Money Matters

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Many first-year students have little experience managing money. Some students end up spending more money than they have and then borrow more money than needed through the use of credit cards.

Help Build Your Student’s Money Management Skills

• Teach your student how to maintain a budget.
• Review the costs associated with college attendance with your student, and make them a partner in determining how to meet those costs.
• Educate yourself and your student about financial aid.
• Show them how to record transactions to prevent overdrafts of their account(s).
• Explain the need to build a good credit history by paying bills on time and avoiding debt.
• Teach your student to save for emergency needs and how to use credit wisely.
• Help your student ask questions and learn to do things for themselves. 

Credit Is Important

Being away from home for the first time, a student may not realize how small purchases can add up. Talk to your student about credit cards and the effect that credit card debt can have on them.

When credit cards are used wisely, they can be beneficial, especially in emergencies like unexpected car repairs. But many students don’t realize the added costs if the bills are not paid immediately. Mail solicitation of college students by credit card companies is commonplace so help your student learn to understand credit terms and impacts.

Living Away from Home: Cash Stress

Managing money can be a major source of stress for students. It’s hard to suddenly live on a set budget if you have never done so before. The more informed students are, the less likely they are to overspend. Help your student set guidelines. If you are providing them with financial assistance, we recommend providing the necessary amount to cover expenses one month at a time. If financial aid and earnings will be the major source of their living expenses, help them learn to plan ahead for the entire academic term.

Commonsense Information about Avoiding High Interest and Unwise Debt

Avoid use of credit cards.

Learn to live within a budget

If your student experiences financial difficulties that may interfere with continuing their education, talk to a representative at the Enrollment Services Center for assistance.