Countless parents worry endlessly about the wellbeing of their children when they head off to college.
As a concerned mother or father, you might find yourself constantly questioning whether your child is getting the right amount of sleep and exercise, or the best nutrition.
However, it’s important to remember it’s not just your child’s mental and physical health that can take a hit during college life.
One of the best ways to make sure your child is prepared for college, and equipped with the tools they need to stay happy and healthy throughout their education is to provide them with the right financial resources and tools.
After all, college can be an expensive experience, and many students will be starting their journey with limited experience in budgeting and cash management.
Here are some quick tips to help you preserve your child’s financial health as they branch out on their own and pursue their degree.
Provide a Comprehensive Financial Education
The unfortunate truth is that most children won’t learn much about budgeting, financial health, or cash management in school.
That means it’s up to their parents to ensure they understand the value of money, and how to use their cash effectively.
Starting at an early age, you can introduce your child to the concept of budgeting and help them understand the value of saving.
You might teach your youngster what it means to have an emergency fund available and show them how they can seek out extra sources of income when they’re struggling.
It’s also worth talking with them about different budgeting strategies, and how they can monitor their spending and adapt their habits to ensure they’re living within their means.
Explore Ways of Reducing College Costs
Even with the best budgeting strategy, many college students can struggle to make ends meet with limited access to income, loans, and grants.
You may not have the money available in your savings account to pay for the full cost of your child’s education, but there are various strategies you can consider if you want to ensure they have fewer debts to worry about in the long-term.
If you’re a homeowner, you might consider taking advantage of HELOC lending option, which allows you to leverage what you have paid toward your home on a line of credit.
This can give you extra funds to provide to your children to help them with sourcing accommodation, buying a car for transportation, or simply paying for tuition.
Help Them Find Sources of Income
Finally, a great way to make sure your child has access to the right resources when they’re going to college is to assist them with finding a part-time source of income while they learn.
In some cases, even the best hobbies for college students can be turned into money making opportunities with the right monetization.
Help them with creating the right resume and CV to send out to companies that interest them or explore work and learn options offered by the campus your student wants to attend.
You can even work with your youngster on creating a portfolio so they can work remotely as part of the gig economy landscape when they’re investing in their studies.
Make sure you help your youngster not only apply for jobs, but also manage their schedule when it comes to balancing work and study life.
Teaching your child excellent time management skills can come in handy when they need to balance their career with their education.
