Dorm room decorations, roommate etiquette, and class schedules may be top-of-mind currently for many first-time college students, and it can be easy to let your financial health slide. BUt taking the time to refine your money management skills now can help you stay financially fit. That's why we've put together this list of four ways you can improve your financial fitness during your first year of college and beyond.

Learn how to create a budget
An essential building block of financial health, consider a budget your financial blueprint. It is a plan formed by analyzing your spending habits and then comparing them against your incoming funds over a set period of time, typically a month. You can use this information to help you meet your personal financial goals and build healthier money habits. Mastering the task of building an effective budget earlier in life will help set you up for success in the future. For more budgeting resources, please visit our Budgeting 101 page here.

Carefully consider your credit, and always use it responsibly
Credit refers to your reputation as a borrower, and virtually everyone uses some form of it. Your credit report contains information about your credit history (like how often you pay your bills on time, etc.) and the status of any credit accounts you hold (current, past due, delinquent, etc.). A credit score, on the other hand, is a three-digit number that represents your credit worthiness, and is based on the information provided in your credit report. The rates you receive on commodities like car insurance and cell phones as well as your ability to purchase high-ticket items like a car or home are largely impacted by a combination of your credit report information and credit score. To learn more about credit, please visit our Credit 101 page here.

Establish a habit of saving
Establishing a habit of saving should be a priority as you go through college. Consistently putting money aside each time you receive income will help you in building a habit of saving. Consider putting your savings on autopilot by automatically having money sent to your savings account each payday. To learn more about savings, visit Savings 101 here.

Find a financial institution that works best for you
Maybe a piggy bank has been sufficient up until this point, but now may be a good time to consider finding a financial institution you can trust to help improve your financial health. If you find yourself considering opening your first checking or savings account, you’ll want to choose a financial institution that will best fit your specific needs. You might already be familiar with national banks, but have you yet considered a credit union? Member-owned and not-for-profit, credit unions like DCCU offer an alternative way of banking. They exist to serve as a financial wellness partner to help improve the financial wellness of their members while also supporting the community. Personalized assistance from local professionals, quality financial products, competitive rates, and community involvement are attributes that make credit unions unique.

As you enter this next exciting chapter of your life, be sure to prioritize your financial health along the way. If you have questions about how to implement any of the tips mentioned above into your own financial routine, our team of dedicated DCCU professionals are here to help you achieve your goals. Contact us today.

This article is for general information only and is not intended to provide specific advice or recommendations for any individual.