Keeping college kids on a budget
OKLAHOMA CITY- It is a course most college students won’t take in the classroom but almost everyone goes through it on their own.
Parents often send their kids to college with spending money they hope will last through the semester or school year.
A few weeks later, they get a call from their kids complaining they are broke.
Experts suggest teaching them about a budget before sending them out on their own, list all income sources, list fixed expenses and track variable expenses.
While that may help them get a budget in mind, it can also be difficult for college students to stick to a strict limit.
Even when they are in a financial bind, do not use cash advances on credit cards, don’t rack up a balance on credit cards and avoid high-interest, short-term loans.
Amy Welch, from the Oklahoma Society of CPAs, stopped by our studios with more advice for parents to keep their kids on the right financial track.