Ultimate College Checklist

Ultimate College Checklist

With summer in the air, it means fall is just around the corner. And, for many, that means kids heading off to college.

Sending your child off to college is an exciting and emotional milestone for families, but many details require attention. At CTS Financial Group, we’ve helped families navigate this transition, and we’ve created a checklist of 13 essential tasks to ensure your child gets the most out of their college experience. Here are some key items to address:

Finances
College is expensive, so review your finances and consider using accounts designated for higher education, like a 529 Plan. If money is tight, a Home Equity Line of Credit (HELOC) could be a good option, but consult a financial advisor before making that decision. You should also evaluate your car insurance policy to determine if adjustments are needed due to your child’s new living situation.

Health
Check if your child’s current health insurance plan covers out-of-state care. If necessary, contact your insurer to explore other options. Establish HIPAA authorization to ensure you can access your child’s medical information in case of an emergency, and make sure to gather their health and vaccination records.

Important Conversations
Before your child heads to college, discuss work expectations. A job can offer valuable skills and extra income but might affect academic performance. You should also plan for graduation by setting timelines and discussing course loads. Lastly, help your child create a spending plan to teach budgeting skills and set a foundation for future financial success.

Accounts and Tools
Consider setting up a credit card for your child to build their credit history, with clear guidelines on usage. If your child frequently shops at Target, a Red Card will give them a 5% discount. Set up a Venmo account to allow easy money transfers, and sign up for Amazon Prime to save time and money with free two-day shipping on essentials.

This checklist covers many important steps in preparing for college. If you need help or have questions about these tasks, the team at CTS Financial Group is here to assist you.

We share a checklist of 13 critical items that should be addressed before your child starts classes. http://bit.ly/2KLR0P0

Published On: July 12, 2019|Categories: Resource Center|Tags: , |

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This material is provided for informational purposes only. The information contained herein should not be construed as the provision of personalized investment advice. Information contained herein is subject to change without notice and should not be considered as a solicitation to buy or sell any security. Past performance is no guarantee of future results. Investing in the stock market involves the risk of loss, including loss of principal invested, and may not be suitable for all investors. This material contains certain forward-looking statements which indicate future possibilities. Actual results may differ materially from the expectations portrayed in such forward-looking statements. As such, there is no guarantee that any views and opinions expressed in this material will come to pass. Additionally, this material contains information derived from third party sources. Although we believe these sources to be reliable, we make no representations as to the accuracy of any information prepared by any unaffiliated third party incorporated herein, and take no responsibility therefore. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change without prior notice. For additional information about CTS Financial Planning, Inc. and the material posted on this website, please review our Important Disclosures.

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