K.E.M. Strategic Partners LLC | 35 Village Road, Suite 100 | Middleton MA 01949 | P. 978-560-3404  |  F. 978.560.1623

 
 

Caring  |   Independent   |   Practical
Financial Services

Lifestyle Read Time: 3 min

A Cheat Sheet for Sending Your Kid to College

College marks a great milestone in a child’s life. It may be the first time he or she will live away from home. Dropping off your child at college may be an experience loaded with emotions, so here are a few tips for a smoother transition.

Accept that the Parent-Child Dynamic Has Changed

Your child is always your child, and will need you as much as ever. However, parents need to understand that their role has transitioned from “supervisor” to “mentor.”

Make the Move Simple

Do not bring the moving van. Not only will it embarrass your child, but dorm rooms just aren’t that large. Bring only what’s appropriate.

Consider pre-ordering essentials (soap, bedding, shower caddy, etc.) for pick-up at a location by the school. This will save space whether your trip is by car or plane.

Don’t Leave “The Talk” to the Drop-off

While college represents a gateway to many wonderful experiences, parents will want to have a serious conversation about safety, responsible behavior, finances, and expectations about staying in touch.

Do not leave it for the drop-off. It is sure to sour the moment and may rush a conversation that deserves more time and mutual dialogue.

Time to Learn Financial Responsibility

Your child will need spending money. You may want to provide a debit card attached to an account that has a set sum for the full semester, or one that’s refreshed with monthly deposits. College is a perfect time to learn budgeting.

Take the Lead from Your Child

Let your child have the discretion to make decisions about what to bring. However important you think a dust skirt for the bed is, try to avoid fights. Let your child make a mistake. It’s the best way to learn.

Your child will likely send signals when it’s time for you to go. Listen to them. It’s time for him or her to begin connecting with new roommates. Expect that final “good-bye dinner” to be canceled since your child may prefer an impromptu introductory dinner with the new roommate.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

 

Related Content

Disability Income

Disability Income

This calculator estimates your chances of becoming disabled and your potential need for disability insurance.

Building a Solid Financial Foundation

Building a Solid Financial Foundation

Sustain financial well-being or create wealth through these actions.

What Can You Buy With 529 Distributions?

What Can You Buy With 529 Distributions?

This article can be a helpful guide when begin preparing for education expenses.

 

Have A Question About This Topic?







Thank you! Oops!

Find That Lost Retirement Account

With over 24 million “forgotten” 401(k) accounts, you may be surprised to learn of your unclaimed “found” money.

Navigating Retirement Pitfalls

Why are they made again and again? Making sense of these errors in judgement.

Breaking Down the Parts of Medicare

Medicare is broken down into four specific parts—but what do they mean? This article will help you understand each piece.

View all articles

Should I Buy or Lease an Auto?

This calculator compares the financial impact of leasing versus buying an automobile.

Lifetime of Earnings

Estimate how much you have the potential to earn during your working years.

Home Mortgage Deduction

Use this calculator to assess the potential benefits of a home mortgage deduction.

View all calculators

Investment Strategies for Retirement

Investment tools and strategies that can enable you to pursue your retirement goals.

An Inside Look at Retirement Living

A number of questions and concerns need to be addressed to help you better prepare for retirement living.

Your Cash Flow Statement

A presentation about managing money: using it, saving it, and even getting credit.

View all presentations

Suddenly Single: 3 Steps to Take Now

Have you found yourself suddenly single? Here are 3 steps to take right now.

A New Way to Look at Your Bucket List

Bucket lists don’t have to be for tomorrow.

The Long Run: Women and Retirement

For women, retirement strategy is a long race. It’s helpful to know the route.

View all videos