(NAPSA)—For college freshmen Jooking to managetheir own finances— often forthefirst time—headingto college can often mean lot of unexpected expenses and even new debt. Surprising Survey Statistics A recent survey ofcollege students and parents uncovered somestartling information on schooland their money. + Almost half—44 percent of parents polled—said that their child’s education was more expensive than they expected. + Parents are confident—butkidsstill stumble. The majority of parents, 63 percent of those polled, rated themselves confident or very confident in their children’s ability to manage their A thirdof college freshmanincur unexpected debt—butthere are ways + Despite this, over a third of students It can be tempting to get that free monthof streaming music or premium TVjust for signing up. But forgetting to cancel can lead to unexpected charges hitting your bankaccount ona financesin theirfirst year of school. polled said they incurred unexpected debtin theirfirst year of school. + Onestatistic that may help explain the disparity between confidence and stumbles: Almostonein three students said they hid the debt they incurred from their parents. + Credit cards and banking fees add up fast. Credit cards can bea slippery slope for a newly minted adult. Forty percent of those who signed up for credit cards during their first year of college say they regretted the decision. + Even navigating a bank account can be expensive. Nearly a third of college freshmen incur banking fees in their first year ofcollege. How much in fees? Thirty-seven percentsaid they incurredover$300infees, and 1 in 10 incurred $1,000 or more. So how can parents prepare their kids to avoid a financial freshman fifteen? Herearefive tips: Five Tips to Avoid the Financial FreshmanFifteen 1. Avoid thefree t-shirt. While college students are often wooed bycredit to av card companieswith the allure of swag and perks, signing up for credit cards can be a slippery slope. Coverthebasics aboutcredit with yourstudent. 2. Be careful with recurringfees. monthly basis. 3.Plan for expenses. Managing day-to-day expensesis just the beginning; preparing for, and setting aside money for, big twice-yearly expenses suchas books andclass feesiscritical. 4, Take advantageof student perks. Everything from flexible college meal plansto discountsonlocalstores, movie theaters and software are available to college students whotake the time to do their research. 5. Keep a budget and checkit regularly. Creating lifelong habits around financial managementstarts now—parents might consider a money manage- ment tool from Quicken, maker of the best-selling personal finance software in the USS., as a great graduationgift for high schoolseniors. Learn More Forfurtherfactsandtips, go to www. quicken.com.
