For many students, college is the first time they’ve been away from home for an extended period of time. As such, it’s also often the first time many of them have had any experience with budgeting and financial planning. It’s because of this that a number of them end up with financial difficulties and don’t realize before it’s too late.
Parents are encouraged to talk to their child about money management and planning before they leave for college so the issue is resolved before it becomes something major. Parents should show their child proper budgeting and even have their child help in planning out family budgets. Given that this may also be the first time they’ve seen a doctor by themselves parents should take this as an opportunity to educate them about that as well, and teach them terminology such as “co-pay” and “deductible.”
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Parents encouraged to have money talk before college – KSAT San Antonio