Money basics for college bound kids

Soon a new college year will start and many are expected to start college for the first time. Many parents struggle to help kids get through college yet many graduates with lots of college debt. Here is some advice for college bound kids.

If you don’t need, don’t get a credit card: Credit cards are known to charge the highest interest rates available in the market. It is easy to charge but when it comes to paying off many students as well as parents struggle. So, if you can go through college without a credit card it will help you with your post-college life without another debt.

Become versatile about student loans: Student loan balances are on the rise and many fear that it will be the next financial crisis. Before accepting a student loan, look at what type of loan it is, when the repayment will start, what will be the monthly payment, and how long it will take to pay it off.

Find a job: A job not only prepare college kids for what to come but also gives additional income for college expenses. It will ease the burden on their parents too.

Track your expenses: Keeping track of your expenses helps you to manage money wisely. Many tools are available online.