Illinois accountants offer money tips for college-bound students

If you're sending your son or daughter off to college, you’re probably warning them about the dangers of alcohol, drugs, or other habits that might hurt them in the future. The Illinois CPA Society suggests talking about money, too. Here are four tips to help them avoid a bad financial start in life:

  1. Stay Away from Credit Cards. Getting taken in by the easy money of a credit card is a problem that can stay with you years after leaving college. Credit card offers are abundant on campuses; don't be lured into signing up for a credit card by a T-shirt or other free gifts. (Parents, a better idea for spending money is a joint credit card with a preset limit to establish a credit history.)
  2. Don't Give Out Personal Information on the Internet. Students and young adults can be a little too comfortable with the Internet. It's important not to share personal information and even more important not to give away details like your Social Security Number or bank account numbers. Watch out for what appear to be official messages from a bank or even the IRS asking for that kind of information. More likely it's phishing.
  3. Resist Social Pressure to Spend. Try not to fall into the trap of buying something because everyone else has it and then spending more than you have on something you really don't need. And don't feel you always need to be the "good guy" who has the extra cash for tickets or the restaurant tab.
  4. Prepare and Follow a Budget. It's not exciting but it's smart to know where your money goes and how much you have to work with. You'll find it's easy to get sidetracked from what you planned on spending on things like books, cell phone service, or clothes. Establishing a budget sets some spending guidelines. Besides, budgeting's a good habit to develop and a great way to show you're ready to be on your own.

You may like these other stories...

On a typical June day, Kentucky high school students David Wagner, Kayla Cook, and Michael Kiraly would be kicking back, enjoying all the pleasures of summer—playing video games, hanging out by the pool, or binge-...
Event Date: July 17, 2014, 2 pm ETThis webcast will cover the preparation of the statement of cash flows and focus on accounting and disclosure policies for other important issues described below.Participants will learn:...
The Madoff Ponzi scheme, financial crisis of 2007-2009, ongoing mortgage fraud and other scandals, and laws like Sarbanes-Oxley and Dodd-Frank that were passed to counter the fraudsters, send a clear message: fraud...

Upcoming CPE Webinars

Jul 16
Hand off work to others with finesse and success. Kristen Rampe, CPA will share how to ensure delegated work is properly handled from start to finish in this content-rich one hour webinar.
Jul 17
This webcast will cover the preparation of the statement of cash flows and focus on accounting and disclosure policies for other important issues described below.
Jul 23
We can’t deny a great divide exists between the expectations and workplace needs of Baby Boomers and Millennials. To create thriving organizational performance, we need to shift the way in which we groom future leaders.
Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.