For me and many others, the end of summer means helping our children pack up and head off to college. My youngest children, who are twins, are leaving this month for their first year of college. This is such a major step into adulthood for our children, and we parents find ourselves overflowing with advice, rules and warnings for our kids because, naturally, we want them to succeed in their newfound independence.
One “warning” we often hear from friends revolves around the “Freshman 15”, the typical weight gain many students experience in their first year of college, away from their normal routine of high school exercise and healthier home-cooking.
But before they leave for college, young adults need to understand that managing their money is just as important as staying physically fit and mentally healthy. And much like the “Freshman 15” that sometimes come with all of the other stresses of college life, the added weight of money mistakes can stay with them for a long time – and can be hard to shed. But luckily, such mistakes can be avoided with the help of common sense and added knowledge.
Here are some tips to share with your college-bound children on how to avoid the financial freshman 15:
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