Monday, August 15, 2011

BACK TO SCHOOL: FINANCIAL STEPS FOR THE COLLEGE BOUND

Books, binders, dorm décor – we know you already have a lot on your list to prepare for college this fall.  One more important step is to prepare your financial checklist.

Heading to college may seem scary but you can prepare yourself financially for any situation that might occur.  Community Financial Credit Union recommends adding this financial checklist to your college preparations.

1.  Open a free student checking account. Our student checking accounts come with free online banking and eStatements, making transactions easy when you’re out of town.

2.  Get a Visa® Check Card attached to your bank account to make purchases while you’re away at school wherever Visa is accepted.  It also works as an ATM card so you can get cash at thousands for machine.  Community Financial does not charge you foreign ATM fees.

3.  Open a Visa® credit card. Credit cards can help you handle emergencies. Our Platinum Visa Card for students comes with a low fixed rate and a Points2U Reward Program.  Read our previous post on how to use a credit card for building your credit.

Here are some additional tips. When you’re on your own for your first time, take extra steps to protect your personal information. Make photocopies of all the cards and important data in your wallet and store the copies in a safe place.  If your wallet is lost or stolen, it will be handy to have these documents. 

Monitor your accounts online. This will help protect you from any unauthorized use of your personal financial information.  College.gov offers useful tips for avoiding bad deals and scams aimed at college students.  Monitoring your accounts can also help you maintain a balanced budget.  For college budgeting tips visit Federal Student Aid.

Remember that preparation is the first step toward success in college. Prepare a thorough list that will enable you to feel satisfied as you check off your tasks and head to college financially equipped. 

For more information, please contact Community Financial at (877) 937-2328.  We will be happy to assist you.


Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.

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