For some graduating seniors heading to college, this may be the first time they have to manage money. With a few helpful tips, these newly-independent students can establish wise financial habits. Hawaii County Employees Federal Credit Union in Hilo, HI, makes it easy with its line of checking accounts designed for a variety of spending needs.

Working hand-in-hand with parents and guardians, credit union staffers educate young adults on managing their cash. For starters, here are several ways students can oversee their finances.

3 Financial Tips For Students

1. Use Credit Cards Wisely

Having access to a credit card is handy for emergencies. However, it can also enable reckless spending. Parents should discuss credit card features, such as paying off balances in full and the consequences of late payments. The talk should also include how making poor spending choices can wreck credit history and make it harder to meet other life milestones, like buying a house.

2. Create A Realistic Budget

Creating a budget is essential for tracking ongoing expenses. Have your student list monthly bills and calculate how much will be needed to pay them. Whether income is coming from the parents or a part-time job, they should adjust spending to accommodate expenses. Leave a little room for entertainment and other small luxuries. The key is to stick to the budget.

3. Use Online Banking

The convenience of online banking makes it easy for students to track spending and monitor checking account balances. Through a smartphone or laptop, users can transfer funds and pay bills. Overdraft text and email notices can also be set up to alert students when their account balances are low. With these modern conveniences, it’s easier than ever to make wise financial decisions. 

Help your child get a strong start in college by creating good personal finance habits. Hawaii County Employees Federal Credit Union is the trusted source for a suite of services to get them started. To learn more, visit the website for extensive information on checking accounts, online banking, and other products and services. To speak directly to a friendly representative, call (808) 935-2969 today.