‘’College is part of the American dream, it shouldn’t be part of a financial nightmare for families…’’
Whether you are a parent sending your kid off to college or a student almost entering your first semester, the time has come…
Summer has arrived and it’s the perfect time to prepare yourself and your kids, both mentally and financially for college. While it’s an exciting time to move forward in the next stage of life and development, both educationally and personally, the excitement sometimes comes along with fear and stress, especially when expenses begin to creep in!
Even if the first semester is right around the corner, whether you are a parent or student, there are things you can start doing today to better prepare yourself and set yourself up or your kids for financial success!
Here are 3 ways you can begin preparing for a successful financial future in college and beyond:
1. Design a budget and stick to it!
There are many ways you can prepare both yourself and your kid for what’s yet to come, but the best thing you can do at any age is discuss financial basics with your kids and teach them how they can create and stick to a budget.
To begin, review and calculate upcoming expenses and then create a budget plan. This can be based on a termly basis and then reviewed, or annually. Think about what will work best for you and then commit!
2. Explore the world of financial aid.
Are you eligible for financial aid?
Some students are awarded or provided with financial aid packages. However, if you are not sure if you are eligible, contact your financial aid department and check out the different award scenarios out there. Once you provide your estimated family contribution and apply, you will be able to see what packages are available to you.
3.Plan ahead and set yourself up for success with a financial planner.
Finally, one of the best ways to prepare yourself right for college next semester or for whatever expenses are yet to come in the future, is by working with a financial planner. A financial planner can help you prepare your finances in advance and have you set up and ready to succeed financially way before the college years or even throughout the process.
ERPS Group is a one-of-a-kind financial firm located in Metro New York City that offers a differentiated approach to helping people to achieve enduring financial results. They offer effective strategies that help to bridge the gap between financial freedom and personal or business goals.
Remember, “It’s All in Your Hands!”