Preparing Your Child Financially for College

By Deborah Burroughs

Preparing your child financially for college entails teaching them money management, the importance of saving money, and tracking/budgeting for expenses. For many of them this will be the first time they are “on their own” and actually starting to manage money for themselves. They will have new responsibilities and will need to learn to budget their time and money. There is a delicate balance between preparing your college age children for financial freedom and limiting their financial mistakes, which can follow them for many years. It is extremely important to have a conversation with them about being financially responsible and developing a monthly budget that will allow for unexpected expenses.

From a banking perspective, a checking account is an essential tool for the college student. Aside from the cost of college, they can expect to have additional expenses such as food, utilities and extra-curricular activities. Maintaining a checking account would be extremely beneficial in managing those funds. In conjunction with the checking account, most college age kids will need a debit card, as well as, access to mobile and online banking. Debit cards can be used at a point of sale or at an ATM machine.  Funds can be transferred from their checking to a savings using online or mobile banking. Parents can also transfer or wire funds to their children easily with these types of conveniences.  Finally, establishing a credit card with a low spending limit will allow them to start building credit early on as long as they are responsible in making timely payments and not maxing out their funds.

At The Citizens Bank, customer service is our priority and we still operate upon the same principals of service and commitment that it was founded on in 1943. Solid Traditions, Smart Solutions. We have three locations in Georgetown County and we offer a comprehensive mix of Consumer, Commercial and Mortgage services to meet the needs of our customers.

About this writer

  • Deborah Burroughs

    Deborah Burroughs

    Deborah Burroughs is the Professional and Business Banking Vice President for The Citizens Bank. Stop by one of the branch offices in Murrells Inlet, Pawleys Island or Georgetown to find out how they can help you with all of your financial needs! For your convenience, The Citizens Bank also has various other locations within the state of South Carolina, www.thecitizensbank.cc.

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