In many households “budget” is a 4 letter word. Yet, if there is ever a time to develop a budget, it’s during the college years. As this month’s “College Keystone” points out, cash flow is king. The stress on a family can be fairly large when two monthly payments (tuition, room and board to the school) and (personal expenses to your child) are added to the checkbook register. So, having a structured approach to the process will do amazing things to your sense of well-being.
The reality is, as Dave Ramsey has said, “a budget is just a tool to help you tell your money where to go”. So, we encourage you to start telling your money where to go so you’ll have some of it left at the end of the college years. Dozens of free resources are just a Google search away. And although a budget takes time and effort to start, it’s fairly easy to keep current. Send us an email at team@familycollegeplan.com if you have questions on how to get started.
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