding your finances.
Here are some tips to help you establish a strong foundation for managing your money as a college student:
- Prepare a monthly budget. This is the most important step in the process. Identify your needs and their costs (rent, food, gas, phone, school supplies,…
Opening an account for a child can be more than just a significant financial gesture; it can also serve as a valuable financial learning tool for the beneficiary as he or she grows older. Three types of accounts commonly opened for or on behalf of a child are UGMA Accounts, Coverdell Education Savings Accounts and 529 Plans. They each differ in terms of contribution and participation limits, taxability, control, and investment options. Each one has its advantages and disadvantages to the donor and the child. Below is a brief summary of each.
Uniform Gift of Minors Act (UGMA)
These accounts can be immediately helpful…
As fall approaches, the days begin to get shorter, the nights get cooler and parental priorities shift towards the upcoming school year. Whether you have a child heading off to college or just starting elementary school, financial literacy is a very important part of the education process. Below are some financial tips for students of all ages.
Tips for the college student
- Effective Budgeting – Sit down and plan out what weekly/monthly bills your student will have. This will ensure that they know how much disposable income they have for “fun” purchases each week.
- Plan Purchases – Build larger item…
As summer quickly passes by, former high school seniors will soon walk through a door to a new beginning – college. Along with the college experience comes increased responsibilities including living miles from home, new expenses and temptations. Here are a few tips to prepare for managing your bank account at college:
Find an account that fits your needs by asking yourself these questions:
- How do you plan on using your account?
- ATM withdrawals
- PIN based purchases
- How do you plan on accessing and managing your account?
- Online banking
- Mobile app
- What additional benefits and features does your account offer?