Kansas State University

Bank accounts are an excellent way to safely store your money.  People can access bank accounts through multiple institutions like traditional brick-and-mortar banks, online banks, or credit unions.  There are various types of bank accounts, each with its own unique purpose and features.  Before opening a bank account, it is important to understand what type of account best fits your needs.

Checking Accounts

Checking accounts are designed to store funds that you plan to spend.  Typically, people utilize checking accounts to handle everyday financial transactions.  A person’s wages can easily be deposited, and money can be simply withdrawn to spend or pay bills. Checking accounts typically come with options to have a debit card and may also include paper checks.  Some banks offer customized checking accounts to better fit the needs of a certain demographic, such as a teen or student checking account.

When selecting a checking account, there are multiple criteria you may want to consider.  First, do you prefer having an account at a traditional bank or an online bank?  Consider if you need physical branch access or any perks that individual institutions may offer.  It is also important to understand an account’s minimum balance requirements, potential monthly or overdraft fees, and ATM network availability.  Some factors may be more impactful to you than others, so it is important to shop around and find an offering that best fits your needs.

Savings Accounts

Savings accounts are designed to hold funds that you don’t plan to spend right away.  These accounts can be thought of as a tool to put aside money for short- and long-term goals.  Savings accounts differ from checking accounts in that they typically don’t offer debit cards or check-writing.  Most savings accounts offer to pay interest on deposits, though the interest rate can look very different from bank to bank.  Additionally, savings accounts are subject to Regulation D, which ordinarily limits account holders to six withdrawals each month.

High-yield savings accounts (HYSAs) are a subset of savings accounts that usually offer interest rates significantly higher than average savings account rates.  These higher rates can make a big difference in the amount of interest an account can earn over time.  Most institutions that offer HYSAs are online-only, without physical branch access.

In the selection process for a savings account, it is again very important to compare between institutions.  Online banks have been known to offer lower fees and higher interest rates than traditional banks, largely due to their lower operating costs.  Traditional banks may be more convenient by offering in-person branch access.

Money Market Accounts (MMAs)

A Money Market Account is an interest-bearing account that combines features of both checking and savings accounts.  MMAs can offer check-writing and debit card access like checking accounts.  They are also subject to Regulation D, typically limiting withdrawals to six per month like savings accounts.  Often there will be a minimum initial deposit to open MMA accounts.  Additionally, there may be minimum balance requirements that the account must maintain or risk insufficient balance fees.

MMAs are great tools to earn interest on the money that you aren’t currently spending while making it easy to eventually spend.  There is a major convenience factor in those accounts that offer check-writing or debit cards.  However, a person does need to pay attention to any minimum initial deposits or minimum balance requirements.

Certificate of Deposit Accounts (CDs)

A Certificate of Deposit is a type of interest-bearing time deposit account.  Time deposits involve setting aside a certain amount of money with the intention of not having access to it for a set amount of time.  The higher interest rates that CD accounts offer come with the trade-off of having limited access to deposited funds.  The CD term is the length of time that the account will be open, which is selected by the customer in advance.  These terms can range in length from 1 month to 10 years, but most accounts fall between 3 months and 5 years.  Typically, there are penalties in place for withdrawing funds before the term ends.

CDs are made to set aside funds that you will not need in the near future.  Accounts are often utilized to plan to meet an upcoming obligation, such as a downpayment or a vacation.  They are very effective tools if you know when an expected obligation will come due.  However, if circumstances change and a person needs access to funds before the CD term ends, penalties can be a major disadvantage.  Overall, CDs offer relatively high locked-in rates at the cost of having limited access to deposits.

To learn more about setting savings goals or what account type fits your needs, schedule an appointment with Powercat Financial!

References:

https://www.forbes.com/advisor/banking/what-are-the-different-types-of-bank-accounts/

Gage Burdiek

Peer Counselor I

Powercat Financial

Being a student isn’t just about attending classes and doing homework—it’s also about managing your finances. Whether you’re saving for something special or working to pay off tuition, having a side hustle can be a great way to earn some extra cash while keeping up with school. Here are a few side hustles that can easily fit around your class schedule:

Campus Jobs: Balancing Work and School

Campus jobs are perfect for students who want to earn money without leaving the K-State community. These jobs are designed to work with your class schedule, and they can even help you build your resume and gain professional experience. Here are a few popular campus job options:

Campus Dining Services
Working in one of the dining halls or coffee shops on campus is an easy way to make money while staying on campus. The hours are flexible, and the job usually involves serving food, cleaning, or restocking. Plus, you get to meet a lot of other students while you’re at it!

Resident Advisor (RA)
Being an RA comes with some awesome perks, like free housing. RAs help students in the dorms, plan events, and create a positive living environment. The job also helps you develop leadership, conflict resolution, and event-planning skills—all great experiences to add to your resume.

Campus Tour Guide
If you love K-State and enjoy talking to people, becoming a campus tour guide is a fun way to earn money. You’ll show around prospective students and their families, giving them a glimpse of life on campus. It’s a great way to practice your public speaking skills, and it looks awesome on a resume!

Tutoring: Help Others and Get Paid

Tutoring is one of the most popular side hustles for students. You get to use your academic strengths to help others while earning extra income. Whether you’re tutoring your classmates or helping high school students, it’s a flexible job that can fit easily into your schedule. Plus, teaching others is a great way to reinforce your own understanding of the subject, so it’s a win-win!

DoorDash: A Flexible Way to Earn Extra Cash

If you need a side hustle with super flexible hours, DoorDash could be a great fit. As a DoorDash driver, you can work whenever it’s convenient for you—whether it’s between classes, in the evenings, or on weekends. There’s no set schedule, and you only work as much as you want to. You get paid based on how many deliveries you complete, plus you can earn tips, so the more you deliver, the more you make.

Final Thoughts

Side hustles can be a game-changer for students who want to earn extra income without throwing off their studies. Whether you’re tutoring, delivering food for DoorDash, or working a campus job, there are plenty of ways to earn money while still having time for your classes and activities. The key is finding a side hustle that fits your interests, skills, and schedule so you can balance work, school, and life without getting too overwhelmed.

Cole Useldinger

Peer Financial Counselor I

Powercat Financial

www.k-state.edu/powercatfinancial

If you are a veteran or use military affiliated resources, please utilize the M.A.R.C. in room 217 of the Union. They are able to provide beneficial information in regard to your education.

Know that Powercat Financial counselors are trained to support you and assist you as well.

To learn more about military benefits or ask your own financial questions, schedule an appointment at: https://www.k-state.edu/powercatfinancial/appointment/

Leah Meek

Peer Counselor I

Powercat Financial

College is filled with many new experiences, meeting new people, late night study sessions, and unfortunately, unexpected expenses. Whether it’s an expensive textbook, a car repair, or an unforeseen medical expense, life can get expensive quickly. As students we have so many important things to worry about, and money can be one of them. Here’s a guide on how to navigate these unexpected costs to give you peace of mind and not derail your budget.  

• Understanding and Creating a Budget 

Unexpected expenses or not, you want to have a clear idea of how you are allocating your money and making sure you can pay for your current expenses. You want to have a budget that includes any income you may have, (job income, scholarships, family support, etc.) and all expenses you incur on a monthly basis. Include fixed expenses, such as rent, a car payment, or tuition, as well as variable expenses that can vary each time, such as groceries or entertainment. Keeping track and setting goals for yourself can help you plan for the future and identify where you are potentially spending too much. You can always schedule an appointment with us here at Powercat Financial and we’d love to help!  

• Building an Emergency Fund 

An emergency fund is your financial safety net. Emergency funds are meant to cover your planned expenses in the event an emergency occurs. Ideally, your emergency fund should cover 3-6 months of your living expenses, enough to keep you afloat while you navigate the situation. Start small- set aside a small amount each month to work towards your goal. Even a few hundred dollars can make a difference in an emergency, some money is always better than nothing!  

• Plan For the Unexpected 

While sometimes expenses can be completely unexpected- some costs you are able to roughly plan for. Things like lab fees or textbooks, may be unexpected but you can research potential costs to better plan for things, even if you don’t know exact amounts. Similarly with your living arrangement or car, if you regularly have unexpected maintenance, consider allocating a part of your budget to help cover these costs when they arise.  

• Use Student Discounts and Resources 

Take full advantage of student discounts and aid resources! Many businesses and online services provide student discounts, and utilizing these discounts can help reduce everyday expenses, allowing you to allocate more money towards emergency savings. As well as discounts, utilize resources here on campus! Financial Aid, CAPS (on-campus mental health services), Powercat Financial and more are all here to help provide support to you in various ways.  

• Communicate 

If you find yourself in tight spot financially, consider reaching out to your friends, family, or other support system. They may be able to provide financial support, but also may be able to provide advice, resources, or other ways to help that aren’t monetary. Having a network of people to help physically during a crisis is important, but having emotional support during troubled times is equally important!  

Unexpected expenses are a part of college and a part of life! By creating a budget, establishing an emergency fund, and taking advantage of resources available to you, these challenges can be much easier to navigate. Remember that it is ok to ask for help- college is a time for learning, including your finances. As long as you stay on top of your responsibilities and are proactive in your financial decisions, you’ll be better prepared for unexpected challenges thrown your way!  

Shayna Vlock  

Peer Counselor I 

Powercat Financial 

Healthy and Affordable Meal Planning for Students

Finding the right balance between healthy and affordable meals can feel nearly impossible when you’re a college student. Between classes, assignments, and squeezing in a social life, healthy eating often takes a back seat; or worse, we skip meals altogether. On top of that, rising grocery prices and the temptation of quick, cheap fast food only make the problem worse. It’s easy to get stuck in a cycle of unhealthy choices. But what if you could plan meals that are both nutritious and budget-friendly? With some smart budgeting and a little meal planning, eating well without overspending is totally within reach!

Why Eating Healthy is Important:

Eating healthy is super important for keeping our energy up and staying focused. Nutritious foods fuel our brains, helping us stay sharp and avoiding those energy crashes from junk food. Plus, a balanced diet supports a healthy weight and boosts our immune system, which is crucial during busy school days. When we prioritize what we eat, it makes it easier to handle everything college throws at us, so let’s make those healthy choices count!

Budget Friendly Shopping Tips:

1: Plan Your Meals in Advance
Find a day when you have some downtime (for me, it’s usually Sundays) and plan your meals for the week. Making a shopping list based on that plan saves you money and helps avoid impulse buys. Pro tip: never go grocery shopping when you’re hungry!

2: Buy Staples in Bulk
Buying in bulk often means getting a lower unit price, which saves money in the long run. Stock up on non-perishable items you use a lot, like rice or canned goods. If you can, hit up stores like Walmart or Aldi for bulk deals.

3: Shop Locally
Sometimes local farmers’ markets offer cheaper produce than grocery stores, plus you get to support small businesses. It’s a win-win!

4: Don’t Sleep on Store Brands
Let’s be real, we all used to avoid those generic brands our parents bought. But now that you’re spending your own money, store brands like Great Value aren’t so bad. They’re usually just as good, and way cheaper.

5: Use Your Campus Resources
As a K-State student, don’t forget about Cats’ Cupboard, our on-campus food pantry. You can grab free items each day, which helps stretch your budget while ensuring you have access to healthy options. It’s a fantastic resource that makes healthy eating more attainable!

Creating a Budget:

Establishing a budget is crucial for understanding your spending habits and maximizing your savings. By designating a specific amount for grocery shopping and meal planning, you ensure that you’re investing wisely in healthy food. A budget helps you identify areas where you might need to cut back, allowing you to prioritize nutritious options without overspending. If you’re unsure where to start, Powercat Financial offers free financial counseling to help you create a budget tailored to your needs. We can guide you in managing your finances effectively so you can focus on eating well!

Affordable Meal Ideas:

Eating healthy on a budget doesn’t mean sacrificing variety. Look for recipes that use budget-friendly ingredients by searching online, using cookbooks, or trying apps such as “Supercook” that generate recipes based on what you have at home. This approach reduces food waste, saves money, and ensures you have healthy options without constant grocery trips.

Meal Prep Hacks:

Batch cooking is a smart way to enjoy your favorite meals throughout the week. Prepare multiple servings, store leftovers in the fridge or freezer, and invest in good meal prep containers. Set aside a day for meal prep so you can just reheat your meals during busy days, saving time and reducing stress while sticking to healthy eating habits!

Eating healthy on a budget is definitely achievable with some planning! Use these tips to enjoy nutritious meals without overspending. Remember, creating a budget is vital for managing your expenses, and if you need assistance, reach out to Powercat Financial for support. And don’t forget about Cats’ Cupboard, which can help you access nutritious food while saving your hard-earned cash. We’re here to help you navigate your health and finances so you can focus on what really matters—your education and well-being!

Tarra Worthing

Peer Counselor I 

Powercat Financial 

www.k-state.edu/powercatfinancial 

Investing may feel like navigating uncharted territory. Especially, if it is new to you. You may have questions like: 

• How can I profit? 

• What’s the risk?  

• Is it worth it? 

• Should I be investing now? 

• What IS investing? 

This is 100% normal and common when first getting into it. I am going to walk you through different types of investments tools you can use to weigh out your best options and give some background information that is important to take into consideration. 

When I used to think of investing, I would’ve correlated it with something along the lines of cryptocurrency. All I knew was that the stocks were going through the roof. Now, I could tell you there is so much more than only stocks, and especially more than only crypto.  

Investing is essentially reallocating your assets to earn growth overtime. This could be purchasing a bond, certificate of deposit, a share of stocks, etc. 

Types of Investments: 

Stocks: Money invested into a company, along with the company’s profit, in exchange for a return on their investment. When you purchase a stock you take part ownership of the company, that means when the company does well, your return goes up. If the company performs poorly, then your return will drop.  

Bonds: A loan given from you to the government/companies. Ultimately you are loaning your own money to others, and they are paying it back to you with an interest rate. The return rate on these is typically around 5%. They last different lengths of time as well, some may be 10 years, some may be 30 years.  

Mutual Funds: The bottom line is that a fund is money pooled together from multiple investors and is then invested into a variety of assets. They hold a variety of many different stocks and bonds which makes your portfolio diverse. 

Certificate of Deposit (CD’s): Ultimately, you buy a “CD” from financial institution for a certain amount of time. You can buy one for three months, 6 months, a year, or longer and they all range with different interest rates. After the time is up, you get your initial deposit back PLUS the interest on the amount you originally bought the CD for. 

When it comes to the big question of, “Should I be investing?” It breaks down to what you are comfortable with and what resources you have available. If you are paying for lots of things out of pocket it may be better to have your money where it is easily accessible, so you don’t end up with a loss or in need of loans to cover what you can’t pull out from your investments. However, you can learn lots of valuable lessons from investing. You could use this time to your advantage by starting with small amounts so you can get a feel for what type of investor you are. With this comes learning the apps, understanding how to look into the market, and more useful tips that might be helpful when you start investing on a larger scale after graduation. 

If you aren’t prepared to wait for growth, there are other options that might fit you better. For example, a high yield saving account hooks up to your bank account and allows you to transfer money back and forth as needed (there may be a few days to process). Currently, apps like Betterment, Capital One, and EverBank have interest rates ranging from 4%-5% that compound daily. These are great options if you want a low-risk route but still want to be guaranteed a return.  

Investments are a great tool to maximize your financial return. When deciding what you want to do it is important to take into consideration how much discretionary income you have, if you need the money currently, and just look into what exactly you plan on investing in! There is no right or wrong answer- just what works best with your current situation!  

Leah Meek 

Peer Counselor I 

Powercat Financial 

www.k-state.edu/powercatfinancial