Preparing to Send Your Child to College?

preparing to send your child to college
Image source: The Scholarship Hub

Sending a child to college for the first time can be an emotional time filled with many decisions, questions, and even anxiety. To alleviate any stress, it may help to talk to your teen honestly and discuss any concerns or worries you may have. It may also help to practice some self-care to ensure you are in the right frame of mind for this transition. While there are undoubtedly a million things to discuss with a teenager setting off for college, here are the five things you should start with:

Talk to teens about money management

For some teenagers, living alone at college may be the first time they have to really manage their own money, albeit often on a smaller scale. Talk about budgeting and discuss what a monthly budget plan can look like. Teach them to anticipate expenses wherever possible and talk about getting a part-time job if need be. If you intend to help them out financially, be honest about what you can afford and what your limitations are.

Discuss paying for college

Talk to your teenager about paying for college. This is especially important if they’re taking loans out themselves—show them what a repayment plan for a student loan may look like with monthly payments. Families wanting to avoid student loans will have to consider other options. Scholarships are a great option if the student qualifies. You may want to consider other sources of funding, such as using the cash value of a whole life insurance or universal life insurance policy if you have one.

Talk about safety

It may not be possible for you to check in with your teen all the time, but you can give them the tools to stay safe both on and off campus. It can be as simple as advising them to stay alert and aware of their surroundings or memorizing campus security and emergency phone numbers. These days, safety apps are available that allow users to send alerts to a specific contact in an emergency.

Plan the big move

Even if the first day of college is far off, planning for it in advance won’t hurt. You child may want to hold off on packing clothing and essentials, but sports equipment, books, linens, and stationery can be packed beforehand to save time. Help your teen create a to-do list for shopping and packing that you can refer to closer to moving day.

Consider your own needs

Having a child leave for college may cause anxiety or even empty nest syndrome for some parents. If you’re having trouble processing your feelings, it may help to speak to a therapist or join a support group. You may also benefit from planning for this beforehand by focusing more on your hobbies or planning new activities for yourself and your spouse or friends. Stay-at-home parents can also consider taking up a freelance job or giving their small business idea a try.

The primary purpose of permanent life insurance is to provide a death benefit. Using permanent life insurance accumulated value to supplement retirement income will reduce the death benefit and may affect other aspects of the policy.

Source: iQuanti

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