Skip to content

Share this article:

Managing Your Money While Living on Campus

Managing Your Money While Living on Campus

As colleges around the Corridor resume in-person learning for the fall semester, students will once again need to develop skills to manage their money while living on campus. Luckily, they don’t have to do it alone! By connecting with a local personal finance expert – like those at a bank – students can get answers to their burning questions and find practical advice to start college off on the right foot.

Deb Schaffer, a Vice President and Branch Manager at Hills Bank, said she and other bankers at the bank’s Iowa City Downtown location often hear from students at this time of year.

“Some students come to us with questions about paying tuition, rent, or utilities.” She said. “Others have bigger picture concerns, like how to create and stick to a budget that works for them. Whatever it is, we’re here to help!”

According to Schaffer, many students don’t realize that bankers can do more than open accounts – they’re also available to work through the details of financial planning to help them adjust to their new environment. As the parent of a college senior herself, Schaffer can sympathize with how the stress of managing bills on top of all the other demands of college life can become overwhelming.

“The logistics of how to handle bills are often what students need help with,” she said. “For example, how can my roommates and I each pay a portion of our rent when our landlord wants a single payment? Or how can I keep track of the utility payments so that each person is paying their fair share?”

In other cases, students may not know how certain aspects of banking work, like when they could be charged fees on their account, or if using an ATM comes with a cost, or how to transfer money from parents or their hometown bank. Schaffer said bankers can help answer all of these questions.

“Don’t be afraid to come in and talk to a local banker,” she said. “For students at the University of Iowa, we are right on campus and able to help you quickly and efficiently with your questions or banking needs.”

Ultimately, Schaffer wants students to know that banks are more than a just a safe place to store and access cash on campus. They are full of people who can provide tips and advice and recommend services – free of charge.

“At the end of the day, helping people become more confident about facing the financial challenges that affect them is what bankers like me are here for,” Schaffer said. “Whether you’re a student or anyone else.”

Hills Bank Member FDIC

Hillsbank.com/ui-student

Hillsbank.com/checking

Learn more about Hills Bank’s services.