Back-to-school season is an excellent opportunity for parents and students to have dialogue regarding career planning and money management. As students prepare for college or graduation and entering the workforce they need understand how to save for tuition, pay bills, and manage credit.
Our experienced financial professionals are here to provide insights on planning for their careers as well as how to manage their finances. Financial Advisor, Doug Galloway provided the following responses to common questions parents might discuss with their children about managing money and approaching their careers.
What is the best way to save and make plans for college?
Start saving early. Parents should begin saving when their child starts Kindergarten. Putting away $50-$100 a month, if they start at 5 years old makes a huge difference 12 years later when their child is preparing to go to college.
What advice do you have for balancing a budget? What are the pitfalls students usually fall into?
Pay your tuition and buy your books first. Then set aside your funds to cover housing and food. These are the most important expenses you must be able to cover.
What advice do you have for students as they prepare for their future careers?
Be certain to pursue a career that the computer or technology cannot replace you.
Should students be building credit while in school? How?
Students have enough to worry about and applying for credit cards during college is a bit pre-mature. Sadly the temptations are too great to start charging up small expenses and before you know it one can build up a lot of debt.