Wednesday, July 29, 2015
Prepare Your Student Financially for College
So it has come that wonderful day. Your child is ready to head off to college. They hold that diploma in their hand and are in search of another. You have them all packed up and ready to move. Did you remember some very important things to share with your child?? Don't forget to equip them with financial knowledge.
As college students they will be bombarded with credit offers. Some of which may be very tempting. As they walk into that student hall or rec hall or hang out wherever students meet up for activity there may be some very thrifty deals. If your child is away from home they will definitely be needing a way to get money if needed. New banks offer real tempting credit offers that may sound really good to some students. The one thing that they must all keep in mind is that debt is not ok. They may think they have it figured out and how to get it paid back but the best plans are never fool proof. Student loans, car payments, credit cards and the list goes on there are so many things that we are responsible for. There is no good debt as any debt can add stress to ones life, and get us down for future years. Make sure that while it sounds good to get now and pay later the truth is that it is not.
Make sure that your student knows how to budget and how to create a budget before they head off to college. Knowing where the money needs to go and where it goes is best before the money is spent. A budget helps to stop overspending for things like that night out with friends or a quick pizza.
Have a goal of what they want to do while at school. Many kids enter college as an 18 year old with no idea of what major they want to have. This is fine but soon they should start discovering what they would like to do and what they are good at and what they are not. As soon as it is decided head off in the right path taking classes that will reach the goal and get there so that no more student debt than they have to happens.
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