If your teen has just left for college, don’t forget to remind them about the importance of managing their money. We created a checklist of tools to help your youngster manage their finances.
Create a comprehensive budget
Remind your college student to create a comprehensive budget early on. It must include everything from rent to food to textbooks and gas money. Warren-Boynton’s My Money Manager allows users to generate real-time budgets and track spending online.
Control spending habits
Sticking to a budget is the answer to success. Curbing impulsive spending will help. Even if your student is sticking to the 50-30-20 rule: with 50% of their budget going towards their needs, 30% towards their wants, and 20% towards their savings, they could increase the amount they save and put that towards paying off their student loans sooner.
Be smart about credit cards
College is the perfect time to start building credit. Doing so will make it easier for your teen to buy a new car or lease an apartment when they graduate. Follow these rules: don’t break the spending limit, always pay off the credit card balance before the monthly deadline, and don’t take cash advances on the credit card.
Buy second-hand to save money
Rather than purchasing new, why not have your teen purchase used textbooks at a fraction of the price? E-books are also a cheaper option. Don’t forget they can also make money selling old books.
Eat at home
If your student is on a meal plan, they should stick to it and not deviate by splurging extra cash on drive-thrus or takeout. Those without a meal plan should stock up for the week and meal prep instead of eating out.
Get a job
Once settled, your student would benefit financially from a part-time, evening, or weekend job. At the very least, your teen should have a job waiting when they return for the summer.
For more information about checking accounts, online banking, and My Money Manager, visit https://www.wbsb.net/internet-services/online-banking