Making Saving Money a No-Brainer for College Students

Emily’s Banking Experience Since Starting College

Emily can’t keep track of all her money, it’s very new to her.

Students like Emily, often struggle with making decisions with savings due to many different factors. Most students never have to think about saving or even handling their own money until college and they become independent.

To Emily, saving money is difficult for many reasons,

★ Cost of living (food, clothes, etc.)★ Tuition★ Materialistic items★ Inefficient saving habits★ Overwhelming independence

Emily then talked with Bruce from a local 5/3 Bank

Bio: Bruce Ponsaran is Branch Manager at 5/3 bank on North and Dayton St. After graduating from Ithaca college in 2003, he began working in banks around the country. Now, 11 years later, Bruce has become a branch manager in the most competitive banking field in America.

Tips: When it comes to banking in college, Bruce believes that saving is vital. He advises the earlier you start saving the better, even if it’s only a few dollars a month. Also, create a budget on how much you want to spend. Bruce also keeps track of his spendings in an excel spreadsheet, which his wife monitors closely.

After meeting Emily, we decided to go interview more college students about saving, here is what we found.

We interviewed a total of 40 students ★ 85 % wanted to focus on saving ★ 65% wanted to save to pay for school related expenses

★ 100% wished saving was easier

Similar to Emily, we also found that April and Amanda have problems with saving.

April said “It is hard trying to save money because of the expenses you have to pay for in college (i.e. tuition, food, books, etc)”.

Amanda said “It is hard saving money because I buy things I do not need”.

Bridget and Danna also had similar savings concerns.

“It is hard to save money while in school because it is easy to splurge.”- Danna

“I find myself transferring more money from savings into checking instead of the other way around”- Bridget

Emily, as well as other students, have more resources than they realize when it comes to savings.

★ Bank workers are more than willing to answer any questions college students have.

★ There are mobile apps that make banking easier and more accessible.○ Save the change○ Virtual Wallet

★ There are programs that do some banking for you, like as soon as you get a paycheck it goes into your account automatically.

With these positives, we went back to Emily and other students, asking them what could be improved. We then thought of some out-of-the-box resources

we could use to make these improvements.Improvements-● Some students still rely on

their parents for their banking.

● Some students can not find info sessions about banking and how to do certain things.

Unexpected Resources● Classroom● Projectors, powerpoints● Books● Student ID

● Youtube Clips● Buzzfeed● Student Union● Bank Fair

Then we quickly came across this question...

How can we make saving money a no-brainer for all college students?

We came up with three solution ideas that could benefit Emily, as well as other college students.

★ Have a class about it for freshman in college. (Students need to take a freshman seminar, maybe take one day out of that to talk about banking.)

★ 2 months before spring break (or other time like it) have a assembly about banking and asking if they have saved enough, then give tips on how to save.

★ Sell books back but instead of getting cash, it gets put into a savings account and the bookstore will match that by 10%, that you can’t touch for x amount of years.

Our Aha Moment!

After talking to Emily and other college students, we realized that the majority of college students have problems saving money. The

other solutions we came up with were good, but they just gave college students tips to saving money. If they do not have any money to save that does them no good. Therefore, the idea of

selling back books and getting the money put into a bank account was a no-brainer.

How this idea works!When students register for school, they get a student ID. At some schools this works as both an ID and a debit card. For our proposed idea, all student ID’s would also be a debit card, so students can get money from selling their books placed back onto their card. For this to work, the banks would have to work with the school so that the money could be placed into a savings account.

Appendix

Spark Frame

Spark Frame

Profiles of College StudentsConducted by EB

Suzanne

● Senior at Depaul● She has never banked

anything ● Not aware of credit score,

although she does have a credit card

● Wants advice from banks ● She thinks a seminar for

college students would be a great idea

Alins● Junior at Depaul● Haven’t used banking on campus

because friends told her it was ‘bad news’

● Uses ATM downtown (prefers face to face)

● Solution to student debt is take only necessary loans out.

● She always thinks banks are reliable and hasn’t been faced with hidden fees or fraud yet.

William

● Junior at Depaul● Uses a credit union because his dad has been

doing this his whole life● Always uses online banking● He wants a credit score but because his dad has

handled his finances his whole life, he does not know how to go about doing so

● Could use banking advice

Kazuki ● Junior at Depaul● He finds banking challenging because he

came for the winter term from Japan and didn’t receive advice.

● Does not have a credit card/aware of his credit score

● He uses his cash passport which proves to be effective.

● He would like to receive advice, or at least find out where he can go for the most reliable advice.

Macey

● Freshman at Depaul● Has had no difficulties with banking● Trusts banks with her money● She either uses an ATM or inside the actual

bank● To avoid debt she gives herself a spending limit

every month to ensure she’s not living beyond her means

Emily● Senior at Depaul● Has a bank account with PNC. Their

online banking has proven to be very effective

● Never has been to an actual teller● They’re informative but Emily advises

to pay extra attention to the fine print. That’s where the hidden fees are

● Knows of her credit score but isn’t actively checking it

Sophie● Freshman at Depaul● Has an checking account and savings● She recommends low interest loans to avoid debt● She says “saving every penny is worth it”● Prefers face to face banking

Jessica● Freshman at Depaul● Thinks banks are dependable and could go

for them advice if needed● She recommends an on campus job to avoid

debt● Prefers online banking over anything

Ethan● Freshman at UIC● Has a checking and savings account● Prefers face to face banking, online makes him

uncomfortable ● Her learned about banking by his mom showing

him his statement at the end of every month while growing up

● Not familiar with credit score because he doesn’t have a credit card

● His advice to reduce debt is for “the government to defund other programs and to reduce school tuition cost”

● He never wants to bank with Chase because they fund a company that blows up mountains

Walker● Freshman at Northeastern● He does online banking● Has a credit card but doesn’t know much about credit score● General trust with banks and think they’re there for our best

interest

10 College Students Profiles By JP

1. Julian

Age: 19Year in college: Freshman School: DePaul UniversityFrom: Creek,IL Major: Computer ScienceFavorite activities: Playing sports

Banking experience: He uses Chase Bank. He says they do not offer anything for college students. He said saving money is easy if you set up a budget for yourself. In his senior year he got his first credit card. However he uses his debit card more.Advice: Set a budget to save money.

2. April

Age: 18Year in College: Freshman School: DePaul UniversityMajor: Health Science Favorite Activities: Shopping and going to the movies

Banking Experience: She uses Chase Bank. She has a student account. She likes that they do not charge overdrafts fees and that they offer quick pay. They offer online banking, but she does not really use it. She does not have a credit card because she was told not to get one so she would not get into debt. Challenge: She says it is hard trying to save money because the cost of expenses you have to pay for in college(i.e. tuition, food, books, etc) Advice: Do not splurge. Don’t waste your money on unnecessary things.

3. Tanner Age: 24Year in College: 5thSchool: DePaul University From: Texas Major: EconomicsFavorite Activities: Reading, writing, and running

Banking experience: Uses a bank in Texas. Even though his bank is in Texas, he does not have a problem with transactions. His bank has no college student benefits. He got his first credit card when he was 21. However when he got his first credit card he had to get a cosigner to get better interest. He mostly uses his debt card over his credit card. Challenge: Hard saving money because of tuition.Advice: Make a budget for yourself, do not bury, research big decisions, and do not be afraid to take advice.

4. Amanda Piche Age: 20Year in College: JuniorSchool: DePaul University From: Iowa Major: Health Sciences Favorite Activities: Track and Field

Banking Experiences: Does not have a bank account. However, she uses a paypal account that is connected to a bank account. And her paypal account can be charged as credit.Challenge: It is hard saving money because she pays things she does not need.Advice: Put a little money into an account that you will not be able to take it out.

5. Micah

Age: 19Year in College: Freshman School: DePaul University From: Dallas,TexasMajor: Elementary Education Favorite Activities: Sleeping, reading, and watching Netflix

Banking Experience: She has no banking experience. Her parents help her with money. If she did have a bank account, she would want a bank that gives us mobile alerts and student discounts. Challenge: She does not really have a challenge of saving money because she is so busy playing soft ball at school.

6. Rachel Age: 19Year in College: Freshman School: DePaul UniversityFrom: New York Major: PR and Advertising Favorite Activities: Playing soft ball, eating, sleeping, and playing with animals

Banking Experience: Does not have any banking experience. Her parents help her with money. If she did have a bank account, she would want a bank that has reward systems and discounts to students.Challenge: Money is easy for to save because she keeps herself busy playing sports.

7. Marielle

Age: 21Year in college: Senior School: DePaul University Major: Public Relations Favorite Activities: Helping animals

Banking Experience: She uses Bank of America and has a checking and savings account. She said Bank of America cols improve on their call services, lower down their fees, and be more clear about their policies. Challenge: It is hard saving money because of student expenses and communicating to and from school.

8. Danna

Age: 19Year in School: Freshman School: DePaul UniversityFrom: Naperville,IL Major: Finance Favorite Activities: Yoga and hanging out with friends.

Banking Experience: She uses PNC Bank. She likes their virtual wallet, mobile apps, and how you can make despotis right from your phone. Challenge: Hard to save money while in school because it is easy to splurge.

9. Jessie

Age: 18Year in College: Freshman School: DePaul University From: Naperville,IL Major: FinanceFavorite Activities: Hanging out with friends

Banking Experience: She uses PNC Bank. She loves their virtual wallet; which lets you have a place to set your savings, manage your spending, and your growth. It helps you save money. She also likes their mobile apps. She does not have a credit card

10. Jordan

Age: 19Year in College: Freshman School: DePaul University From: MichiganMajor: Marketing Favorite Activities: Eating and Shopping

Banking Experience: She uses PNC Bank and CoAmerica. She does not have a credit card.Challenge: Hard to save money, especially in the city because there are always activities to do. Advice: Save over the summer and ask about student discounts.

JacksonAge: 19College Year: SophomoreCollege: DePaul University

Jackson rooms and banks with his twin brother. He carries both a credit and debit card, while spending the most amount of money on gas. Jackson budgets with his brother on an excel spreadsheet, and, says that having his brother gives him less trouble saving money. Jackson banks at Bank of America, while going to the bank once a month “Banking is much easier with my twin brother.”

ShaneAge: 18Year in College: FreshmanCollege: DePaul University.

During long breaks from school, Shane works at the local Nordstroms. While school is in session, he has no way of earning income and finds trouble in saving money. Shane banks with Chase and goes to the bank once a week.

“I have the most trouble saving money when there’s no steady income.”

AlexAge: 20 Year in College: JuniorCollege: DePaul University

Alex works part time within DePaul University, but has trouble saving her money and time. She carries a debit card and has an excel spreadsheet for important spendings. Alex does most of her banking online and goes to the bank every two weeks.

“I spend way too much money on food.”

StephanoAge: 34Year in College: Graduate.College: DePaul University

Stephano is a graduate student and used to be a teacher. He banks with Chase, and, has the most trouble budgeting his money now that he is not teaching. Stephano almost never goes to the bank and does the majority of his banking online.

“Now that I’m not working, budgeting is difficult.”

JoeAge: 21Year in College: JuniorCollege: DePaul University

Joe works part time serving food within DePaul University, and, banks with PNC. He believes he is above average at budgeting his money, even though he doesn’t keep track on paper. He has the most trouble saving money on food expenses.

“It’s hard not to spend on food.”

Kyle Age: 19.Year in College: Sophomore.College: DePaul University.

Kyle works part time, while still leaving room to be a student at DePaul. He banks with Chase and budgets all of his expenses in a notebook. Kyle’s biggest trouble is keeping track of every last expense.

“There’s just a lot to keep track of”

MollyAge: 18Year of College: FreshmanCollege: DePaul University

Molly is a music student at DePaul and banks with Bank of America. She does not work, nor does she keep track of her expenses, but believes that she rarely spends a lot of money on anything. Her biggest struggle is affording all that comes with being a music major.

“Studying music is expensive and hard to keep track of”

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