As the new school year is upon us, it is important that we relay some basic budgeting tips for the new college students in our lives. Their new found freedom must be accompanied by responsibility. Gathered are 6 ways your new college student can manage their money and budget appropriately:
- The first step is to sit down and determine what money is coming in and what money is going out. There are a variety of smartphone applications your child can utilize to help them manage their money.
- It is important to establish a boundary between wants and needs. Gas is an essential, but dinner with a new roommate is simply a want.
- If your child does not already have a checking account, it is time to get one. You can even monitor their spending online.
- If your child has credit cards, explain to them the importance of not overusing them.
- Your child may be able to save money on tuition if they take advantage of loans, grants, and financial aid.
- Many new college students fail to realize that there are other places to buy their textbooks than for $200 at the university book store. Utilize the various textbook discount stores.
Contact VGW Walker Insurance for all of your Texas insurance needs. We can help you receive the peace of mind knowing all of your college students are receiving full protection while they are living away from home.
