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TCNJ Barnes & Noble Bookstore
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5 Financial Topics to Discuss with Your College-Bound Student
By Janel Bazih
Vice President and Marketing Manager, Spencer Savings Bank
Sending your child off to college brings a mix of emotions. You’re proud of their next step in life, but also hold their childhood close to your heart. Meanwhile, you’re worried for their well-being.
Without a doubt, financial responsibility is one of the most notable “growing pains” for college freshmen. But, with a brief conversation, you can help your student manage their money like the savvy young adult they are. Here are five concepts to cover during your pre-college money discussion:
Who’s Paying for What?
Before your student can be expected to demonstrate sharp money management skills, they need to know which expenses they are and aren’t receiving your help with. Be sure to address:
- Tuition and fees
- Housing
- Books
- Meals
- Transportation
- Necessities
- Clothing
- Entertainment
Budgeting
Sitting down with a pen and notepad and writing out a budget will never become too “old-school.” This is a great exercise to do with your student not just for the outcome of creating their budget, but also for them to adopt a budgeting process for their own ongoing use.
Credit Cards
Credit cards are only dangerous when they are not understood. And for students, a credit card can be extremely helpful as an emergency fund. Explain to your student the basics of credit card management including appropriate use, minimum payments and interest.
ATM and Debit Card Safety
It’s no longer enough to simply look out for your physical safety and your cash after making a withdrawal. Make your student aware of skimming devices in ATM machines, phishing scams online, and other threats to their personal information. This is not meant to cause fear or paranoia, but rather general awareness and vigilance.
Savings
Even when caught up in simply making ends meet, students can develop successful saving habits and plan for the future. To encourage savings, you might consider “matching” any contributions your student makes to their savings account.
Spencer Savings Bank’s StudentEdge Savings account also provides a competitive interest rate, along with free mobile and online banking. To learn more about Spencer’s banking tools for TCNJ students, visit spencersavings.com. Located right in Campus Town, Spencer is equipped to handle all of the financial needs your student may have.
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