As I prepare to embark on the tumultuous journey that is university, I find myself feeling out of my depth in many life skills. After all, in only a couple of months, my decisions (and therefore my bank statements) will be a result of my independence. Therefore, I have come to the realization that it is only natural for me to become a finance bro – minus the unbearable ego, impressive ability to constantly mansplain, and a quarter zip, of course.
After countless hours of research and a personal finance class, here are my findings and what I plan to enact before I leave for college.
- Get a credit card – credit score is an accumulation of length of credit history and amount owed, mostly, so time matters. Even small purchases each month, paid off in full, will help over time. After all, it takes 3-6 months to get your first credit score.
- Open a High-Yield Savings Account – While everyone automatically has a regular savings account when you open your debit card, a HYSA is ideal for emergency funds or saving up to pay off student loans. It’s an account with a much higher interest rate, meaning the sooner you open it and consistently deposit money into it, the more your money will grow. Compounding interest is a real thing!
- Open a Brokerage Account – My last tip I will leave you with is to open a brokerage account. While it is not as important as a HYSA and a credit card, it is an excellent way to dip your toes into the world of investing. A brokerage account is basically a place where your money goes to grow instead of just sitting there. You put money in (even as small as $20 a month) , and then you can use it to buy things like stocks, ETFs, or bonds (aka little pieces of companies or collections of companies). When those companies do well, your money can grow.
These are the things I will be implementing into my life when college begins. 2026 is the year of financial literacy and independence as we all have to start somewhere!
