Prep Your Graduating Senior for Financial Success!

Helping your graduating senior student prepare for managing their finances is important. As they leave home to attend college, it may be the first time they will be responsible for managing their own budget. Luckily, there are protective measures in place that prevent credit card companies from being on campuses and offering credit cards to students under 21. Still, it’s easy for students to over-spend and to find themselves short on funds, causing stress and anxiety which can lead to other problems, like failing grades. So to help your student be better prepared, here are some ideas:

  • Set up a budget, review what daily / weekly expenses may look like.
  • Determine prior to leaving for college if the student will work part-time. Even just 10 hours to start is perfect – enough to help them feel like they are contributing, but not too much that it affects academics.
  • Open separate joint checking and savings accounts that you, the parent, have access to. Keep these accounts separate from your personal checking and savings. This way you can transfer funds as necessary, but maintain control.
  • Set up online banking and show your student how to use online bill pay.
  • Set a savings goal – even though they will be living on a budget and going to school, it’s important to show them how to save. This will help create a habit that is crucial for their future!
  • Communicate openly and regularly about finances to help them stay aware and accountable.

A student that manages their finances effectively is a happier and healthier student! Get them off to a great start with these tips.

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Lisa De La Torre - Bank Manager

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