Money Management Tips For Your Future College Student
During this time of uncertainty, parents and students are understandably worried about what fall may bring. Many parents believe the upcoming tuition rates should be discounted. Do you agree? Stay informed and learn more about what the upcoming school year could look like for your student.
Times are still understandably difficult for many families, especially those with soon-to-be college freshmen. With the future unknown, many students’ plans are still up in the air. My team and I hope to provide you with clarity on any questions you might have, so please, don’t hesitate to reach out.
While you make plans to send your student away to college where they will live on their own for their first time, we highly suggest sharing these five important money management lessons from OppLoans.
If your student is still unsure about whether or not their college of interest will be conducting online schooling, you can track each individual school’s future plan of action regarding reopening this fall.
If you have questions about your upcoming year and how to ensure the best possible experience for your student, give me a call at 360-818-7728, or sign up for a complimentary college funding consultation or educational webinar today!
Beatrice Schultz, CFP®
Westface College Planning
WA: (360) 818-7728
CA: (650) 587-1559
In College News
Five Money Management Lessons That Parents Need To Teach Their College Kids
Sending your child off to college with the hope that they can manage their money well is a daunting prospect. With their new full time class schedule, many students find it difficult to maintain a part time job. Many students also question the need to work if the school will be refunding part of their leftover financial aid.
Learning to properly manage money is difficult, so imagine how tough it might be for your student, who is living on their own for the first time.
To start your student off on the right financial foot, learn more about this topic on OppLoans.
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Tips By Trix
Tip #1: Help them keep track of their money. If your child has never had to create a budget, now is the time to teach them how. Find ways to help them stretch their money, and as best you can, encourage them to avoid the credit card solicitations they’ll soon be receiving.
Tip #2: Help your student review their spending on little items that add up to big monthly expenditures. That daily cup of coffee or soda cost more than they may imagine and will add up. Also, suggest they pack their lunch rather than eating out. Spending just $10 a day eating out during the week translates to $50 a week and $200 a month!
Tip #3: Make financial aid refunds last. After your child’s school applies their financial aid to tuition and fees, they will refund you any money that’s leftover to use for other education-related expenses like textbooks, transportation and food.
Want more helpful tips on how to create a college funding plan? Contact us today for a complimentary consultation!
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Fun College Facts
- The first football game between two different colleges happened in November, 1869. It was Princeton vs. Rutgers, and Rutgers won 6-4.
- Dave MacPherson, a Long Beach State University student, was the first person to enter Disneyland. However, he didn’t ride a single attraction as he needed to get back to class.
- There have been many celebrity commencement speakers over the years, one of the most interesting being Kermit the Frog. He spoke at Southampton College in 1996.
Tips For Parents
Will Your Student Be Attending
For many students, their dream college will be moving to complete online schooling for the upcoming fall quarter, leaving soon-to-be freshmen with a big decision. Thankfully, we are able to track each individual schools’ future plan of action regarding reopening this fall.
The thought of starting college completely online is understandably intimidating for many students, causing many to rethink their options.
Will your student commit to learning online? Learn more at WestfaceCollegePlanning.com.
Ready for your own success story?
If you’re a typical parent with college-bound students, you’re probably overwhelmed. You want to help your sons and daughters make the right choices and prevent overpaying for their education. You’re not alone! We’re here to help. Schedule your free consultation today – click below to get started!
Catch our free, on-demand webinar:
How to Survive Paying for College
Join Beatrice Schultz, CFP® for our on-demand webinar, where she provides parents with the exact steps that often greatly lower the cost of college, even if there’s little time to prepare.