North Shore Bank knows that the transition from high school to college is challenging and has recently released several tips on managing money for both incoming freshmen and their parents.
“From setting up a budget to safely managing online accounts, guiding college students now will help them prepare for their financial futures,” said Susan Doyle, vice president of branch operations at North Shore Bank. “I currently have two children in college and sharing tips with them about their finances is very important.”
Below are a few tips to help your college freshman become financially savvy:
• Use credit wisely – A credit card should only be used for emergencies, and the balance should be paid off each month.
• Use a debit card and balance your checkbook often – A debit card requires careful monitoring. Transactions should be recorded as soon as possible to avoid overdrafts.
• Save, save, save – Everyone should establish a savings account. Students should set aside savings for emergencies or for future purchases.
North Shore Bank provides several online tools for financial management. College students can use free online banking to check account activity, add the “MyMoney” app to their Facebook page for quick and easy access to Online Banking without ever leaving Facebook or keep tabs on finances while on-the-go with Mobile Banking. Additional money management tips are available on North Shore Bank’s blog.
North Shore Bank, headquartered in Brookfield, is one of the strongest banks in the country. It has assets of nearly $1.8 billion and more than 45 offices throughout eastern Wisconsin and northeastern Illinois. Current Wisconsin branch locations are in metro Milwaukee, Racine, Kenosha, Appleton, Menasha, the Green Bay area, Burlington, Union Grove, Ozaukee County and Door County. To find an office, visit northshorebank.com. You can also follow North Shore Bank on Facebook and Twitter.
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