When you drop off your college student at the start of a semester – whether it’s for the first time or the last – they may have many questions. Will I get along with my roommate? Should I change my major? What will I do after I graduate? The list can go on and on.
While you can’t answer these questions for your student, others are important to address. Questions like: What am I supposed to do about money? Where’s my debit card? How do I use my student ID to pay for food? Whether they’re a freshman or a senior, money questions like these linger for many students.
To help your student, consider what they may be unsure of and learn how you can best help them financially prepare. They may have questions like:
What do I need for my account? If your child is starting their first year of college, they may not know how they’ll need to manage their money while they’re away from home. You can help them by reviewing what accounts they have or teaching them how to set up a new one.
How do I keep track of my account? Your student may need help understanding account or ATM fees, if and how they can load money onto their student ID, and where they should store important account materials like ATM or debit cards or paper checks they may not use daily.
How do I access my money when I need it? Your student may know how to withdraw money 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 at the bookstore, do they know how to pay that off using the money in their checking account?
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.
Why do I even have to worry about money right now? It’s easy for students to get caught up in their own world, no matter what year of college they’re in. Unfortunately, short-sighted thoughts can be detrimental to future financial success. Help your student see the importance of managing money properly by explaining the link between their actions now and their future goals. If your student wants to one day get a job, an apartment, or good rates on car loans, car insurance, or a mortgage, they’ll need to start making good financial decisions now.
Conversations like these are important, but they can leave your student – and you – feeling overwhelmed. Fortunately, PSECU has many resources that can help. Our WalletWorks page covers topics like budgets, debt management, and identity theft that can be very helpful for both you and your student, and our blog regularly posts financial tips for people at every stage in life, including college. To learn more about how PSECU can help your student manage their money and save, check out our banking options for college students.