Syllabus for Success: 5 Financial Lessons Before Move-In Day

As your student heads off to college, they're taking a big step toward independence, and we aren't just talking about in the classroom. For many, this is the first time they'll be in charge of managing their own money day-to-day. Without some guidance, that first taste of financial freedom can lead to overdraft fees, excessive credit card use, or even fraud.

The good news? You can help. Check out some essential financial lessons every college-bound student should learn before move-in day:

Skill 1: How to Build, Use, and Stick to a Budget

Budgeting doesn't have to be complicated, just consistent. Learning how to create and stick to a budget helps students avoid running out of cash halfway through the semester.

Teach them to:

• Track income and expenses weekly or monthly. Help them understand the difference between fixed expenses (like rent or phone bills) and variable ones (like food and entertainment).

• Use budgeting tools that work for them. There are many free budgeting apps they can half at their fingertips (or good old Google Sheets works, too!)
• Set realistic limits. If they have $100/week to spend, help them break that down into categories like food, fun, and transportation.

Suggest to them:

• Creating a simple spreadsheet together
• Linking accounts to a budgeting app
• Setting a spending "challenge" for the first month on campus

Bonus Tip: Have them practice budgeting during the summer to build the habit before classes start.

Skill 2: Open Their Own Checking & Savings Accounts

If your student doesn't already have their own checking and savings account, now is the perfect time.

Why it matters:

• Helps them build their financial responsibility
• Allows parents to monitor or transfer funds easily from their CWCU account
• Prepares them to manage real-world money without training wheels

What to look for:

• No or low monthly fees
• Mobile banking with remote deposit, alerts, and other digital banking tools
• Easy ATM access (Especially near their school)
• Overdraft protection options
• Perks like rewards, round-up savings, or early direct deposit

Pro Tip: Set up mobile banking together and walk through how to use alerts, transfers, and card controls.

Skill 3: Debit vs. Credit: Know What They're Swiping

Swiping a card is second nature to us now, but knowing the type of card and how it works is critical to staying afloat.

Debit Cards: 

• Pull money directly from a checking account (your real-time funds)
• Great for daily expenses like food, gas, and supplies
• Can overdraft if they spend more than they have, unless protection is enabled

Credit Cards:

• Borrowed money that must be paid back
• Good for building credit if used wisely
• Risk of debt or late fees if not managed well

Teach them:

• How to check their balance in their account before swiping
• What overdraft protection means and how to opt in
• About minimum payments vs. paying off balance. Especially how long it can take to pay off a balance by making only the minimum payment

Bonus Tip: Encourage them to use debit for everyday purchases and credit (if at all) for emergencies or planned expenses, never for impulse buys.

Skill 4 : Credit Scores - What They Are & Why They Matter

Your student’s credit journey starts the moment they open their first account or apply for their first card, and the habits they build now can lay the foundation for a strong credit score that opens doors to future opportunities like renting an apartment, financing a car, or even landing a job.

Key Topics:

• What makes up a credit score (payment history, credit usage, age, and more)
• Why it matters (affects renting, loan rates and approvals, insurance, etc.)
• How to build credit safely. Suggest starting with a low-limit student credit card, secured card, or a credit builder loan

Bonus Tip: Help put it in perspective in a way they can understand. A credit score is like a GPA—easy to damage, hard to rebuild, and important for the next chapter of life.

Skill 5: How to Avoid Scams, Fraud & Financial Fumbles

College students are frequent targets for identity and financial scams, and the numbers are on the rise in recent years. Teach them about some of the common schemes they may see while entering out into the real world, and how to protect themselves.

Types of Fraud & How to Spot Them:

• Financial Aid/Loans Scams- Scammers posing as legitimate organizations exploit students' anxiety and need for financial assistance or relief.
  • Watch for: 
    • Require payment up-front or charge monthly fees for helping you (this is illegal and a huge red flag)
    • Communications contain grammatical and spelling errors
    • Promise immediate and total forgiveness or cancellation of the loan
    • Ask for your login information (never give login information to any website to anyone, ever)
    • Sense of urgency or limited-time offers
    • Request to sign or submit a third-party authorization form or power of attorney (where they will speak with your federal loan servicer on your behalf)
• Tuition Scams- Thieves pose as the admissions department at the college/university, claiming the student is behind on their tuition payments.
  • Watch for:
    • Pressure and urgency always accompany these calls to create a sense of panic. They will push for immediate action to avoid consequences
    • Request to use hard-to-trace payment methods like wire transfers, cryptocurrency, and gift cards
• Public WiFi Scams- Public WiFi is available nearly everywhere on campus, but an unsecured connection makes for an easy target for a hacker looking to breach the system, and other people can see your activity when using an unsecured network.
  • Watch for:
    • It's important to know that while public WiFi can come in handy, you should never log in to sensitive sites like financial and payment accounts, online shopping and subscription services, and password managers.
• Employment Scams- Scammers steal unsuspected students' identities by offering "the perfect" job. A job that works around class hours, pays well, and doesn't interfere too much with socializing is a college student's dream... and scammers know it.
  • Watch for:
    • Job listings that are "too good to be true" (make your own hours, do the bare minimum, and take home thousands a day....  yeah, right.)
    • Requires a fee or out-of-pocket cost upfront
• Scholarship Scams- Scammers can post fake scholarship offers, or even pose as an "official" claiming you have received a scholarship for something you may or may not remember applying for.
  • Watch for:
    • Asks for SSN, credit or debit card number, or bank account information
    • Application fee or processing fee applies
    • Claims of immediate payout
    • Has no requirements aside from basic personal information
    • Uses the terms "sweepstakes," "drawing," "enter to win," or "random selection"
    • Claims to be "easy"- 100 words or less "essay," apply only through social media, applying takes less than 5 minutes

Bonus Skill: Have Ongoing Financial Conversations

Financial literacy is a lifelong journey, so don't stop at the "pre-college money" talk!

Make it a Habit to:

• Check in monthly or quarterly about how things are going
• Review statements together at first
• Celebrate smart money decisions and help them problem solve when they go over budget

Help Them Start This Chapter with Confidence

At Community West Credit Union, we're here to support your student from their first savings account, to their first debit card, to their first apartment. Our youth-friendly products, digital tools, and local team of experts make it easy to take that first financial step with guidance along the way.