When your child first started school, you doled out the change for milk and a snack on a daily basis. But now that your kindergartner is all grown up, it’s time for you to make sure that your child has enough financial knowledge to manage money at college.
We were asked by Wall Street Journal reporter, Andrea Coombes, to share budgeting tips for college freshman. Here’s what we said:
“Create a budget. Come up with categories, estimating a monthly spending amount for each. Note to parents: Help your kids with this, but don’t be judgmental. “It’s really helpful for them to come up with their categories,” says Susan Bruno, a personal financial specialist in Rowayton, Conn.
Your budget may change once you’re on campus, so revise as needed. Send a weekly email update to your parents — it’ll help you track spending.”
What are you doing to help your freshman start their adult life on the best financial foot possible?