College Student and Money: Preparing for College
You may feel ready to move on campus and start your college career, but are you financially prepared? Living apart from your parents means much more than not having to be home by a curfew; it comes with plenty of financial responsibilities. Before you leap, check out how Viriva can help you take control of your finances, now and in the future.
- Savings and Checking
Let’s start with the basics. One of the first steps toward real freedom (and adulthood) is having a savings and checking account in your name. These accounts allow you to save money, make purchases, and pay bills efficiently. Both, however, require you to take an active management role, so that you can achieve your goals and avoid errors.
- Debit Card
When you open your checking account, consider applying for a debit card as well. You can use a debit card to make purchases at a store or restaurant. You can also use it to make cash withdrawals when necessary. The money is automatically deducted from your checking account when you use it, and it is safer than carrying cash around.
Viriva’s Mastercard® Debit Card has a zero liability policy1, which means you are only responsible for purchases that you authorized! Unauthorized purchases are not your responsibility. It’s one less thing you’ll need to worry about!
Set up online or mobile banking account access. It can be challenging to stay on top of account activities, especially when you are running from one class to another, but you must do it. Remember, taking an active role in managing your account is one of many steps towards adulting! Use electronic services to help manage your finances conveniently.
- Credit Card
When used wisely a credit card not only provides convenience and helps you manage your money effectively, it can help you establish credit. Having a good credit history puts you ahead of the game after graduation. (Think: renting an apartment, buying a car or taking out a mortgage)
At Viriva, you can choose to apply for a credit card that’s right for you. We offer Three Different Credit Card Programs: Low Rate, Rewards, and Secured Credit Cards.
Heading to college and being independent for the first time can be a thrilling experience. You can make it even better by being financially prepared and responsible from the beginning.
This article was brought to you in part by Balance, our financial education partner.
1. Conditions and exceptions apply.