☑ LMY VERIFIED
Featuring Lucas Galdine, BCU Member Intelligence Intern (0:39), on a simple budget, vocalizing financial boundaries with friends, and breaking down a coaching appointment, Ellie Clark, BCU Marketing Intern (8:11), on saving for big money milestones while at school, emergency savings, and seasonal money management, and Jack Blum, BCU Finance Intern (15:08), on building credit, different ways to keep your finances top of mind, and honest thoughts about coaching as a college student.
Stereotypically, college is a time of total transition. As a student, you’re not only considering what you’ll be when you ‘grow up’, but you’re taking on a new set of responsibilities entering the world on your own; one of those responsibilities being financial wellness.
Here are five things to make note of as you or your student embark on the college journey and plan for the financial future:
1. Establish priorities and a source of income. Clearly define what matters most. Studying, sports, something else? Notate and build the financial plan around these priorities. As for work, check out on-campus jobs and/or summer internship opportunities to make money while in school.
2. Set financial goals and boundaries. Connect priorities to goals. For example, if seeking an internship with a commute over the summer, saving up for a vehicle may be the number one financial goal. When friends ask about goals and boundaries, communicate them with confidence, “I can’t go out because I’m saving up for a car.”
3. Create a spending plan considering expenses, debt, and goals. The spending plan should support savings goal(s); whether it’s contributing to a savings account each month or automatically depositing money from a paycheck, ensure recurring expenses and any additional debt are being paid off, too.
4. Build credit. As the student, open a credit card and begin making manageable purchases. Be sure to pay off any balances right away to not build up debt and owed interest. While establishing history – paying a balance in full and on time – the credit score will solidify and open more financial opportunities in the future, like buying a car.
5. Consider benefits and 401(k) options during your job hunt. Landing a gig after school is most folks’ objective for college. While exploring options, ask about the benefits and retirement options available. These factors translate into savings at the end of the day and could be a deal breaker or maker for a full-time job.
The main objective? Encourage healthy money habits while your student is in college so that come graduation, they feel confident about their financial future. You got this!
Listen to the entire episode on Apple Podcasts or Spotify.
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