Money Management Advice For Your College Student

August is right around the corner which means that those proud high school graduates will be making their way to college to start their freshman year. Parents are preparing to watch their birds leave the nest and those soon to be college students are crossing the days off the calendar till the day arrives for them to embark on their new journey.

College is a very big event in life and preparing your soon to be college freshman beforehand is a must. Being away from home sounds like paradise to most teenagers, but you can bet that deep down inside they harbor some kind of worry. Since a lot of teenagers use college grants, scholarships, and student loans, they will more than likely get a crash course in budgeting within their first few weeks away from home.

Before that day comes when your teen starts packing up to go to school, take a minute and discuss with them the importance of cash management. A lot of parents believe that they have taught their child the value of the almighty dollar, but as stated before, once away from home, things change. Sitting with your teen and going over a budget on how they can make the most of their cash (without having to eat those cheap noodles everyday) might save them from asking you for extra cash. You want you"re soon to be college student to get the most out of life and be embracing the independence that comes with going away to college and this should include not having to call mom and dad for cash.

Another important thing that should be discussed before a teen goes to college is credit cards. As soon as freshmen hit the dorms you can bet that there will be numerous booths that are there to entice them with those little pieces of plastic that you as a parent knows all so well can quickly lead to debt. Let them know that if they must take out a credit card to at least discuss it with you first. You would be amazed at how much debt a college freshman can finish their year of college with by opening up many different credit card accounts.

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Source: http://www.nationalpayday.com/education/financial_help/What_College_Kids_Should_Know.asp

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