4 Steps to Financially Prepare Your Student for College

Talk about finances now, but know when to let your child slip up.

August 17, 2011 RSS Feed Print

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4. Utilize web resources: Though releasing the tether from your soon-to-be college student may still be a terrifying thought, rest assured that neither you nor your student needs to tackle the upcoming challenges alone. With the help of the Internet, students have financial management resources at their fingertips. Check out Mint.com for help with your budget, recommends Katherine Cohen, founder of Ivywise.com; explore the government-run MyMoney.gov for advice on making informed financial decisions; or see if your school has a virtual financial literacy program that makes money issues fun and understandable, such as the program Schantz is currently implementing at Wittenberg University.

[Find out more in the U.S. News Paying for College center.]

And if it gets tough making the shift from "daily parent to occasional coach," as Grinnell's Dougharty puts it, keep in mind that, after years of personal training within your family unit, allowing your student some leeway is a healthy route to tackling problems in school and beyond.

"Money management, conserving, saving for what you need, and tracking your expenses are parts of what any adult needs to be successful, let alone a college student," counselor Weichman says. "Parents are teaching their kids not just how to deal with college, but how to deal with life."

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Tags:: students,; colleges,; education,; parenting,; personal finance,; paying for college,; money

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schoolanduniversity of FL 6:21AM July 31, 2012

you also need to make them keep track of cash expenditures. After my daughter went through most of her money during a semester abroad i made her file a spending report at the end of the month. While using Mint helps, the discipline of actually doing the work yourself is important. Once you know what you spent and where, you can then play and budget for the coming months.
Money management has to become a habit and be proactive.

rich of MA 3:27PM August 18, 2011