You've worked hard to get to this day, when you graduate from high school. Some people breezed through high school, while others had to work hard. In either case, you've probably been in school for twelve years. What is the one thing you didn't learn? Money Management!
That's true. Have you ever heard of a high school that teaches how to handle money? If so, let me know so I can tell them how great their work is. Most of them don't, though, so when it comes to managing money, our students are failing.
They are not taught at the high school level. Parents don't teach them because they didn't learn anything. Not all parents, but a lot of people, including myself, were not taught how to handle money.
What is the one thing you could do to help your student get ready for college as they finish high school and get ready to move on? Teach them how to handle money over the summer and set up a budget for college.
Let's face it: when they start graduating, they will get money for graduation, college aid, and maybe even some student loans. But will they know how to handle the money so that they don't get into a financial situation that neither you nor they can handle?
The second thing you can do is help your student make a budget. Every time I talk to college students, I tell them over and over again that budgeting is the most important thing they need to learn. Sit down and write down everything you spend and everything you make.
For instance:
This month's income:
Expenses:
Books:
Food:
Gas (if you have a car)
Extras (clothes, etc)
Remaining money:
I think it would be a good idea for your student to do this every semester. So, the budget stays reasonable and doable. Tell your student that getting a credit card is not necessary while they are in college. Set up good habits and goals for your money. Even after they leave college, they won't be able to break these habits.
If you would like to purchase a copy of Debt Dilemma for your student, visit my website at www.taffywagner.com.
