When you drop off your student at college – whether it’s their first semester or their last – questions are bound to come up.
Will I get along with my roommate? Do you think I picked the right major? What will I do after I graduate?
While you might not have all the answers to those BIG questions, there’s one area where you can provide them with some real guidance - money.
From understanding how to use a debit card to knowing who’s paying for what, here are some key financial conversations to have with your student before college move-in day.
What do I need for my account? If your student is just starting college, they may not know what accounts they already have – or need. Sit down and review their current setup. Are they using a checking and savings account? Do they need a new one now that they’re living away from home? Our student banking account offers great perks for students and an account they can keep for life – check it out!
What should I be doing to manage my account? Your student may need help understanding things like ATM fees (we offer 85,000 surcharge-free ATMs worldwide), transfers, making deposits, where they should store important account materials/info, and how to keep their account secure.
You might also want to review how to monitor account activity and avoid common mistakes, like overdrafts or missed payments, as well as teaching them to set up helpful account alerts and notifications in digital banking.
How do I access my money when I need it? They may know how to withdraw cash from an ATM, but they’ll also need to know how to move money around. For instance, if they use their student ID to buy textbooks or meals, do they know how to make sure the funds are available in the right account?
We’re guessing your student already has person-to-person payments down pat but take time to familiarize them with bank account-related actions such as transfers.
Do I have to do all this by myself? Your student may not be clear on what is expected of them. Make sure your child knows if you will be providing them with money, if they are expected to get a job and use their own money, and who will take care of paying bills in their name. Talk through expectations so everyone’s on the same page before school starts.
Why do I even have to worry about money right now? It’s easy for students to stay focused on classes, friends, and campus life - but making good financial decisions now can help set them up for the future. Help them see the bigger picture by connecting their current habits to long-term goals like getting a job, renting an apartment, or qualifying for a car loan. Starting these habits now can set them up for success well beyond graduation.
Conversations like these are important, but they can leave your student – and you – feeling overwhelmed. Remember, you’re doing a great job helping your student prepare for this exciting transition. And congrats to them for starting this next chapter!
We have tools and resources to help you and your student every step of the way. Visit our Resource Center for tips on budgeting, managing debt, and more.
When you’re ready, check out our banking options for college students to help your student manage their money with confidence! Insured by NCUA.
The content provided in this publication is for informational purposes only. Nothing stated is to be construed as financial or legal advice. Some products not offered by PSECU. PSECU does not endorse any third parties, including, but not limited to, referenced individuals, companies, organizations, products, blogs, or websites. PSECU does not warrant any advice provided by third parties. PSECU does not guarantee the accuracy or completeness of the information provided by third parties. PSECU recommends that you seek the advice of a qualified financial, tax, legal, or other professional if you have questions.