If you are a student, there is no better time to start a savings account than today. At BHCU, we understand that being on a tight budget while in college means saving your money can be difficult, but with the right savings plan, you can prepare for anything life throws your way.
We are a credit union, which means we invest in our members, not shareholders. Therefore, we have better offers for interest rates that allow you to save money faster and with ease. Keep reading to learn more about savings for students.
Why You Should Open A Savings Account as a College Student
In Case of an Emergency
It’s always better to have a savings fund to fall back on when unforeseen circumstances occur that require your attention and money. Some examples of these things include car repairs, medical bills, or being laid off from your job
To Get Into the Habit of Saving Early On
The key to saving money is to practice and make a habit of it. The earlier you start, the more financially confident you will be in the future. Taking the time and energy to start saving little by little will eventually become second nature to you and make your life much easier in the long run. Then when you start earning more money from the job you’ll get with your degree, you’ll have no problem managing those larger paychecks.
Special Accounts With Low Fees
Many things are discounted when you are a student; streaming services, coffee, subsidized housing, etc. The perks are everywhere, but one that is often overlooked is the benefits of belonging to a Credit Union like BHCU, which can help you achieve your savings goals with ISave accounts that offer compounding interest and little to no fees. If you have been looking for the best banking account for students, you are in the right place.
Big Purchases
Once you move out of your parent’s house and become responsible for all your expenses, you may find it challenging to have any money left over for the extra things you want. After time spent saving, you’ll have a fund for certain purchases that elevate your life dramatically. An example of this might be a new car, a security deposit on a new apartment, furniture, or other purchases.
To Pay for Your Student Loans
Most students today take out at least some loans to help with the financial burden of attending college. When you graduate, you have a grace period to find a job before you have to start paying those loans back. It’s good to be prepared with savings in case you have to cover them before being employed. Ultimately, it’s a good idea to pay your loans off as soon as possible.
If you have been trying to find good options for savings for students, let the experts at BHCU help you find the best savings plan for you so that you can enjoy your life now and continue to in the future.
