Gloria Nye | 10/14/2008 9:27:24 PM
ScholarShop and The National Endowment for Financial Education (NEFE) offer a free on-line booklet, “40 Money Management Tips Every College Freshman Should Know,” which should be required reading for anyone going off to college this fall. In less than 50 pages, this publication will give your student a “crash course” in money management.
Topics covered in the “Tips” booklet include goal setting, record keeping, checking accounts, ATMs and checks, financial aid, scams, loan obligations, work-study jobs, looking for jobs, meal plans, snacks, computers, discussing money issues, dorm vs. apartment costs, roommate ground rules, peer pressure, distinguishing between needs and wants, student discounts, car expenses, spending leaks, spending plans, good credit, avoiding credit card pushers, keeping friends and money separate, debt management, saving habits, investing, net worth, and more.
For example, if a student decides she must have a credit card, here are the 8 ways they suggest that she can maintain control:
Remind your student not to loan her credit card to anyone, not even a good friend or her roommate. It does not matter who uses the card, she will still be responsible for paying the bill.
As a final note, the “Tips” booklet says, “money is important, but it’s not everything. Good friends, strong values, and work you enjoy count for more than all the money in the world. Money is only a tool to help you get where you want to go. Use it wisely and reach your dreams. Good luck!”
If you would like a copy of this booklet for your soon-to-be college freshman, it is available free of charge on-line.
-Information adapted from ScholarShop and National Endowmaent for Financial Education (NEFE), 40 Money Management Tips Every College Freshman Should Know.