I still remember my first trip to my dorm mailbox during my freshman year at the University of Illinois (twenty years ago). I could barely open the mailbox door from all the credit card offers which were jammed into the little box. Luckily, growing up in a family of responsible credit - and having a card since I was probably eleven - I didn't fall prey to the offers of unlimited cash. However, thinking about that reminds me of the important challenges faced by college freshman as they move out of the nest for the first time. Some of the greatest challenges come outside the classroom - and they require astute financial literacy and self control.
That said, the
Denver Post Lifestyle page has a great feature today on financial advice for college freshman - and as we head into August and the minivans are packed, parents should consider having "the talk." That is the discussion about not digging a financial hole during their first step into adulthood. Among advice the Denver Post offers:
- Keep a budget and track your spending.
- Avoid using credit whenever you can, and seek out discounts, especially on those common college expenses like books, hoodies, and ... late night pizza.
- Drink water - for financial AND physical health.
College should be a great time and an educational experience - both in and out of the classroom. America's financial literacy is not in great shape these days. Hopefully, the next generation of adults will - with some advice - learn to make better decisions.
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