College Budgeting – Total Financial Solutions Safer Money Hour – May 30, 2017
College Budgeting – Total Financial Safer Money Hour – May 30, 2017
Hosts: Arif Halaby & Jeff Girard
Topic: College Budgeting
On this episode of Total Financial Solutions, Hosts Arif Halaby and Jeff Girard discuss College budgeting and how to teach your recent college graduate or current enrolled student how to financially plan so debt will not become overwhelming and you as a parent will not fall into a debt you can’t recover from.
One major thing to do is make sure your kids are getting the right advice, Arif said. make sure your kids know about finances and the impact certain decisions have on them not only in the short term but the long term well beyond their graduation.
What I think is the catalyst to success for young adults become financially independent and successful adults is having those conversations early about finances, Girard said. There has to be a plan or model with your child to understand money and the consequences of not saving for example.
A great tool to implement is developing a student loan management plan. Which creates a layout of how you will pay off the loan, the different options to pay off the loan and based on your career after graduation, how much at a time do you have to pay back.
“There are some programs which allow you to use Income Based repayment Plans,” Arif said. “It means that if you earn this much money than there is a percentage of the income you earn to pay it off.”
There are different tiers off income earned to percentage taken, so they will work with your numbers as to not take so much where you can’t live.
Total Financial Solutions offers assistance with preparing for retirement and financial planning in Santa Clarita and the surrounding valleys. Santa Clarita financial advisor Arif M. Halaby, a Certified Estate Planner, and Total Financial Solutions staff work with people of all ages, helping them protect, grow and preserve their assets through an individualized approach. Arif Halaby is also the host of “Total Financial Solutions Safer Money Hour” on KHTS AM-1220. Launched in 2004, the show offers listeners from Santa Clarita financial planning tips and guidance for dealing with today’s ever-changing financial needs.