College Bound

Heading off to college is an exciting time. For the majority of our kids, college represents the first step towards financial independence. This is the first time they’ll really learn how to handle money, when to spend money, and how to budget.

Whether your child is already away or getting ready to go, here are the tools they need to take care of their money today, as well as to start building a solid financial foundation for tomorrow.

Checking Account With Debit Card

Be sure to research credit cards with your student and find a low-rate option with no annual fee, such as our Visa Platinum Card, which features a low initial limit to help teach responsible spending. With timely payments, they’ll start building their credit. After all, their first car or mortgage loan isn’t that far off.

Additionally, our credit cards offer real-time fraud text alerts that let you know immediately if there is a suspicious transaction. It’s an important safeguard to protect your accounts.

Often overlooked are the basic skills needed to plan and maintain a budget. Students need to understand the importance of monitoring the timing of deposits into their accounts, bill due dates, and the limits of their budget. Work with your child to develop a realistic budget by identifying necessary expenses, such as school supplies and food, and helping them to understand when and how to spend.

With their 1st United account, your child has access to an online Money Manager. Use this tool to create a basic budget, track expenses, and set up alerts when they are nearing spending limits.

College life can be demanding. Luckily, with a little preparation, you can you drive away from campus with a feeling of confidence that your child is on the right path. As always, let us know how we can help.