(WBBM NEWSRADIO) — Everyone’s heard of the freshman 15: New college students packing on some extra pounds because they can go out to eat whenever and wherever they want.
That can be accompanied, though, by the winter break bailout, where the freshman asks the bank of mom and dad for some help in paying off a large credit card balance.
Mark Horner, of Fairhaven Wealth Management in Wheaton, joined the WBBM Noon Business Hour to discuss how to handle those financial conversations. He said there's nothing wrong with having fun.
“Going out with their buddies and having a good time … is all part of the college experience,” he said.
But he said parents should have a conversation about setting spending limits and saving money. One way to do that is to co-sign on a debit card.
“You can go in there in real time and keep an eye on what Johnny or Susie is spending their money on and react in real time,” he said.
Get more personal finance tips during the WBBM Noon Business Hour on Wednesdays. The Noon Business Hour airs every weekday from noon to 1 p.m.
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