About WiserAdvisor University
WiserAdvisor University is designed to provide you with
high-quality information about investing and finance straight
from those who know best: financial professionals.
The University includes hundreds of informative articles on
dozens of topics of interest to individual investors like you.
If you find an article informative and would like to be contacted
by a financial advisor, we encourage you to fill out our simple form.
The WiserAdvisor service is free, objective, accurate, and confidential,
and will match you to qualified financial advisors who can help you reach your investment goals.
About WiserAdvisor.com
WiserAdvisor.com is an independent and unbiased matching service designed to help individuals find the best financial advisors for their unique needs.
This easy-to-use system prides itself on its simplicity and accuracy. After you fill out a simple form, our algorithms search through the thousands of advisors in our system and provide you with up to three advisors who are best able to help you accomplish your goals.
|
|
|
|
Other Articles
|
|
|
|
|
Saving for College
Budgeting and Your College Student
By Roger Wohlner
CERTIFIED FINANCIAL PLANNER™ Practioner, Asset Strategy Consultants
Many students will first handle money without parental supervision during college. To help keep costs down and avoid conflicts, you may want to develop a budget to guide your child's spending. As you go through the process, consider the following:
First, consider all potential expenses, including travel, entertainment, food, clothing, phone calls, periodicals, computer expenses, medical and dental expenses, and insurance.
Develop a preliminary budget for the first couple of months of college. You may find that you forgot or didn't think about certain items. After your child has lived on his/her own for a couple of months, you can develop a more realistic budget.
If your child has trouble staying within the budget or can't account for large sums, have him/her keep a journal for a couple of weeks that details all expenditures. Go over the journal together to determine how expenses can be reduced.
Consider providing your child with a debit card instead of a credit card. Since your child's spending will be limited to the amount on deposit, it is harder to overspend.
Explain the basics of credit cards. Make sure your child doesn't use a credit card as a means to overspend. Go over which types of items your child can use the credit card for and which items should not be charged. Make sure your child understands that if the balance isn't paid in full each month, a significant amount of interest will be paid on the outstanding balance. If you teach your child nothing else, try to instill the concept of paying credit card balances in full every month.
Have your child provide you with a written monthly comparison of his/her actual expenses to budgeted amounts.
Click here to submit request>
Go Back to Topic Page>
If you are an advisor and would like to see your articles published, click here
Article reprinted by permission. Unauthorized reproduction of content prohibited.
|
|
|
|
