FINANCIAL FOCUS®
Financial tips for first-time college students
Sending your child to college is an exciting milestone. It may also be the first time your student will manage their own money.
Don’t worry. With a few simple strategies, you can help them avoid pitfalls:
Start with a budget. Many people use the “50/30/20” rule, which calls for 50% of income toward needs, 30% for wants and 20% toward savings and financial goals.
Guide them toward smart credit habits. That first credit card in college can be scary. The key is helping them understand how to use it wisely, ideally not overspending, so your child is paying off the card balance on time, every month.
Pay attention to everyday expenses. College life doesn’t have to break the bank. For example, remind your child to take advantage of student discounts available at restaurants, clothing and grocery stores and entertainment venues.
This content was provided by Edward Jones for use by Tristan Bezzant, your local Edward Jones financial advisor at (978) 841-5800.
Don’t worry. With a few simple strategies, you can help them avoid pitfalls:
Start with a budget. Many people use the “50/30/20” rule, which calls for 50% of income toward needs, 30% for wants and 20% toward savings and financial goals.
Guide them toward smart credit habits. That first credit card in college can be scary. The key is helping them understand how to use it wisely, ideally not overspending, so your child is paying off the card balance on time, every month.
Pay attention to everyday expenses. College life doesn’t have to break the bank. For example, remind your child to take advantage of student discounts available at restaurants, clothing and grocery stores and entertainment venues.
This content was provided by Edward Jones for use by Tristan Bezzant, your local Edward Jones financial advisor at (978) 841-5800.
