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Freshman Five: Top financial tips for new college students

Starting college is a big deal, and it can be tough, even if you’re super prepared. Managing money is one of the biggest challenges new college and university students face. With student loans, the lure of credit cards and budgeting, it’s easy to get overwhelmed.  

That's why Georgia United is offering five top tips for financial success in college. If you understand student loans, credit cards and budgeting, you can stay financially secure during college and beyond. 


Table of Contents

CHECKING/DEBIT ACCOUNT 101

First things first, even if you’re on a full-ride scholarship, you will need money for living expenses in college. Having the purchasing power of a debit card and a digital wallet is essential.  

You need a good, reliable account with low fees, and credit unions, like Georgia United, often have lower fees than big banks because their cooperative, not-for-profit structure encourages focus on members and communities.  A credit union might be a great option for you because they return profits to members in the form of lower loan rates and higher deposit interest.  

Georgia United’s Simple Checking is perfect for college students. It features no monthly service fee, no minimum opening deposit, quick access to funds with a Visa debit card, Pay A Person (P2P) service and 24/7 access with Online and Mobile Banking. 

Bonus: if you’re also working while attending college and use direct deposit, you will get your paycheck earlier*. That’s because most employers process payroll a few days before the designated payday and most banks make you wait until payday, but Georgia United deposits your paycheck as soon as it’s received. 

UNDERSTANDING STUDENT LOANS

Before stepping foot on campus, you’ll need to figure out student loans.  Often, loans terms and conditions can be confusing, and finding your way through the maze of student loan options can make your head spin.  

 Georgia United stands ready to guide you through every step of this crucial process. Let us help you find the best loan option for you and demystify the terms and conditions so you can make the most informed decision. We’ll even help you craft a strategic plan for repayment that aligns with your financial goals post-graduation – so you can borrow wisely. 

Check out and register for on-demand webinars with Georgia United’s partner Credit Union Student Choice and learn more about how to make smart decisions when taking out student loans and the financial aid process.              

THE CREDIT CARD ALLURE

You might get flooded with credit card offers in college. While it’s tempting to get a credit card, be wary of high interest rates and other fees.  

A safer bet once again is opening a credit card account with a credit union, which will put your best interest above profits. With Georgia United’s Cash Back Visa Signature Card, you can earn rewards while you build your credit. A good rule of thumb in college is to stick to one credit card and only spend what you can pay back on time, so you don’t rack up debt and ruin your credit score. 

It’s important to understand that the primary goal of acquiring a credit card is to build credit. This credit can help you pave the way for better financial opportunities in the future. 

CRAFTING A COLLEGE BUDGET

Creating a personalized  budget is a big step toward financial independence and stability. At Georgia United, we want to help you be smart about your finances by making a budget that fits your needs and goals.  

First, split your expenses into two groups: fixed and variable. Fixed expenses are things like tuition and housing that don’t change. Variable expenses include things like food, entertainment, and personal spending that can change each month. By doing this, you can see where your money is going and figure out where you might save. 

Incorporating tools and resources from Georgia United, such as online budgeting calculators or financial planning apps, can simplify this process, making it easier to track spending patterns and identify potential savings opportunities. Establishing a realistic budget also involves setting aside money for unexpected expenses, ensuring that emergencies don’t ruin your financial plans.  

Setting financial goals is another key aspect of budgeting. Whether you’re saving for a major purchase, like a spring break trip, or simply aiming to reduce your reliance on student loans - defining clear financial objectives gives your budget direction and purpose. These goals help you stay disciplined with your spending because you’ll think twice before buying things on impulse. 

MEMBERSHIP MATTERS

Making the most out of your time in college involves more than just going to classes. It's about joining clubs, participating in events, and being part of the school traditions. This helps you feel like you truly belong there. 

Similarly, joining a credit union while you're in college can help you manage your money better. Credit unions have specific rules about who can join because they usually serve certain communities or regions. However, it's not as costly or exclusive as joining a fancy country club. 

If you live in Georgia or go to a Georgia college like the University of Georgia, Georgia Tech, Georgia State or Agnes Scott College, you can join Georgia United Credit Union.  

Think of your college journey and joining a credit union in the same way. Both experiences offer a sense of community, valuable resources, and opportunities to grow and succeed. In college, you gain knowledge and friendships. At Georgia United, you get financial tools and support to help you graduate with more than just a diploma. Schedule an appointment today to learn more about your options today.. 

 

*The availability of direct deposit funds depends on the timing of the submission of the payment file from the payer. Georgia United generally makes these funds available on the day the payment file is received, which may be up to two (2) days earlier than the scheduled payment date. For ACH deposits, dividends will begin to accrue on the effective date of the deposit. The effective date, or scheduled payment date, is the actual day Georgia United receives credit for the deposited funds.