As you start preparing to send your student off to college for the first time, it’s a good idea to have a plan in place for how you and your son or daughter will handle money matters.
Talking money is not usually considered polite, but not talking about financial matters could be costly for years to come.
I’d like to spend this post talking about the one thing you should communicate to your student about money.
Your Money Matters
If I could only give you one piece of advice, it would be this: there is a huge difference between the things we need and the things we want. Making impulse purchases, paying for digital music that can be listened to for free on Pandora, or grocery shopping when we are really hungry only weighs us down at the end of the month when that credit card bill comes in the mail.
The solution sounds like a simple one, but for a lot of people, the ability to budget is elusive.
It’s important to create a realistic budget that everyone can agree to and stick with. If you are looking for a tool to facilitate budgeting, try Mint or the Student Budget Calculator. Both offer easy-to-use interfaces and can be accessed from your smartphone. Help your student with this.
Also, make sure that your teens have access to their bank accounts online. There is usually an app that can be downloaded to their phones. Checking their bank balance before making an impulsive purchase can help them avoid overdraft fees.
Money management for students is a major topic. But, students who understand how money works are so much more prepared for adulthood! This is a very good thing!
Let Us Show You How
If you are looking for more help paying for college, register for one of our free classes on college admission and financial aid. This class has helped so many students and their families make informed decisions about the future.
Contact us today! We are looking forward to meeting you!
To the success of our students,