OMAHA, Neb.-College students are packing their bags and getting ready to return home for the summer. For many, this past year was the first time they managed their own laundry, classes and curfew-and their own bank accounts-without their parents.
This continues as a time of transition for many young adults and their parents. They will need some help from you while they continue to grow into their new financial responsibilities and learn how to enjoy a lifetime of good money management.
Here are a few tips from Manley to help talk to your college-age students before they head back to campus next fall:
Help your student work on a budget. Budgeting goals and priorities change over time. If your child had a part-time job while he or she was in high school, the priority was probably to build a savings. A college student’s main priority is not likely to be savings, but rather to figure out how to make saved money last all semester or until summer. Parents can help a student itemize and prioritize all the things the student will have to purchase such as clothing and sundries, textbooks, the expenses of a car or cell phone.