If you have a teenager heading off to college at the end of the summer, you can set them up for financial success.
Create a budget
Discuss who will be covering what while your son or daughter is at college, from housing to tuition and groceries to gas. It is time to create a budget. Include income sources and expenses, as well as separating essential items from non-essentials. On top of this, it would be wise to establish an emergency fund.
Your son or daughter must have a bank account. They also need to know how much money they have available to spend each day. An app, such as My Money Manager, will make this a simple task. It will help them set a budget, track spending, and even pay bills. If your son or daughter has a credit card, make sure he or she is paying off the balance each month. Ensure he or she understands how important it is to establish a good credit history. They will thank you for it in the future.
In the weeks before your child leaves for college, stock up on essentials such as laundry detergent, non-perishable snacks, toiletries, extension cords, and a first aid kit.
Student life can be challenging at the best of times, so ensure your child has their finances in order before they leave for college. In addition to setting them up for financial success, they must know they will experience a wide variety of emotions over the coming months but that there is always someone available at the end of the phone.
Are his or her vaccines up to date? Make sure he or she locates the college health services in the first week. Don’t forget to have him or her pack the first aid kit you’ve purchased.
Make sure your son or daughter has the skills to look after him or herself. Can your son or daughter prepare a healthy meal, use a washing machine or dryer, or clean a bathroom? If taking a vehicle to college, he or she must know how to fill it with gas. Can they change a tire? Ensure he or she is prepared for most situations and daily tasks before they leave for college.
By preparing them for college life and talking openly about money, you are setting them up for success.
If you need to open an account for your son or daughter or have questions about student loans, please reach out to or visit your nearest branch in New Berlin, Springfield, Modesto, or Palmyra.