Advice For The College-Bound

You spent 18 years caring for almost every aspect of your child's life. Soon, your child will be heading to college and becoming independent. Help your child get ready for a life of independence – and responsibility – by reviewing some basic life skills.

Bank Account Basics: College-bound students need to know how to balance a checkbook, and that bounced checks cost a lot of money. Emphasize that an ATM card is not free money but merely simplifies withdrawals from a checking account.

Establish Credit: College students can benefit from establishing their own credit early in their first year. Because high interest charges add up quickly over time, teach your student to pay off any balance each month so that accruing interest does not become a financial burden. Building good credit while in school can lead to cheaper credit after graduation, helping students buy vehicles and rent apartments more easily.

Health Insurance: Before your child leaves, ensure you are not automatically billed for college-sponsored health insurance. Usually, you can include or keep your children on your health insurance policy until they turn 26.

Let Go: Teaching your child the basics of money now will help you let go and see your young adult flourish.