As students go back to school, this is a great chance to consider what opportunities their futures hold. This is also the perfect time to begin thinking about managing their finances and understanding how to plan ahead. Many students leave high school or college without the knowledge they need to plan for retirement, pay bills or manage credit. Our experienced financial professionals are here to provide insights on planning for their careers as well as how to manage their finances. We encourage parents to have open conversations with their children about how to save, balance a budget, and build credit.
Sacramento Office Manager, April Young provided the following responses to common questions parents might discuss with their children about managing money and approaching their careers.
What advice do you have for balancing a budget? What are the pitfalls students usually fall into?
Review your purchase habits to establish a maintainable budget for each category. Be mindful of small purchases that would push you beyond your means.
What advice do you have for students as they prepare for their future careers?
The best way to prepare for a successful career is to experience it firsthand. It is an asset to showcase your passion by volunteering or interning in your industry resulting in establishing foundational relationships and knowledge.
Should students be building credit while in school? How?
Initiating building your credit through secure cards allows for growth without extending you beyond your means as it is often equal to the cash deposit in your account.
What is the best way to save and make plans for college?
Plan for the future and put money aside regularly. Even small amounts add up to help in the future. Take advantage of opportunities and apply for scholarships and student aid. Write an essay of your story and meet with someone who can help guide you. If loans are unavoidable, do your homework on subsidized options that can defer repayment and accrual of interest while you are in school.
For more information on financial planning and back to school advice, reach out to April directly or visit her page to learn more.