Parents at Lake State

Money Issues

Cash Stress -- many students aren’t professionals when it comes to handling money. Many have never had to work out a budget or buy their own groceries. Many have never realized just how much going to the movies once a week costs. Ease this financial transition by going over your child’s finances before going to school. Inform your child about the cost of living expenses (utilities, rent, miscellaneous, gasoline, insurance etc.), making sure that they know how much it will cost to do what they want to do. Create timelines and plans when and how money will be spent. Help your student learn to balance their checkbook, and to create a budget before they go to school.

Credit Cards -- credit cards are not the “fix it all” extra money that students seem to think that they are. They are handy in an emergency, but the over-use of one can create many problems for an unsuspecting student. Explain to your child the highs and lows of credit cards and let them know that if used incorrectly now, their credit can keep them from completing major purchases in the future (i.e: car, house), not to mention the possibility of unmanageable credit card debt.

Additional Resources:

• Tips for managing Credit Cards