5 Valuable Financial Lessons Your New and Soon-To-Be College Students Should Know  

If you have a son or daughter in college right now or a teen that’s planning to attend a university soon, you’re probably hoping and praying they’ll do okay when it comes to managing their money. Why not ensure they know a few great financial tips before they leave home? These tips will help… 

HOW TO MANAGE A CHECKING ACCOUNT 

Learning to monitor their money is a very important step for your collect student. Although the prepaid credit card may be convenient, there’s little learning in using them. But if they have a checking account, they must watch their balance and take care with expenditures. S/he’ll learn to be more in tune with their finances.  

CUT CORNERS WHEN SPENDING  

A college student needs awareness to develop his own methods of shaving spending. For example, rather than eating lunch out every day, they could pack a lunch. When everyone stops for coffee, they might order the smallest, least expensive drink. When eating out, they could order water, which is no or low cost as their beverage.  

BUDGET MONEY FOR ENTERTAINMENT

Sure, college is a blast, but your student must see the importance of planning a finite amount of money for having fun, rather than spending cast will-nilly on going to the movies, eating out with friends, and taking a road trip to the college town up the interstate.  

APPLY FOR FINANCIAL AID 

College costs a lot of money and your college student will get more in touch with that fact if they take responsibility for seeking and applying for financial aid for school. The tip will prepare your college student for the real world and allow them to experience the impact of their actions on their finances.