4 Money Tips for College-Bound Kids

Most college-bound kids still rely on Mom and Dad for cash, as well as, advice on how to make the most of it. If your kid is starting college in the fall, these four money tips will put them at the head of the class.

1. Consider on-line banking.
Even if your child is miles away from home, he or she is only a “click” away from managing their funds with on-line banking. A computer and a modem can bridge the distance between you and your child when it comes to money management. Together, you can keep tabs on your joint account, transfer funds, even pay some bills. Often, there’s no fee for the service but there’s usually a small charge for paying bills.

2. Manage your budget on the computer.
You and your child can manage your money with the help of computer software, like Quicken and Microsoft Money. These programs allow you to account for expenses and income. Some programs even connect to on-line banking services. It’s an easy way to track expenses, so you can better prepare for recurring college costs like books, travel and activities.

3. Research your calling options.
Before your child leaves for school, do your homework on calling options. There are several options to consider, including phone company calling cards, cell phone family plans, and online phone services such as Skype. Rates and services depend on where you live (in-state versus out-of-state calls) and when you use the service. Also, keep in mind that more and more colleges offer phone mail, e-mail or both. So evaluate your needs and read the fine print before signing up for a service.

4. Surf the Web for savings.
The Internet provides a wealth of free information for college-bound kids. Your child can download free text books from sites such as Project Gutenberg and the American Communications Association. These sites also offer books at discounted prices. Be sure that your child checks with his or her professor for the right edition before downloading the texts from the site.

Soon, your college-bound kid will be on the road to financial independence. You can provide the road map with financial advice along the way.

Related Articles

• Negotiating Your College Financial Aid Package
  Tom Yanno, director of Guidance at East Syracuse-Minoa High School in New York, compares shopping for a college to shopping for a car—the sticker price....
• College Financial Aid Information For Students And Parents
  Figuring out the best way to pay for college can seem stressful, but your family doesn’t have to be overwhelmed by the varied choices to....
• How To Find Niche Scholarships For College
  Although private niche scholarships account for less than 2% of all aid, go-getters like Marianne Ragins author of “Winning Scholarships For College” have parlayed as....
• How To Plan A Summer Look-See College Visit
  If you’re planning on combining summer travel plans with college campus visits you may get less than you bargained for. Most colleges are not in....
• Are You Ready To Live Off-Campus?
  When is the best time to move off campus? For some college students the answer is “as soon as the college will let me.” The....