Tag Archive for: money

The Summer Before College: Helping Your Child Prepare for the Transition

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As a parent, some of the greatest joys in life are getting to watch your child grow into the person they were meant to be and witnessing their accomplishments… like, graduating and going to college!

 

Sending your child to college is a significant milestone. While this new journey can be daunting, it’s important to remember that college is more than just four years of higher education. It’s a gateway to once-in-a-lifetime opportunities, personal growth, and multiple new skills.

 

You can help make the transition less stressful by preparing your child for academic, social, and emotional challenges they may face in the process.  Here are some tips to help you and your child prepare for their new home away from home and to ensure they are set up for success.

 

Take A Campus Tour

If you haven’t already, be sure to take a walk around campus. Many colleges have summer orientation which is a great opportunity for your teen to familiarize themselves with the campus. These visits will be especially beneficial if they already have their class schedule, as walking around the campus to check out each building where classes will be held can help your new student feel more confident on their first day of school.

 

Find A Place to Live

Work with your teen to secure a place to live. Many colleges require incoming freshman to live on campus for their first year. However, if they do not have to, work with your child to help them secure a safe and affordable place to live either on or off campus. If your teen has a roommate, this is also a great opportunity for them to connect and get to know them better.

 

Educate them on Money Management

Talk to your teenager about finances and how to be responsible with money while they’re away. Now that your child will have more freedom, educating them on the importance of financial responsibility can help keep them out of unnecessary debt. The summer before college is a great time to start teaching them the basics of budgeting and saving money. If they don’t already have one, have them open a checking account and get a debit card so they have access to their money. For emergencies, consider having your child apply for a student credit card. These often have low credit limits and are great to have available in the event of an emergency.

 

Share Some Life Skills

Teaching your child life skills such as cooking, doing laundry, checking the oil in their car, etc. can help make their transition to college life less stressful. Work with your child to equip them with as many life skills as possible before they go off to college. This is also a great opportunity to bond more with your child before they step into a world of their own.

 

Plan a Closet Clean Out

The summer before attending college is the perfect time to encourage your child to do a closet clean out. Unfortunately, your child will not be able to take everything they own to college with them. However, by doing a closet clean out, they’ll get a better idea as to what they already have. This can make packing for college easier and more organized.

 

Communicate the Importance of Time Management

The time leading up to college is a great time to teach your child about effective time management. While you’ve been responsible for ensuring they get up on time and make all of their appointments, the months before college are a great time to take a step back and allow them the opportunity to manage those things on their own. This is a great opportunity for your child to have a small glimpse at what being on their own could be like.

 

Discuss Work and Social Needs

College is a great opportunity for your child to discover more about themselves and shape them into who they want to be. Talk to them about the various clubs, organizations, and other opportunities available on campus they may want to participate in to meet like-minded individuals. Share with them the importance of building a network and how this can benefit them in the future both personally and professionally. If the college your child is attending holds a fair for incoming freshman to discover the campus clubs and organizations, encourage them to attend. This is always a great way to meet new people and discover what they might be interested in, as well as, possibly providing unique experiences that may benefit them in their future.

Teaching Kids the Basics of Money

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Have you ever asked yourself, “When should I start teaching my kids about finances?”

 

While there’s no right answer to this question, a good place to start is whenever they have developed fundamental math skills. This is typically between the second and fourth grade.

 

The goal when beginning to teach your child about money is to help them understand the value of money and the importance of saving. You’ll want to use simple terms and relatable examples that you know your child will be able to grasp. One of the best ways to do this is to use your personal experience. Explain how you work a job to make money, and the money you make from said job allows you to buy things like groceries, clothes, vacations, etc.

 

If you want to take it a step further, you could set them up with a regular allowance or pay them for doing certain chores around the house. This will give them an applicable experience in understanding the most basic way money is earned. There are multiple ways to introduce money fundamentals to your child(ren), so do some research to find one that works best for you.

 

Once they understand how money is earned, you can segue into the basics of saving money. A great way to do this is by using a visual example such as a piggy bank or clear jar. This allows children to literally see the money they save and how it accumulates over time. When they are comfortable with the concept of saving, share how their savings can be used for something else in the future. Explain the different ways they could use their savings – to buy something they want for themselves or purchase something for someone else for a special occasion such as a birthday. If you haven’t already, this would also be a good place to open a savings account for your child.

 

When applying this to real-life, give them the opportunity to use their savings to purchase something they want. This will allow them to determine if they have enough money saved or not helping them comprehend if they need to save some more money or if they already have the amount they need. Once they have the amount needed, let them hand the money to the cashier so they get excited and experience the value of “this for that.”

 

Helping your child save money can bring up feelings of frustration due to having to wait to purchase something they want. This is a great opportunity to validate those feelings and explain that you, their parent, or guardian, also sometimes have to wait to purchase things you want. Set a regular time together where you sit down and count their money with them, so they know just how much they have saved. And don’t forget to encourage them on their saving journey.

 

Setting a good foundation for understanding money can help your children be more responsible with it as they get older. Even the smallest money tips can impact the way your children will think about and use money in the future. Visit our Personal Money IQ and scroll down to the “Kids and Money” section for more tips.