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InUnison Published quarterly for the members of Unison Credit Union. Summer 2014 | No. 159 Prepare Your Student for College This September, thousands of freshmen will hit college campuses across Wisconsin for the first time as official students. Venturing into the unknown as an adult is extremely exciting. For many teens, this will be the first time handling money and financial decisions on their own. Leaving for college is one more in a series of “firsts” in a lifetime that are exhilarating for kids, and absolutely terrifying for parents! So, what can a parent do to help ease the anxiety? Well, we did some digging. Check out the tips we uncovered that every parent of a college freshman should know. Exciting NEWS! Unison Credit Union is proud to announce plans for construction of their newest branch at 900 Main Avenue in the city of De Pere. “After careful consideration by our Board of Directors, this location was chosen to better serve our current membership and offer an attractive financial option for new members”, says Mark Hietpas, CEO. The new building, which will be approximately 3,900 square feet, is being constructed by Keller, Inc., headquartered in Kaukauna. The fullservice office will house 7 employees and feature 2 convenient drive-thru lanes and a drive-up ATM. Unison intends to break ground in late July and open the office in early 2015. 1. Don’t deposit and dash: If you are a parent that plans to give your student some extra money for college, although this is generous it can be potentially dangerous. If you plan to hand out a large sum for the semester or even the year, be sure to have a discussion with your child on how to budget that money so it lasts. This is a tricky conversation, because it’s important to let your student make the decisions and take ownership and responsibility for their own finances. But it’s critical to give loose guidance as to how the money should be spent. 2. Embrace, but limit, financial mishaps: After coaching your student through the budget and providing advice, step back and let your child run with it! Inevitably, mistakes will be made. When this happens remember to keep your cool and chalk it up to a lesson learned in the school of hard knocks. It’s okay to let your son or daughter struggle! In fact, it’s much better to let them learn now, in college, than after they graduate and are earning larger amounts of money to manage. 3. Encourage financial freedom: A part-time job in college is a great idea. It has been found that students who work around 10 hours per week are more productive, organized, and have better time management skills. Allow your student to decide how the money earned will be spent. Whether they decide to spend it on fun activities, laundry, groceries or the movies, letting students decide where the money they earn will be spent helps to make a strong connection between money earned and money spent. The result? An adult that will likely be more effective in budgeting. 4. Utilize web resources: The good news is you are not alone! Many parents sending their children off to college share similar concerns and anxieties about finances. Thankfully, the Internet makes it possible for students to have numerous financial resources at their fingertips. Unison Credit Union is proud to bring a wealth of resources to our members available on the web anytime, 24-7. Check out and click on Resource Center. Soon summer will be over and you will be packing up the minivan to move your child out—and in to their new college pad! Take this opportunity to have the conversations about money that are critical to financial success in college, and throughout a lifetime! Information taken from http://www.usnews. com/education/articles/2011/08/17/4-stepsto-financially-prepare-your-student-forcollege?page=2

InUnison summer 2014

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