Adulting 101 for College Students // Budgeting, Meal Prep, Laundry, Organisation and Much More!



Money Management 101: Tips for Your College Grad

image
iStockPhotos
It's a common saying that the "real world" starts once college is over. In many ways, this is true. The college grad has to begin paying his own expenses and preparing for the future. Here are a few money management tips that will help your college graduate get started off on the right foot.

Automate accounts
One of the best things you as a parent can do to help your child is encourage him to automate his money as much as possible. There are a number of personal finance programs that can help your grad keep track of his finances, schedule bill payments and save automatically. He should have retirement savings automatically deducted from his paycheck. Help him create a system that allows him to easily access his financial information.

Advertisement - Continue Reading Below

Pay off debt
Impress on your child that if he accumulates debt, he must pay if off as soon as possible. Interest saps income, provides nothing tangible in return and lines someone else's pockets. Have your child create a debt-reduction plan to get rid of his obligations as soon as possible.

Learn about financial planning
As a parent, you should use your financial experience to teach your child about how money works and how to get the best deals. Educate him about how credit and debt work and how investing can help grow his wealth. You don't need to be a financial expert, and your grad doesn't need to become one, but it is a good idea to understand the basics of how money works. Then he can put his knowledge to work.

Build your credit score
One of the most important aspects of financial health and money management is your credit score. Ensuring your child builds this number will help enable him to get the best possible deal to buy a home, car or insurance. A good credit score can save thousands of dollars. He can earn a good credit score by making wise credit decisions, such as buying one or two inexpensive things on a card and paying it off monthly. Make sure he keeps his debt low and makes payments on time.

Save money
If your child hasn't been saving regularly, now is the time to get him to start. Tell him to save for retirement and set money aside for an emergency fund. The younger he starts, the more time his money will have to benefit from compound interest. He will end up with much more in the end if he starts saving now.

Obtain good insurance coverage
Getting proper insurance coverage protects your child from the catastrophes that can drain finances. In addition to having an emergency fund, it is a good idea to set your child up with appropriate insurance coverage. Auto, homeowners/renters, life and health insurance are all important. Depending on your child's needs, it might be a good idea to consider disability and other types of insurance, too. It may seem strange, but insurance is an important aspect of money management.






Video: Money Management : Young Adults/College Students | Absolutely Adonis

Money Management 101: Tips for Your College Grad
Money Management 101: Tips for Your College Grad images

2019 year
2019 year - Money Management 101: Tips for Your College Grad pictures

Money Management 101: Tips for Your College Grad recommend
Money Management 101: Tips for Your College Grad recommendations photo

Money Management 101: Tips for Your College Grad pics
Money Management 101: Tips for Your College Grad pics

Money Management 101: Tips for Your College Grad Money Management 101: Tips for Your College Grad new pictures
Money Management 101: Tips for Your College Grad new foto

pics Money Management 101: Tips for Your College Grad
picture Money Management 101: Tips for Your College Grad

Watch Money Management 101: Tips for Your College Grad video
Watch Money Management 101: Tips for Your College Grad video

Communication on this topic: Money Management 101: Tips for Your College , money-management-101-tips-for-your-college/
Communication on this topic: Money Management 101: Tips for Your College , money-management-101-tips-for-your-college/ , money-management-101-tips-for-your-college/

Related News


Dr. Edward Hallowell: ADHD Treatment Pioneer
How to Teach Vocabulary by Creating a Monster
Procrastination expert explans which personality types put stuff off
Pomade vs Gel vs Wax – Which Is Best For Your Hairstyle
How to Maintain a Solar Panel
Daily Deals: Free Gift Bag At Philosophy, 50 Off At Juicy Couture
Breast Cancer Is Always There
FBI, Citibank probing Sergey Kislyak suspicious 2019 payment: report
Blake Lively Speaks Out On The Pressure’ Of Losing Her Baby Weight
Tony Danza on Corvettes, His Pro Boxing Career, and the Adventure That Changed His Life
Céline Dion Shows You Can Wear Young, Cool Clothes at Any Age



Date: 11.12.2018, 01:04 / Views: 73231