Do you have children who are about to make the jump and start college in the fall? It’s an exciting time full of new people, new cities, and a whole new sense of independence. However, the experience can often be overshadowed by ever-growing concerns about money. That’s why we’ve got 4 top tips to help your children stay on top of their finances this fall. 

Be careful with credit 

Warn them about the consequences, it’s easy to think about the short-term result without considering the long-term implications and it’s a slippery slope to becoming reliant on credit cards or dipping too deep into their overdraft. 

Credit cards serve a purpose, whether it’s making everyday purchases or helping to make larger one-off purchases, but only if they can afford to pay it off in a timely manner to avoid incurring huge interest rates and starting a pattern of constant borrowing. In short, if they can’t afford it now, don’t buy it. 

Ditch the daily habit 

It’s easy for your children to forge new habits while they’re away, such as enjoying a daily cup of coffee on the way to lectures or ordering food in from a delivery service. These small purchases may not seem extravagant at the time but can eventually add up. 

Rather than thinking about what they’re giving up – encourage them to think about the money they’re saving and what they could get instead. Take the daily coffee, for example: while it may only seem like $3 a day, that’s $90 a month – and a whopping $1,095 per year. That money could be used for a trip, or even put into a savings account. It’s this type of attitude that will help turn your kids from a borrower to a saver. 

Dine out on discounts and deals 

Students are the captive market for many companies and, as a result, you would be surprised at just how many discounts and offers are available as brands battle for their business. Most restaurants and retailers offer some form of student discount! Encourage your student to explore these deals to save some extra money.  

Help them plan 

Finally, and probably the most important tip of all: help them create a spending plan before they go! It will probably be the first time they will have full control over how they spend their money so make sure they’re geared for success! FinFit’s Ready University has courses for the whole family from teaching financial foundations to money management, click here to learn more.