Daily Dupaco

Thursday, April 08, 2010

Bracing for post-grad financial independence

Students preparing for college graduation are also bracing themselves for their (more) financially independent adult life. For their parents, the transition from student to postgraduate can sometimes be equally as challenging.

Home & Family Finance offers these tips for parents who intend to help their student financially while in transition:
  • Decide if your contribution to postgraduation living expenses is a gift or a loan.
  • Pick a specific bill or expense to pay, rather than simply writing a check.
  • Communicate clearly with graduates about who will pay future costs.
  • Create a list of expenses that students must plan to pay, including renters insurance, vehicle insurance, utilities, gasoline, and groceries.
  • Consider giving students gift cards for gas or groceries to help limit your contribution.
  • Decide whether you'll co-sign for a car loan or sign as the co-tenant for a rental lease, if the student asks for your help.
In addition, you can help your student plan ahead to manage costs and gain financial stability by helping them create a budget, establish good credit, and build savings.

Read the full Home & Family Finance article.
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