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Personal Finance Hacks for Students
Personal Finance Hacks for Students
College years are the time when many people establish financial habits that will carry them for the rest of their lives. Some of these habits can be started by using what you might call personal finance hacks.
Pay attention to these items to get off on the right financial foot:
• Spending plan: Know how much money you have available for college expenses. Create a workable monthly spending plan that balances income, loans, and gifts with anticipated expenses.
• Records: Use an app to track expenses or monitor expenses online. Tracking expenses will help you see where your money is going and adjust your spending as needed. Also, remember to review your financial statements every month.
• Credit cards: Commit to paying credit card bills in full and on time each month. Using credit wisely teaches you how to live within your means while creating a positive credit record that could help when buying a car, renting an apartment, obtaining insurance, and even landing a job.
• Organization: Keep all financial records, bills, and account statements in one location. This will help you pay bills on time, avoid late fees, and keep an unblemished credit score.
• Personal information: Learn about the different forms of identity theft, the kinds of personal information you need to protect, and how to protect information—even, and especially, from friends and roommates. Learn the pitfalls of careless use of social media.
Apps make personal finance easy
There are many apps to help you manage your money. Your credit union might have its own money-management app. *Mid Oregon hint: We do! Our app has some robust tools to help you manage your credit score, savings goals and more. Included are some excellent articles about personal finance topics.
Here is an example of the type of information you will find inside our online banking, in the “Credit Savvy” tool:
3 Ways To Save Money As A College Student
Or, there are others that might help as well:
• Mint
• Dollarbird
• YNAB (You Need a Budget)
• Toshl Finance
3 Ways To Save Money As A College Student
By Jean Chatzky*
Here’s how to get an A+ in savings
When we think of saving money at college, a few key things come to mind, including scholarships, loans and 529 plans. But what about saving money in smaller ways? College is already expensive, so why rack up the debt if you don’t have to? Smart students know that saving money while studying is not only doable, it’s an A+ move. Here’s how, with 3 ways to save money as a college student.
New Books? No Way! Rent, or Buy Used
One of biggest expenses for college students is the cost of textbooks — but it doesn’t have to be. “If you’re going to buy a book, buy used. And make sure you shop around and compare prices at both your campus bookstore and online shops,” says Robert Farrington, founder of TheCollegeInvestor.com. You should also consider renting your textbooks. Amazon, BigWords.com or BookRenter.com all offer the ability to rent books for the duration of the semester. After all, are you really going to use your Biology 101 textbook once the class is over? Don’t spend money on something that’s just going to collect dust in your dorm room (or your parents’ basement).
Make the most of your meals
It’s no secret that college cafeteria food is subpar — and expensive. Tori Canonge, the blogger behind Chase The Write Dream, says you don’t always have to opt for the highest-tier meal plan. “Chances are you’ll go out to eat with friends a lot or skip meals to go to class, so you aren’t really using your full meal plan.” If you are eating out a lot, make sure to bring your student ID with you everywhere you go. Most local restaurants in college towns will offer a discount to those who show valid ID (and bigger chains like Chipotle and Pizza Hut will give you discounts as well).
You may also want to consider investing in a Keurig or Nespresso machine to put in your dorm room. Expect an initial expense of $100 to $200 for either machine, but you’ll save in the long run. We all know how much money we spend on our Starbucks lattes on the daily, especially when we stop at the student union to get some work done.
Take advantage of discounts and free entertainment
Instead of spending money on expensive event tickets, be on the lookout for free, campus-sponsored concerts and parties. Your campus might have movie premieres or art showings that are free to attend, and they might even have free food on offer. If you decide to hang out off-campus, remember to always have your student ID with you says Farrington. “Before you commit to anything, always ask ‘do you have a student discount?’” Movie theaters, restaurants and even some bus and train stations may offer a benefit for the college set.
Also, did you know that your status as a student means you’re eligible for discounted entertainment with companies like Spotify, Amazon and Apple? Students have access to Spotify Premium for only $4.99 a month, which is half of the normal fee. You can also get Amazon Prime for free for six months, and save as much as $300 on a brand new MacBook — plus you’ll get a free pair of Beats headphones with your purchase.
* Mid Oregon Credit Union offers free unlimited credit score access through our online banking “Credit Savvy” resource. Visit Mid Oregon’s Digital Banking Features page to learn more.
Family Finances: Keep Everyone Informed
The Importance of Keeping Everyone Informed
In your household, does one person handle all the finances? Who pays all the bills, files the joint taxes, deals with insurance matters, and knows where all the important papers are saved? Who deals with the family finances?
What happens if that person becomes ill and can’t take care of these tasks?
According to a study by UBS Global Wealth Management, more than half of married women leave all financial decisions to their husbands. This could be risky for a number of reasons. Three key reasons are:
- Women tend to outlive their husbands on average by five years.
- Women are earning more income than they have in the past, sometimes more than their husbands.
- About 36% of marriages end in divorce.
Chances are women will find themselves solely responsible for their family finances at some point in their life.
This situation is also applicable if you are a single parent with children. If one of your children is over 18, it may be a good time to go over important financial matters with them, should anything happen to you.
Here are a few steps to help get all the adults in the family up to speed and involved:
Step 1: Have a family budget meeting
Sit down with your spouse, partner, or adult children and talk about spending habits and savings. Go over your combined incomes and total expenses, including the amount spent on groceries, mortgage, insurances, entertainment, kids, etc. Review all your debts together, including credit cards, medical bills, and student loans. This will help you understand where you currently stand financially as a family. If you or your spouse have a written budget in place, make sure both of you agree with and follow it. If there isn’t a budget in place, this is an excellent opportunity to create one together.
Step 2: Review your retirement accounts
This is your financial future, too; it’s important that you know how much you both are contributing to your retirement accounts and what the current balances are. You should know where your accounts are held and how to access them. Make sure everyone knows where important financial documents are kept. If they are on a computer, make sure they are easily accessible without help. You should visit your financial planning advisor together so they can go over and explain your current accounts. It’s also a great time to review the beneficiaries on your accounts.
Step 3: Understand your insurance coverages
Know what is covered by all your insurance plans, including life, health, home, and auto. Make sure you know who to contact to file a claim and what your deductibles and co-pays are for each policy.
Tips for Staying Involved:
Once all the adults in your family understand your current finances, it’s important to continue staying involved. Start having monthly budget meetings with your spouse, partner, or adult child to review current spending and planned expenses for next month.
Getting involved in managing your family finances enables you to feel more empowered and ready to handle any unexpected life events that come your family’s way.
How Mid Oregon Can Help
Is this an opportunity for you? If so, Mid Oregon Credit Union has resources to help:
If you need to get set up on your Mid Oregon accounts with online banking, our staff can get you started. Inside online banking, you can even check your credit score and see the actions to take that can improve it.
Our financial advisor with Mid Oregon Wealth Management can review your retirement accounts with you, if you don’t have an advisor or want a second look.
Mid Oregon financial partner Cascade Insurance Center will review your insurance coverage to be sure you are well covered at the right costs.
Please check out our midoregon.com website to learn more.