Tag Archives: college

Cybersecurity Tips for College Students

There’s quite a learning curve in just about every way possible for college students out on their own for the first time. While a characteristic of college students is being tech-savvy, it doesn’t always mean that they know how to stay safe from cyber threats that advance and evolve every day. When they enter college, they become a part of the #2 targeted industry for cybersecurity threats. College students should take these tips with them throughout their college career.

Know that you have value.

While we mean this in a feel-good way, what we’re really talking about here is the incorrect notion that college students think they have no monetary value worth stealing. This could not be further from the truth. Your social security number alone is incredibly valuable on the black market. When you realize that you have something valuable worth stealing, you may be more likely to use caution when online.

Old school personal theft is a cybercrime risk.

Of course you don’t want to get your laptop stolen because of its expensive cost. Unfortunately, many thieves don’t just want the item, but want your data and personal information off of the laptop or phone. Never leave your items unattended or expect that you are ever completely in a “theft free” zone.

Everything needs a passcode.

It may be somewhat of a hassle, but be sure all of your electronic devices have a passcode in addition to a physical lock.

Reconsider public workstations.

Your university may offer some public workstations for your use. They are convenient but don’t always have the best cyber protection installed. If you must use a public computer, be sure you don’t save your passwords on it and log out of everything before leaving the station. Never treat it as your own computer, so be sure to remove all files of yours before leaving the device.

To Torrent or Not to Torrent? Don’t!

For those who don’t know, torrent websites are a way for users to share files and distribute data over the internet. We can say with some confidence that it’s better to stay completely away from these. 1 in 3 users are exposed to malware by utilizing torrent websites. It’s tempting to get free textbooks and movies off of these sites, but it’s not worth the risk.

Give us a call if you have questions about cybersecurity when it comes to online banking!

Money Management for College Students

If you’re fortunate, your parents may have taught you how to save your allowance or a certain percentage of each paycheck. If not, we are here to help you at the beginning of your financial journey as an adult! Stay tuned for some simple tips you can start doing now to strengthen your current and future financial habits.

Create a Budget

Most adults who have been managing their money for years have yet to figure out how to stick to a budget. You have the opportunity to stay ahead of the curve by building the right habits now. This will help you to control your spending and saving.

You first need to decide what amount you want to put into savings every month. Next, determine how much money you need to spend on rent, food and other bills. You can make as many categories as you like. Don’t forget to include a category for fun. Use it as you please, but when it is gone, it’s gone. You are making a promise to yourself that your financial security is more important than a splurge.

Buy Used, Not New

Unfortunately, the cost of new textbooks is astronomical. As a college student, it is most often going to be wiser to buy used than new. With a used textbook, you will pay significantly less and may even be lucky to see the former owner’s notes. Think about what other purchases you need to make and if it would be better to buy them used. The answer will most often be yes.

Be Smart With Your Credit

It is a great idea to start building up your credit history. However, if you aren’t paying off what is due at the end of every month, a credit card may not be the right choice for you. Deep credit card debt burdens many because they made purchases that they could simply not afford. Be sure to use the card for needed items and not sudden splurges.

Take Advantage of Free Entertainment

One great part of being a college student is all of the free activities that your campus has to offer! There’s no reason you need to spend money going to a big movie theater when most college campuses have their own movie showings free for students every weekend. Check out your campus Student Activities Board to see what free fun you can get in on!

Use Cash

This is a great rule for anyone, not only college students. However, we believe it is a helpful habit to start now. If you have a problem with impulse purchases, we recommend using the “fun money” portion of your budget as cash only.

If you go out to have fun with friends for the night, you know the exact amount of money you have to spend. No more, no less. For some reason, it is much harder to spend cash than it is to make a purchase on a card. This will help you to control your spending when you’re having fun.

We have plenty of savings options available for college students looking to grow their funds! Take a look to see what option best fits your needs.

Saving for Tuition 18 Years in Advance

Educational Savings

After you get to see those little eyes open, it’s like a whole new world has unfolded before you. When you’re elbows deep in changing diapers, cleaning up whoopsies, and trying to sleep more than four hours a night, the last thing on your mind is college savings. At Heartland Bank, we understand the chaos which ensues with each new addition to your family. To help you prepare for this upcoming transition, we’d like to help you find the best educational savings account for your little bundle of joy before he or she arrives!

There are two primary types of accounts when it comes to saving for your child’s ongoing education. Similar to retirement savings accounts, both of these options do require various stipulations when it comes to distributing the saved funds. Here we’ll show you the pro’s and con’s to each option, to help you better determine which option will suit you and your needs best.

The Coverdell Savings Account: This account option utilizes after tax dollars, which means there are no taxes on distributions when the funds used for education. The account does have a nationwide $2,000 a year contribution limit, in addition to various income restrictions. While you and your spouse may manage and contribute to the fund, once the child turns eighteen, he or she will own the account and all the funds within it. However, the child once of age may only use the funds for education related expenses without incurring an additional distribution tax.

The 529 Savings Account: This account option also utilizes after tax dollars, which again indicates no future taxes on distributions if the funds are used for education. The account does not have income limitations, however, each state stipulates their own yearly contribution limit, typically ranging from $100,000 to $350,000 per year. For this account type, the physical savings account, and the funds within it, remain yours, only designated toward a specific beneficiary (which you can change up to once per year.)

Let’s compare the two when looking at national average college costs across the U.S.

If you choose to save using the Coverdell account option, suppose you save $2,000 per year for eighteen years, yielding a total of $36,000 of total out-of-pocket contributions. Add in the compound interest of those eighteen years, and you’ll find yourself with approximately $80,983 in total educational savings. Fun Fact: The national average for a year of in-state public college in the U.S. is $20,090 or $80,360 for a four year degree.

Alternatively, if you choose to save with a 529 account, you can save more than $2,000 per year, say $3,500 per year instead. Multiply those contributions by eighteen years, and you’ll have $63,000 in total out-of-pocket contributions. After calculating your compound interest into the equation, you’ve grown up to $141,562 in total educational savings. Fun Fact: The national average for a year of any college in the U.S. is $35,370, or $141,480 for a four year degree.

As you can see, both of these accounts allow you to make much more through the benefit of time and compound interest. Just like your retirement savings, the sooner you start contributing, the more interest you can earn. While the Coverdell allows you to give the account to your child, the 529 shows better savings opportunities, allowing you to maximize your potential interest.

If you’d like to learn how you can start saving for your upcoming chick-a-doo, stop by and speak with one of our dedicated personal bankers at Heartland Bank today! We’d love to help your family continue to grow!