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One of the first things your college student should do when creating a budget is to list every expense. As US News notes, this list should be quite long. Some items that should be included: Housing, transportation, groceries, internet, phone, entertainment, clothes and more. And not just the monthly ones … but the ones that come more often.
Overestimate
When it comes to listing out expenses, the best course of action for your kid is to overestimate the costs. While it’s easy to calculate fixed costs — like rent or the phone bill — it can be a little trickier with variable expenses. For variable expenses, have your kid add up three months and find the average. Then always go a bit over whatever that number is. It’s much better for your kid to end up with more wiggle room in their budget than to be constantly coming up short.
Be flexible
Explain to your college kid that a budget is not a static thing. Just like life, a budget constantly changes. Stress to your kid that they should constantly revisit their budget and be prepared to make adjustments. The more they pay attention to their budget, the less likely they will be to end up in over their heads.
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Best time to buy
Choosing the right time of year to purchase big-ticket items can save you money. Here’s where and how to fund your next big purchase.
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Sunny service
In South Florida, innovative personal service is not just a Credit Union mission, it’s a personal commitment.
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Meeting members where they’re at in the digital world
As mobile banking and self-service options continue to grow in popularity, American Airlines Federal Credit Union is continually improving its digital footprint with new, convenient services for its members.
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Money lessons
Parents often remind their children that money doesn’t grow on trees. But there’s more to the lesson.
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Guiding others on their financial journeys
As a Financial Wellness manager, Jamie Fatheree is focused on improving members’ financial standing no matter where those members are on their respective journey.
