SeaComm Federal Credit Union OFFICIAL BLOG

The best financial tips for college freshman:

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Being a college student seems to be synonymous with being broke — but it doesn’t have to be that way! Read on to learn some great money-saving techniques for recent graduates.

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Find a credit union that works with your college situation. You might find it easier to conduct business with a financial institution that is nearby. But going off to college doesn’t always have to mean leaving your childhood credit union for a big city bank. Not many people realize this – but most credit unions offer the same (sometimes, even better) services than banks – and they have your best interest in mind.

SeaComm has recently joined CO-OP Shared Branching – which allows all of SeaComm’s members to have direct access to their money at any shared branch locations around the country. What does this mean? You can walk into any participating financial institution and have full access to your accounts. (Perfect for college students attending school far from home) Click here to find a shared branch, near you!

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Create a budget. When you’re in high school, you feel carefree – and therefore, you spend whatever is in your bank account, patiently waiting for your parents to replenish it.

But once that student enters the college campus life, it’s crucial to establish a budget – and the trick to a successful budget is sticking to it. Whether you are a parent of a student or a college student yourself – you should be setting monthly budgets for numerous expenses like food, clothing, events etc. It can be tough to see all of your friends at school going out every night (and seemingly blowing tons of money,) and while it’s never good to feel deprived, the key is moderation.

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Stay mobile. The easiest way to access your money 24/7 is mobile banking. And as I mentioned in my last blog post, wallets get stolen – and it’s important to always be in the “know” when it comes to your cash.

SeaComm offers  its members 24/7 access to their money through a web-enabled cell phone or mobile device with Mobile branch. With this e-service, you can also use Mobile Deposit Capture by taking pictures of your checks, which will then be instantly deposited to your account! Click here to learn more.

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Use your credit responsibly. Credit cards are a great way for new college students to build credit, and also to have that emergency “cushion” if anything were to happen. But it can be fairly easy to rack up nasty credit card debt – and most credit card companies are sharks, who really aren’t looking out for your best interest.

A safe way to embark on a healthy credit building process is to apply for a reasonable limit with SeaComm — with credit lines as low as $250, no annual fee, and a 25-Day interest-free grace period on purchases.

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Take advantage of student perks. One easy way to save money on some purchases is to utilize your status as a college student! Whenever you are at the register, ask the clerk if there are discounts available for students – you would be surprised at how many establishments will give you 10%-20% just for being you! (Most will require your college ID)

Click here to find out 60 awesome student discounts around the country.

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