1. Help your student plan a budget.
Instead, sit down with him and organize what everything should cost per month – laundry, food, phone bill, spending money. Not only will this give him a system to fall back on while he’s planning out expenses, but it will get him in the habit of budgeting long before graduation.
2. Encourage financial education.
3. Allow space for failure.
Financial mishaps early on can be a fantastic tool for building a solid financial base, so give your student the freedom to make some of those mistakes. Did he blow through money too early in the semester? He’ll learn that eating takes precedence over new clothes, and Ramen can keep you fed for awhile.
4. Encourage a part-time job to foster financial success in college.
About Your Richest Life
At Your Richest Life, Katie Brewer, CFP®, believes you too should have access to financial resources and fee-only financial planning. For more information on the services offered, contact Katie today.