Back to School: Connex Credit Union Offers
Five Money Saving Tips for College Students
NORTH HAVEN, Conn. (August 27, 2012) – Managing your own finances can be difficult for
college students, especially when you combine it with the price of an education, housing, books
and living expenses. As we say goodbye to summer and hit the books, Connex Credit Union has
some financial tips and “smarts” for the back to school season.
“For many young adults, heading off to college is a big step financially,” said Amy Stanton,
assistant vice president of marketing, Connex Credit Union. “It’s often the first time they have to
manage their own expenses in a way that’s different than living at home. The important thing to
remember is that there are some very simple things students can do to help manage their finances
and save a little extra money at the same time.”
1. Budget: Develop a budget of everyday expenses that need to be covered. This includes
everything from rent and food to entertainment and school expenses. By setting some
realistic goals, you can learn how to live within a budget and not overspend.
2. Use credit wisely: Heading off to school comes with new responsibilities and it can be
tempting to rack up big credit card bills. Be careful with what you charge. A good tip is that
if you can’t pay it off when the bill comes in the mail, don’t charge it.
3. Track Expenses: This is always an eye-opener for students (and parents). Keep track of
everything you spend money on, no matter how small. The little things do add up and if you
examine your monthly spending habits, you’ll soon learn where you can reduce expenses and
start saving more.
4. Checking Account: It is important to have a checking account that fits the student’s needs.
Many credit unions and banks participate in nationwide ATM networks that provide access
to thousands of surcharge-free ATMs. This can be useful if the student is away from home.
Also check with your financial institution and see if they offer accounts with no monthly
service fee and any other special services like overdraft fee rebates.
5. Insurance: When away at college, renters insurance can be an important part of the mix. If
the student is living in their own place off campus, their possessions may not be covered
without renters insurance. Check with the school first to find out what they do and do not
cover as part of being a student. Insurance may cost upfront, but will save you money if
something does happen.
Stanton also added that a little parental advice can go a long way. “For parents, sit down and
have the money talk before heading back to college. There are many ways to avoid financial
pitfalls and staying out of debt. For example, Connex hosts free monthly workshops that include
topics such as budgeting and tracking finances. These workshops are free and open to anyone
including students interested in learning more about their finances,” said Stanton.
For more information and resources, please visit www.connexcu.org.
About Connex Credit Union:
As the Unbank, Connex Credit Union is one of Connecticut’s largest credit unions serving more
than 40,000 members at 6 branches throughout greater New Haven. Headquartered in North
Haven, Connecticut, Connex is a full-service member-owned credit union that offers members a
full range of financial services and products, including savings and loans, Unbank Checking,
Smart Score credit score range, free online banking, and more. Membership is open to anyone
who lives, works, attends school or worships in New Haven, Hartford or Middlesex Counties.
It’s time to Unbank! For more information please call 1-800-CR-UNION or visit