From the minute they step on to a college campus, many students are set on preparing themselves for success later in their adult lives. While they are hard at work studying in preparation for their future careers, they may not realize they are in a prime spot to practice other habits guaranteed to benefit them post-graduation, such as how to manage personal finances.
This is why Purdue Federal Credit Union (Purdue Federal) is helping college students learn how to best manage their finances during their time in school. The credit union is offering a multitude of options for students at Purdue University and Purdue University Northwest that will allow them to get some solid financial footing early on.
“Our financial habits follow us into all life stages, so the sooner students are educated on good financial decisions, the better they will be in the long run,” said Purdue Federal Community Outreach Director Colleen Shepherd. “All bad habits are a lot harder to break than start, so if we can help students before bad habits start, it’s a success.”
The type of financial assistance Purdue Federal offers is catered to the needs of each individual student. There are multiple tracks and programs that students can choose from, including personalized consultations, access to numerous financial resources, and much more.
“We provide outreach and education to Purdue students by offering them access to our Boiler Financial Track which gives them links to set up financial counseling appointments, financial wellness presentations, online resources and budgeting assistance,” said Shepherd. “Between our online resources, Financial Wellness Team, and the Boiler Financial Track Team, there is something for every financial situation a student could be facing that helps guide them on the right path.”
The transition into adulthood can be a lot for any one person. Purdue Federal understands just how much a student is taking on during their college years, and wants to offer a comfortable place for them to learn the ins and outs of personal finance while learning from mistakes without any major repercussions.
“These programs were created to financially empower the communities we serve,” Shepherd said. “We are committed to impacting all of the communities we serve by offering free financial education and services to youth, college students, under-banked, credit challenged, and financially unprepared individuals with integrity and mutual respect. Our goal is for all the people we serve to gain a comfortable sense of financial wellness to achieve their financial success.”
Knowing how to manage your finances can be just as important as knowing the skills needed to carry out a successful career. However, not everyone has had the same financial education by the time they start college. Purdue Federal is looking to help close those gaps and teach students many important financial tools, such as balancing a checkbook or using credit.
“These programs provide a sense of reality for the students as they enter the next chapter of their lives in the workforce. Many students we work with have never balanced a checkbook, lived by a budget, or understood the importance of credit as well as the proper way to use credit,” Shepherd said. “All of these are things that could potentially set them up for failure when entering the next chapter of their lives if they aren’t properly educated.”
Purdue Federal’s programs go beyond teaching just the financial skills. Students are also taught how to adjust their mindset and behaviors to carry out such tasks which is something that can be extremely beneficial in other areas of life as well.
“Many students gain a sense of understanding and control over their everyday financial decisions which in turn empowers them to make good decisions. Often, people don’t understand that when they are trying to gain control over their financial situation, it means you have to change your mindset as well as your behaviors. That isn’t an easy task,” said Shepherd.
The in-depth programs give students a unique look at their finances to help them better understand the subject at hand.
“I feel that students enjoy getting a different perspective around finances than just what they may have learned at home. I also believe that, by catering material to their life stage, it makes it easier to retain information,” said Shepherd.
College students aren’t the only ones able to partake in Purdue Federal’s programs. While the credit union has some specifically for younger adults, Purdue Federal has options for everyone to make sure they’re financially set at any point throughout their lives.
“All of our Financial Empowerment Resources are available to everyone in the community at no charge,” said Shepherd.
For more information on Purdue Federal Credit Union, please visit purduefed.com.