Many parents are excited about spending time with their college kids who will be coming home for Thanksgiving in a few short days. This time together provides an excellent opportunity to talk about the financial aspects of their college life. There are a few topics that are important to discuss.
In the next few weeks, several thousand college freshmen will be arriving on campus excited to start the next chapter in their life. An often overlooked aspect of this new life is the financial wisdom needed for this new found freed. Following are five tips for parents to share with their college bound children.
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The first six months after graduation are a key time in a college grads financial life so whether you are the graduate or have a child graduating there are a few financial steps that can really improve the probability of having long term financial success. Don’t make early mistakes that can lead to a lifetime of financial setbacks.
Establishing and maintaining good credit is important – whether you want to obtain a mortgage, a car loan, or a student loan, your creditworthiness is the key to your financial life. If you have bad credit, it will be more expensive for you to borrow money for any purpose because your interest rate will be higher.
Before you can help your teen make wise money decisions, it’s useful to know how adolescents receive money and how they spend money.
Most college students have been at school for nearly a month making it a good time for parents to review newly created financial habits. A few simple questions can help you determine if they are on the right track financially.It is really important for them to get started with good financial habits.
College freshman will be heading to school very soon and most families are already preparing them for the day. When thinking about what your child needs, don’t forget financial wisdom. Not only is important to obtain a good education but you also want your child to leave college in a sound financial condition as well.