- Passing on Financial Education to Students: Money management is a muscle you have to build, and starting early can help children establish a strong foundation. From learning how to build a budget, to understanding the benefits of compound interest, instilling smart spending, saving and budgeting habits before and during the college years will help your student be well-prepped for long-term financial success.
- Mastering Your Back-to-School Budget: Starting a new school year is always a time of change, which can often be accompanied by financial strain for parents and students alike. Creating a budget that covers essentials like textbooks, supplies and tuition is key. Set a spending limit and track your variable purchases (new clothes, locker or dorm decor, etc.) to keep yourself on track and avoid overspending when you hit the stores.
- Pro Tip: Help your children build healthy habits by using free budgeting apps and digital tools to stay on track. Bank of America’s Better Money Habits website offers easy-to-follow guides for students, helping them manage their money and track expenses as they go. Remember, budgeting doesn’t have to be all about sacrifice. Maintain some flexibility to help your financial life’s impact be positive, not overwhelming.
- Building Credit as a Student: College is a great time to start building credit. In the future, your child might want to rent an apartment or apply for a car loan. Having a good credit score can make a big difference. Consider setting them up with a student-friendly credit card, and make sure to set up automatic payments to avoid missing any payments. Maintaining a positive credit score is an excellent way to open doors for future financial engagements.
Jeff Crabtree works at Bank of America Tampa Bay.
