Money Smarts Blog

Money Smarts Blog

Five ways teach your college student MoneySmarts

Aug 7, 2013

It’s that time of year when new high school grads pack up and head to off to college for the first time. As parents, this can be bittersweet. You’re proud of them, but you worry too. You’ve prepared them to take this step in advancing their future. Now make sure they’ve got the financial smarts with our Cash for Class Tool Kit.

Opt for No Overdraft Checking

We get it. Your student is busy studying, making new friends and enjoying the experiences college has to offer. They don’t always have time to check their balance before ordering pizza on a Friday night.

Choosing a No Overdraft Checking account will help keep your student from racking up costly fees. If there isn’t money in their account, then the purchase will simply be declined. Open an account today at ihmvcu.org/checking.

And here’s an extra tip. Make sure your grad uses the tools available to them – mobile banking, text alerts, apps and even a simple spreadsheet – to help track their spending.

Get SMART about credit

Credit cards are great for any emergencies your student might encounter. But, you want to make sure your grad has a good card with no gimmicks so they can build their credit without damaging it. This means choosing a card with no surprises, like the SMART Visa® from IHMVCU. Learn more at ihmvcu.org/visa.

Buying a car? Save some cash

If you or your student is buying a car to take to college, turn it into a savings lesson with the Auto Savers Account. This revolutionary account works by adding $10, $20 or $30 to your monthly auto loan payment, and we’ll move that amount into a high-rate savings account.

This means for the cost of eating out once a month, your grad could have $1,000 in savings by the time they graduate. Now that’s a great graduation gift. Learn more at ihmvcu.org/autosavers.

Shop around for student loans

Forbes reported earlier this summer that total student loan debt has now passed $1 trillion dollars. As tuition costs continue to rise, it’s more important than ever to make sure you get a student loan with a competitive interest rate. Shopping around could save your grad thousands in interest as they pay back the loan.

Unlike banks, IHMVCU is owned by its members, which means we can keep interest rates low. Plus, there’s no origination or pre-payment fees and we offer flexible payment options. Learn more at ihmvcu.org/studentloans.

Cash for Class scholarships

Every year IHMVCU offers more than $20,000 in scholarships to IHMVCU members. The scholarships are open to all graduating high school seniors or current students enrolled in post-secondary education at an accredited two-year or four-year college, university or vocational-technical school. Bookmark ihmvcu.org/scholarships and check back in January to apply.

© Copyright 2017. IH Mississippi Valley Credit Union. All rights reserved. Federally Insured by NCUA | Equal Housing Opportunity | NMLS #463074

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