Going away to college can be an exciting yet scary time for teens. While they may enjoy their new found freedom, it is important to make sure that they understand the responsibility that comes with freedom, such as paying bills. Although bills may be a stressful part of life, it is an unavoidable reality. Make sure your teen keeps these tips in mind to help organize and budget for their bills.
- Keep track of them. Putting a bill in the corner where you plan to “deal with it later” can lead to expensive late payment fees. Make sure to keep all your bills in a specific area to ensure that they are organized and get paid on time.
- Label bills. Create a color coordinated file for all of your bills so you know exactly where everything goes, and to make sure everything gets paid on time. It does not matter how you choose to label your bills, as long as you understand your system.
- Think about taxes. Some payments can be used as a tax deduction. Makes sure to keep a record of those payments so that you can use them later.
- Wait to toss paid bills. You should keep all bills for the past seven years for your own record to make sure that you are able to dispute any discrepancies.
- Organize with your roommates. If you have roommates, you should be sharing the responsibilities of some of your bills. Since many landlords will only take one check, make sure to work it out with your roommates.
- Use a bulletin board. Posting the shared bills on a bulletin board is a great way to ensure everyone knows what needs to be paid.
For more tips on how to navigate your bills while you are off at college, contact Andraya Coulter in Pleasanton, California.