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College students give real-world advice about managing finances
College students give real-world advice about managing finances
Once acceptance letters are accepted, most incoming first-year students are thinking about dorm assignments, new friends, and campus life — but not so much about the dollars and cents that will shape their experience. Looking back, there are things that many wish they’d known about managing money before stepping onto campus. And while no one hands students a financial playbook when they pack for college, it’s wise to take meaningful steps now, this summer, to set yourself (or your student) up for success. We talked to current college students and a Wintrust banker about what works, what doesn't, and best practices for navigating finances at school.
The freedom (and danger) of independence
For the first time, many students are independent. They swipe their debit card, place an Uber Eats order, or Venmo a friend without anyone telling them “no.” That independence feels fantastic, but it’s also a risk. Many have experienced or had friends who burned through their money in the first few weeks, thanks to food delivery, late-night purchases, or even sports betting apps. By October, they were calling their parents to bail them out or racking up overdraft fees they didn’t even realize were accumulating.
Here’s the big-picture lesson: make your money slightly harder to access. Set up a savings account alongside your checking account, and transfer only the amount you plan to spend. Tools like the Wintrust mobile banking app can help you transfer set amounts so you go into the weekend knowing exactly what you can safely spend.
Summer money is college lifeline money
Many incoming first-year students don’t fully appreciate the value of working a summer job until they arrive on campus and see who has extra spending money and who doesn’t. Friends who hadn’t worked over the summer often ran low on cash fast, and they either had to miss out on activities or call home for help. Even a modest savings cushion from a part-time summer job can help cover expenses like late-night pizza runs, a last-minute textbook purchase, or a group ride-share without causing stress.
Wintrust offers student-friendly checking and savings options, including bundles designed to help you build savings early. For students who encounter unexpected costs, Wintrust’s Everyday Loan1 provides a fixed-rate, affordable alternative to high-interest payday loans or credit cards. With borrowing amounts up to $5,000 and clear, no-surprise terms, it’s a safer option for covering surprise expenses without falling into long-term debt.
The silent threat: financial fraud
Many young adults might think they’re too tech-savvy to fall for scams. But students, both domestic and international, are increasingly targeted — whether it’s phishing emails, social media scams, or someone convincing them to withdraw cash at an ATM. Gilbert Morales, a Wintrust branch manager working closely with university students, has seen the impact firsthand: “The students who’ve been scammed tell us they were scared or caught off guard. They didn’t know what to do.”
The good news? Wintrust offers free financial literacy workshops at local campuses that specifically address fraud awareness, how to safeguard your debit card, and how to use mobile features like card locking. Attending one or two workshops before or early in your first year can provide you with tools that may save you thousands.
Parents: still the most important financial influencers
Although students might scroll through TikTok for life hacks, nearly every young adult relies on their parents as their primary source of financial advice. Parents can play a significant role in shaping smart habits now by setting up a debit card or a secured credit card, discussing a realistic budget, and demonstrating how to check account balances regularly.
Start now, so you’re ready this fall
Managing money in college isn’t just about tracking expenses — it’s about building independence, learning to avoid common traps, and laying the groundwork for long-term success. This summer is the perfect time to open accounts, sign up for financial literacy workshops, explore secured credit-building options, and have those crucial conversations with parents.
Stop by your local branch or call your banker to ensure you’re finances are ready for the fall. With student-focused banking products, fraud prevention education, and personalized guidance, Wintrust is ready to help you and your family start strong.
