New college students have a lot to learn about life on their own. Simultaneously, they are facing many challenges as they adjust to new lifestyles and campus patterns of living and learning. Many college freshmen – indeed, some transfer students as well – will deal with day-to-day costs they never before experienced.
What a Parent Can Do
The majority of freshmen have had minimal experience dealing with money. Some students have a problem managing their money wisely and can end up spending more money than they have and then borrowing unnecessarily
Before Your Student Leaves for College: Help Build Money Management Skills
- Teach your student how to maintain a budget.
- If your student is getting a checking account for the first time, show them how to balance their checkbook and record their transactions to prevent bouncing checks.
- Explain the need to build a good credit report by paying bills on time and avoiding debt.
- Teach your student to save for emergency needs and how to use credit wisely.
- Help your student to ask questions and learn to do things for themselves.
