Money Fix: Advice for college freshmen
Experts suggest parents who do offer rewards programs calibrate them carefully so the gifts don't backfire. The last thing you want to do is spend big bucks to turn your kid into a "show me the money" holdout. Credit: iStock
Much is made about the college Freshman 15 weight gain, but if that lack of discipline extends to students' wallets, it could endanger their financial health, cautions student loan giant Sallie Mae. To start the year off right, and develop good lifelong money habits, experts offer this advice.
If you must, limit yourself to one credit card. Shop for the lowest interest rate and pay it off each month, says John Pelletier, director of the Center of Financial Literacy at Champlain College in Burlington, Vt. Use the card only for emergencies.
Skip a daily Frappuccino and save that $5 in an interest-bearing account, and you'll have $7,400 come graduation, according to Dan Greenshields, president of Capital One Sharebuilder in Seattle.
Out East Show: LI Aquarium, Patty's Berries and Bunches, Palmer Vineyards NewsdayTV's Doug Geed shows us some great spots 'Out East' to visit this summer.
Out East Show: LI Aquarium, Patty's Berries and Bunches, Palmer Vineyards NewsdayTV's Doug Geed shows us some great spots 'Out East' to visit this summer.
