--- title: 7 Financial Tips for Your College-Bound Student description: When it’s time to send your child off to college, make time to go over basic financial lessons to help them succeed in their life outside the classroom. image: https://go.hfcu.org/hubfs/Blog%20Photos%20800%20x%20800px%20(2).jpg --- [![MoneyWisdom_HFCU_r2](https://go.hfcu.org/hs-fs/hubfs/MoneyWisdom_HFCU_r2.png?width=464&name=MoneyWisdom_HFCU_r2.png "MoneyWisdom_HFCU_r2")](https://go.hfcu.org/blog) Filter by Category** - [Show All](https://go.hfcu.org/blog) - [Security](https://go.hfcu.org/blog/topic/security) - [Personal Finance](https://go.hfcu.org/blog/topic/personal-finance) - [Auto](https://go.hfcu.org/blog/topic/auto) - [Business](https://go.hfcu.org/blog/topic/business) - [Credit Score](https://go.hfcu.org/blog/topic/credit-score) - [Home](https://go.hfcu.org/blog/topic/home) - [Credit Cards](https://go.hfcu.org/blog/topic/credit-cards) - [Life Changes](https://go.hfcu.org/blog/topic/life-changes) - [Insurance](https://go.hfcu.org/blog/topic/insurance) - [Investments](https://go.hfcu.org/blog/topic/investments) Filter by Category** - [Show All](https://go.hfcu.org/blog) - [Security](https://go.hfcu.org/blog/topic/security) - [Personal Finance](https://go.hfcu.org/blog/topic/personal-finance) - [Auto](https://go.hfcu.org/blog/topic/auto) - [Business](https://go.hfcu.org/blog/topic/business) - [Credit Score](https://go.hfcu.org/blog/topic/credit-score) - [Home](https://go.hfcu.org/blog/topic/home) - [Credit Cards](https://go.hfcu.org/blog/topic/credit-cards) - [Life Changes](https://go.hfcu.org/blog/topic/life-changes) - [Insurance](https://go.hfcu.org/blog/topic/insurance) - [Investments](https://go.hfcu.org/blog/topic/investments) ### Posts by Topic - [Personal Finance (262)](https://go.hfcu.org/blog/topic/personal-finance) - [Home (164)](https://go.hfcu.org/blog/topic/home) - [Life Changes (109)](https://go.hfcu.org/blog/topic/life-changes) - [Credit Cards (92)](https://go.hfcu.org/blog/topic/credit-cards) - [Security (74)](https://go.hfcu.org/blog/topic/security) - [Credit Score (69)](https://go.hfcu.org/blog/topic/credit-score) - [Auto (60)](https://go.hfcu.org/blog/topic/auto) - [Checking (54)](https://go.hfcu.org/blog/topic/checking) - [Business (48)](https://go.hfcu.org/blog/topic/business) - [Investments (36)](https://go.hfcu.org/blog/topic/investments) - [Mortgage (32)](https://go.hfcu.org/blog/topic/mortgage) - [Savings (29)](https://go.hfcu.org/blog/topic/savings) - [Scams (29)](https://go.hfcu.org/blog/topic/scams) - [Work (28)](https://go.hfcu.org/blog/topic/work) - [Debt (25)](https://go.hfcu.org/blog/topic/debt) - [Holidays (25)](https://go.hfcu.org/blog/topic/holidays) - [Money Management (22)](https://go.hfcu.org/blog/topic/money-management) - [Hanscom FCU (21)](https://go.hfcu.org/blog/topic/hanscom-fcu) - [Home Ownership (21)](https://go.hfcu.org/blog/topic/home-ownership) - [Credit Report (20)](https://go.hfcu.org/blog/topic/credit-report) - [Government (20)](https://go.hfcu.org/blog/topic/government) - [Home Equity (18)](https://go.hfcu.org/blog/topic/home-equity) - [Budget (17)](https://go.hfcu.org/blog/topic/budget) - [Mobile Banking (17)](https://go.hfcu.org/blog/topic/mobile-banking) - [Investment Property (16)](https://go.hfcu.org/blog/topic/investment-property) - [Saving Money (16)](https://go.hfcu.org/blog/topic/saving-money) - [Insurance (15)](https://go.hfcu.org/blog/topic/insurance) - [Taxes (15)](https://go.hfcu.org/blog/topic/taxes) - [Children (13)](https://go.hfcu.org/blog/topic/children) - [College (11)](https://go.hfcu.org/blog/topic/college) - [Financial Wellness (11)](https://go.hfcu.org/blog/topic/financial-wellness) - [Retirement (11)](https://go.hfcu.org/blog/topic/retirement) - [Community (10)](https://go.hfcu.org/blog/topic/community) - [Online Banking (10)](https://go.hfcu.org/blog/topic/online-banking) - [Estate Planning (8)](https://go.hfcu.org/blog/topic/estate-planning) - [COVID (7)](https://go.hfcu.org/blog/topic/covid) - [Deals (7)](https://go.hfcu.org/blog/topic/deals) - [Death (7)](https://go.hfcu.org/blog/topic/death) - [Shopping (7)](https://go.hfcu.org/blog/topic/shopping) - [Fraud (6)](https://go.hfcu.org/blog/topic/fraud) - [Mass Save (6)](https://go.hfcu.org/blog/topic/mass-save) - [Teens (6)](https://go.hfcu.org/blog/topic/teens) - [Divorce (5)](https://go.hfcu.org/blog/topic/divorce) - [Travel (5)](https://go.hfcu.org/blog/topic/travel) - [ATM (4)](https://go.hfcu.org/blog/topic/atm) - [Baby (4)](https://go.hfcu.org/blog/topic/baby) - [Debit Cards (3)](https://go.hfcu.org/blog/topic/debit-cards) - [Motorcycles (3)](https://go.hfcu.org/blog/topic/motorcycles) - [Weddings (3)](https://go.hfcu.org/blog/topic/weddings) - [Boats (2)](https://go.hfcu.org/blog/topic/boats) - [Charity (2)](https://go.hfcu.org/blog/topic/charity) - [Family Finance (2)](https://go.hfcu.org/blog/topic/family-finance) - [Lending (2)](https://go.hfcu.org/blog/topic/lending) - [Credit Unions (1)](https://go.hfcu.org/blog/topic/credit-unions) - [Green (1)](https://go.hfcu.org/blog/topic/green) - [Medical (1)](https://go.hfcu.org/blog/topic/medical) - [Pets (1)](https://go.hfcu.org/blog/topic/pets) - [dormant account (1)](https://go.hfcu.org/blog/topic/dormant-account) - [inactive account (1)](https://go.hfcu.org/blog/topic/inactive-account) # 7 Financial Tips for Your College-Bound Student ** [Hanscom Federal Credit Union](https://go.hfcu.org/blog/author/hanscom-federal-credit-union) ** Aug 20, 2021 ![male college student looking at book in library stacks](https://go.hfcu.org/hubfs/Blog%20Photos%20800%20x%20800px%20(2).jpg) When I went off to college, my parents took me into the local bank, set me up with my first checking account and that was it. No sage advice. No spreadsheet. No CliffsNotes version of Personal Finance 101. And to be honest, I struggled. I was always out of money. If there was money in my account, I felt compelled to spend it. I probably would have earned an “F” in a personal finance class. When it’s time to send your child off to college, please sit down with them and go over the basic financial lessons to help them succeed in their life outside the classroom. All this independent living stuff will be brand new to them, so some explanation and sound advice from you is certainly needed and may be welcomed, even if they don't readily admit it. Here are seven important tips I wish my parents had shared with me: 1.    [**Make a budget and stick to it!**](https://www.balancepro.net/services/money.html) Write down your recurring expenses and monthly income and calculate how much money you have to spend each week. The envelope system — where you divide your disposable income into categories (food, gas, dining out, movies, etc.) — works well for many students. You can only spend what’s in the envelope! (Pro tip: tell them to look up "envelope savings" on social media like TikTok and Instagram.) 2.    **Start saving now**, even if it’s just $10 a month. Establishing a savings habit is crucial and it’s NEVER too early to [start saving for retirement](https://go.hfcu.org/blog/the-difference-between-traditional-and-roth-iras)! 3.    **Get a part-time job** if you can manage it along with your class schedule. Whether it’s work-study or a job off-campus, having a little extra money will come in very handy. Most employers around college campuses are very understanding of a student’s hectic life, so they will work with you to create a flexible schedule that accommodates both of your needs. 4.    **Save money on books**, one of the largest expenses you’ll have at school, by buying them used and online. Many institutions now offer digital versions to rent, and that can cut costs substantially. Ask instructors and other students to find out about any discounts they may know. Don’t shop at the student bookstore! 5.    **Use your meal plan** as much as you can. Don’t go out to eat — it’s too expensive. And if you’re not using all the meals you’ve paid for on the plan, cut back to save money. 6.    **Don****’t sign up for a credit card**. It can get you into financial trouble very, very quickly. It’s far too easy to run up a big bill that you can’t pay. Use a debit card instead so the money comes directly from your checking account. If you absolutely have to have one, **[get a secured credit card](https://www.hfcu.org/loans-and-credit-cards/credit-cards.html#goto_3), **which is backed by a cash deposit, limiting how much you can charge. It will help you start a credit history (see #7 below!) without getting you into debt. 7.    **Learn about credit scores** and what goes into your credit history. Your [credit score](https://www.hfcu.org/credit-score-review.html) will be very important (maybe even more than your GPA!) once you graduate and go to apply for an apartment, a car loan, or even a job. It’s a number that will be with you for the rest of your life, so [learn to nurture it](https://go.hfcu.org/blog/the-top-3-questions-with-answers-we-get-on-credit-scores) while you're young. **The biggest surprise for most students?** How quickly things add up! Just a few late-night trips to the vending machine, a couple of Netflix movies, and several outings to Starbucks can ruin your budget for the week. **The big life lesson? **Learn how to **separate your wants from your needs****. **If you only buy what you truly need and learn how to live within your budget, chances are you’ll have plenty of money.   [![money management planner](https://no-cache.hubspot.com/cta/default/118438/2a9c8caf-d451-47b1-8e35-79af14b6bb06.png)](https://cta-redirect.hubspot.com/cta/redirect/118438/2a9c8caf-d451-47b1-8e35-79af14b6bb06) *Others are reading:* - [The 3 Surprising Costs of a College Gap Year](https://go.hfcu.org/blog/the-3-surprising-costs-of-a-gap-year) - [How to Get a Credit Card When You're Still in College](https://go.hfcu.org/blog/how-to-get-a-credit-card-while-youre-still-in-college) - [More Young Adults are Moving Back Home: Here's What You Need to Know](https://go.hfcu.org/blog/young-people-are-moving-back-home-with-their-parents-heres-what-you-need-to-know) - [Bring Your Credit Union to College this Fall](https://go.hfcu.org/blog/bring-your-credit-union-to-college-this-fall) - [Managing Your Money in Times of Change](https://go.hfcu.org/blog/managing-money-change) ** [Life Changes](https://go.hfcu.org/blog/topic/life-changes), [Credit Score](https://go.hfcu.org/blog/topic/credit-score), [College](https://go.hfcu.org/blog/topic/college), [Credit Report](https://go.hfcu.org/blog/topic/credit-report) [** The 5 Top Questions Investment Property Buyers Ask The Pros ](https://go.hfcu.org/blog/the-5-top-questions-investment-property-buyers-ask-the-pros) [** How to Protect Yourself After the T-Mobile Data Breach ](https://go.hfcu.org/blog/how-to-protect-yourself-after-the-t-mobile-data-breach) ### About Author ![Hanscom Federal Credit Union](https://go.hfcu.org/hubfs/HFCU-Profile-1000x1000.jpg) Hanscom Federal Credit Union Hanscom Federal Credit Union, a purpose-driven $1.9 billion organization based in Littleton, MA, empowers its members to achieve financial wellness. Hanscom FCU serves over 95,000 members across the country and overseas through 16 branches, over 100,000 surcharge-free ATMs, 5,000 contact centers, and a web-based branch. Related Posts [![Here's The Difference Between An Heir And A Beneficiary](https://go.hfcu.org/hubfs/grandparents%20on%20beach.png) Here's The Difference Between An Heir And A Beneficiary ](https://go.hfcu.org/blog/whats-the-difference-between-an-heir-and-a-beneficiary) [![What's the Best Credit Score for a Mortgage?](https://go.hfcu.org/hubfs/couple%20on%20couch.png) What's the Best Credit Score for a Mortgage? ](https://go.hfcu.org/blog/whats-the-best-credit-score-for-a-mortgage) [![6 Reasons Store Credit Cards Can Cost You Money](https://go.hfcu.org/hubfs/6%20Reasons%20Store%20Credit%20Cards%20Can%20Cost%20You%20Money.png) 6 Reasons Store Credit Cards Can Cost You Money ](https://go.hfcu.org/blog/6-reasons-store-credit-cards-can-cost-you-money) ** - [**](http://www.facebook.com/share.php?u=https://go.hfcu.org/blog/financial-advice-for-your-college-bound-student/) - [**](https://X.com/share?url=https://go.hfcu.org/blog/financial-advice-for-your-college-bound-student/) - [**](http://www.linkedin.com/shareArticle?mini=true&url=https://go.hfcu.org/blog/financial-advice-for-your-college-bound-student/&summary=&source=CeBIT) ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ### Comment ### Subscribe To Blog ### Subscribe to Email Updates ### contact **Hanscom Federal Credit Union** 1610 Eglin St. Hanscom AFB, MA 01731 Call us: [800-656-4328](tel:8006564328) [https://www.hfcu.org/](https://www.hfcu.org/) ### About Us [The MoneyWisdom Blog](https://www.hfcu.org/the-moneywisdom-blog.html) ### Social ** ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://www.facebook.com/HanscomFederalCreditUnion The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://X.com/HanscomFCU The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://www.instagram.com/hanscomfcu/ The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### https://www.linkedin.com/company/hanscomfcu/ The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ## You are Leaving Hanscom Federal Credit Union #### **Please read the following before proceeding to:** ### http://www.youtube.com/c/HanscomFederalCreditUnion The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. ### Popular Posts [What You Need to Know About Putting Your Home in a Trust](https://go.hfcu.org/blog/what-you-need-to-know-about-putting-your-home-in-a-trust) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Untitled%20design%20-%202022-02-10T072804.753.jpg) [What You Need to Know About Your Federal Tax Bracket](https://go.hfcu.org/blog/what-you-need-to-know-about-your-tax-bracket) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Untitled%20design%20-%202021-03-22T123305.900.jpg) [6 Boat Types to Get on the Water](https://go.hfcu.org/blog/6-boat-types-to-get-on-the-water) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/images/Jet_Ski.jpg) [23 Organizations Dedicated to the Needs of Seniors](https://go.hfcu.org/blog/23-organizations-dedicated-to-the-needs-of-seniors) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/Senior%20citizens.jpg) [9 Smart Moves for Lottery Winners](https://go.hfcu.org/blog/lottery) ![older man looking at top retirement worry on digital device](https://go.hfcu.org/hubfs/images/lottery_winner.jpg) ### Recent Posts - [![National Credit Union Administration](https://go.hfcu.org/hs-fs/hubfs/NCUA-logo-small.png?width=95&name=NCUA-logo-small.png) ](https://www.ncua.gov/) [![Equal Housing Lender](https://go.hfcu.org/hs-fs/hubfs/EHL-logo-small.png?width=65&name=EHL-logo-small.png)](https://www.hud.gov/fairhousing) - @ 2023 [Hanscom Federal Credit Union](https://www.hfcu.org/) - Federally insured by the National Credit Union Administration. - [Privacy Policy](https://www.hfcu.org/content/docs/Privacy_Notice.pdf) **Disclosure:** Hanscom Federal Credit Union does not provide and is not responsible for any products, services, or overall website content available at any third-party sites linked within this blog. Moreover, Hanscom Federal Credit Union's privacy policies do not apply to any of the linked websites within this blog. Please consult the privacy disclosures on those linked sites for further information. ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Hanscom Federal Credit Union" }, "dateModified" : "September 22, 2021, 9:14:51 PM", "datePublished" : "2021-08-20 16:06:23", "description" : "When it’s time to send your child off to college, make time to go over basic financial lessons to help them succeed in their life outside the classroom.", "headline" : "7 Financial Tips for Your College-Bound Student", "image" : { "@type" : "ImageObject", "url" : "https://f.hubspotusercontent30.net/hubfs/118438/Blog%20Photos%20800%20x%20800px%20%282%29.jpg" }, "mainEntityOfPage" : { "@id" : "https://go.hfcu.org/blog/financial-advice-for-your-college-bound-student", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://cdn2.hubspot.net/hubfs/118438/Logo%202.jpg" }, "name" : "Hanscom Federal Credit Union" } } ```