College life provides many opportunities and many obstacles. One responsibility new to some students is managing their own money. Many students fail to understand the importance of budgeting, frugal spending and balancing a checkbook. Parents can offer support to their new “financial managers” by:
- Encouraging her to seek out financial aid opportunities and inquire about scholarship opportunities to help reduce the financial burden.
- Helping your student create a budget for the semester or for the entire year.
- Have a serious discussion with your student about the dangers of opening credit cards.
- Help your student learn the value of a dollar by having her assist with expenses that you incur for their college experience.
- If you have provided a credit card for your student, be sure to set spending limits and make arrangements beforehand as to how the bill will be divided.
- Warn your student about overusing her ATM or debit card. Talk about any fees associated with cash withdrawals.
If your student wishes to open a checking account here in town, the Coffeyville Chamber of Commerce has a directory listing of local banks.