08.23.2011 / Getting kids financially ready for college

If you are a parent of a recent high school graduate, chances are you are getting ready to send them off to school for the first time. You have probably gotten them things for their dorm room, new clothes and what seems like endless numbers of costly books. But have you gotten them a bank account?

"Starting them on the path to savings now can help create better habits in the future"

Here are a few items to think about before you send your freshman off to college:

  • Get them a bank account – A free or student account, like First National’s Customer First Free Checking Account, is a great start.
  • Credit Cards – Students are the focus of a lot of credit card offers. Consider getting your freshman a low-limit credit card where you can read the terms with them to help them understand.
  • Create a budget – Help your new student stay within their means by working with them to set a budget. Setting a budget includes outlining how much to spend on food, clothes, books and fun. If you’ve gotten them a credit card, make sure you outline what the card is for so there aren’t any surprises when the bill comes.
  • Open a savings account – Saving money may seem like a dream for some students, but opening up a savings account and starting them on the path to savings now can help create better habits in the future.  Consider having them deposit a small amount, like $5 or $10, into a savings account every month.

Do you have any other financial tips for college students or first-time college parents? Let us know!

Posted at 09:59 AM | Permalink
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