Is Your Kid Headed Off to College This Fall? Be Sure They’re Set Up For Financial Success
Well, it’s happening: Your teenager is moving out of your house and braving the new world of college. Before they head off on this brand new adventure in a few weeks, there are towels and new clothes to buy, boxes to organize, and friends to say goodbye to. Then there is the little matter of actually saying your goodbyes and sending your kid out into the world for their first semester. There is no need to make this ritual a stressful one, so Community Choice created a quick guide to college financial success to help you through this new life transition.
There are two people you need to prepare for this massive change: yourself and your recent high school grad.
This year especially has been challenging; no proms, no formal graduation ceremonies, and no real good-byes. Read on for Community Choice’s top tips for college financial success.
For You
- Discuss credit cards.
If you have not already, this is a great opportunity to educate your kid on credit cards and how they work. It is quite simple in that the card allows the user to borrow money that must be paid back. And it’s a good chance to provide guidance on how not to use them. This will help you sleep at night knowing your young adult knows the ins-and-outs of credit cards. - Be open about all things financial.
By now, you have likely talked about the overall cost of college, but maybe now is a good time for a final refresher. It is just a conversation about who is responsible for what charges and how much you have saved or have available for their education.
For Your Kid
- Give them some spending money.
One of the easiest ways to do this is a pre-loaded gift card. That way, they can spend it however they want as they settle into their new lives. Maybe its tickets to a movie or for all the coffee they will be drinking as they study late into the night at the library. Either way, it’s a treat for them and they might remember who gave them the card! - Connect your bank accounts.
Obviously only so you can send them money when needed, connecting your checking accounts allows for quick money transfers. If you do this through your own bank, it is typically easy to immediately transfer (for no cost) from your account to theirs when they need an extra $20. Everyone needs a midnight pizza! It will likely give you peace-of-mind to know you can help your kid when they need it.
This is an exciting time for your entire family, so be sure to enjoy it! The house will be quiet(er) soon enough. If you need to set up a new checking account, open a new credit card, or get the re-loadable gift card, they are here to help you at Community Choice.
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