College Readiness Checklist

As your financial responsibility grows, it may no longer make sense to keep your spending money in cash or be limited to the number of monthly withdrawals allowed with a savings account. When looking for a checking account to fit your needs, make sure it includes no monthly fee, a debit card, and the potential to earn dividends. With a checking account and debit card, you’ll also be able to use common money transfer apps – or even options available through your credit union or bank (eliminating the need for an extra app).

With what seems like endless savings accounts to choose from, it can sometimes be hard to know which option is best. Look for options with dividend-earning potential (also referred to as interest if you’re using a bank) and no fees. Some financial institutions charge fees if your balance goes under a certain amount, so review the account details before opening to avoid surprises! A certificate is also a great option if you don’t need immediate access to your funds—with terms typically ranging from 90 days to 60 months. It’s a great way to earn even more money on what you’ve received from graduation, birthdays, or holidays. But be aware a certificate locks your money in for a set period, usually 12 months minimum, and there may be penalties for withdrawing that money early.

If you have a steady income from a job, setting up direct deposit is a great way to ensure your paycheck makes it into your account as soon as possible. Plus, you can set up your direct deposit to filter into specific accounts each paycheck to help keep your finances organized.

Credit cards are a great payment option – if used responsibly. Historically, some credit card companies have been predatory to college students – hoping they will jump on limited-time opening offers. However, chasing the best offers and opening and closing multiple cards can get you in a tough spot. Rather, consider opening a single credit card with a limit that works for you and plan to use only for emergencies and small, recurring expenses (like gas for your vehicle or your Netflix subscription). Paying off your balance each month is a great way to steadily grow your credit score and establish a solid credit history. If you can’t pay it off every month, then be sure to at least pay the minimum balance due monthly and try to pay more, if possible, which can also help grow your credit score.

See if your credit and debit cards have a rewards program. Depending on the program, you may be able to earn points toward cash back, gift cards, travel expenses, and more, just from making your everyday purchases. While it may take time to rack up points, your reward options could come in handy for trips home (discounts on fuel or flights), extra money toward holiday gifts, groceries, last-minute class materials, etc. If you have a TruStone rewards card – check out our rewards program here.

With today’s technology, you can stay connected to your money without even stepping into a branch location. With digital banking, you can transfer money, pay off bills, deposit checks, and more at any time of the day, and from anywhere, right from your phone! Learn more about TruStone’s digital banking app.

Keeping us (and all of your financial institutions, service providers, etc.) up-to-date is important. It ensures that mail is routed to you – not someone else or an address that you may not be at as frequently. Keeping your email and phone number up-to-date also helps ensure that you are notified in a timely fashion if fraud is suspected, scholarship opportunities are available, etc.

A benefit of using a credit union is that it may be a part of a Shared Branch and ATM network, which allows you to visit any credit union location across the nation that is a part of that network to complete certain transactions (cash checks, make loan payments, transfer funds) and access surcharge-free ATMs. When you take cash out at random ATM, you may be charged both usage fees and fees from your financial institution. One way to get around at least one of these fees is to use ATMs that are noted as surcharge-free by your bank or credit union. For example, TruStone is part of the CO-OP Shared Branch and ATM network. Ask your banking provider if there are any fees associated with ATM transactions (or making over a certain number of ATM transactions in a calendar month) or if they are a part of a surcharge-free ATM network.

Using a mobile wallet is generally a more secure, and more convenient, payment method than using your actual card. Mobile wallets use something called tokenization, replacing your credit card information with another unique identifier that a retailer cannot trace back to your card. In the age where data breaches are becoming more frequent, this additional level of security could help protect your card number from being stolen. Plus, if you’re in a pinch and don’t have your wallet with you, it may come in handy to have this payment option available right on your phone.

If you’re bringing a car to campus, make sure to review your auto insurance policy before you move. Car issues can happen unexpectedly, so it is important to know what’s covered in the event you experience car troubles.

Renter’s insurance is a safety net in the unfortunate event that your belongings are damaged or stolen. For a small monthly fee, consider purchasing renter’s insurance for peace of mind.

Buying items for your dorm or apartment can quickly become expensive. It’s likely that the items you will buy won’t be things you keep forever – outside of a dorm setting, when will you ever use twin XL bedding again? To cut down on costs, consider exploring second-hand options to furnish your new living space. For things like bedding and mattress pads, check with friends or family to see if anyone has any items that they no longer need. You can also look at resale websites, such as Facebook Marketplace, to find discounted furniture for your new room. As always, be cautious when purchasing items from individuals you do not know personally. Bring a friend or see if your town has a “safe swap spot” that is monitored by local law enforcement.

Your student ID can be a powerful savings tool. Many retailers, including movie theaters, restaurants, clothing stores, and even grocery stores, offer student discounts. Do your research before checking out to see if you can save by being a student. Even discounts that seem minor, like 5-10% off a purchase, can add up over time. In addition to student discounts, you can also save money by getting good grades. Some insurance providers offer coverage discounts to students who maintain a certain grade point average.

Textbooks can be expensive! Finding alternatives to buying books new from your campus bookstore can lead to major savings. Before making a purchase, check out other retailers that sell new and used textbooks, like Amazon. If you don’t see yourself needing to keep the textbook after the course ends, renting is a great way to save money. Purchasing an electronic-only version, borrowing from a friend who has already taken the course, or seeing if your school’s library has a copy are also excellent options for keeping textbook costs down.

Choosing the right way to finance that education can be confusing. Yet, there are numerous online tools that help you find best rate- insurance, flights, hotels, etc. Why not use something similar to find the most affordable student loan? Whether you’re an undergraduate student, graduate student, parent, or borrower looking to refinance your existing student loan, automate your search in just a few easy steps. View competitive rates and flexible repayment options all in one spot with TruStone’s Student Loan Marketplace. We’re here to help.

Completing the FAFSA is an important step in your college planning process, and there is more to it than simply seeing the amount of aid you qualify for. FAFSA takes a look at your financial information to determine what types of aid you are eligible for. If you want to receive any federal financial aid, including various types of loans and work-study jobs, you need to submit your FAFSA.