Money And School

As a junior or senior in college, sit your child down to talk about their goals for college and the next years of their life. Let them know what you will be and will not be doing for them in terms of financial support and college support. Parents used to pay a large portion of their child’s educational costs during college, but today most students are taking on large loans and often paying a wide range of expenses throughout college. Regardless of what your plans are, be sure your child knows what you will and will not be providing for them.

This also means talking to them about money after school. If your child does not go to college or once they get through with it, some students will be more interested in coming back home instead of going out on their own. Studies show that more students are going back home after graduating college then every before. This is not a bad thing, but it can be a way for you to support your child when they should be supporting themselves. Find a way to transition your child from your support system to theirs.

Tips For Successful Transitions

How can you make this break clear? You can help several ways.

1. Agree to cosign on one credit card with a low balance limit. This will help them to establish their first line of credit but it protects you from having to pay large balances they have run up. Be sure to clarify that they are to pay the card.

2. Carefully considering arrangements for students coming back home. If your student is coming back home without a job, stay on them for finding a job that they have qualifications for. Not working is a large problem for some students after school, but persistence will pay off.

3. Limit their access to your money if they are working. If they are working, they should be paying for their needs, everything from the snacks they want to the clothing they need. Be sure they realize that they are now working to support themselves.

4. If they do live with you, be sure that they know the requirements for doing so. This may include giving them more chores to handle around the home and requiring them to maintain specific restrictions in terms of having people at the home.

5. Be sure to follow up with them. If you give to your child consistently they will consistently take from you. This never teaches them to build a bridge to adulthood but instead to continue to be your child. As a parent, it is easy to take care of your child, but it is more important to teach them to be an adult.

Building trust with your child can be helpful. Even if they do get a place of their own, they may need some support. They may need to call you when they can’t get the air conditioner to work. They may call when they are worried about paying bills. Guide them through help, give it to them but help them to find a solution to avoiding these problems in the future. Often times, young adults just need encouragement to make the right decisions.

Young adults are often living in a state of confusion. Are they adults or just your children? They have to explore the world as adults, making mistakes and learning from them. This way, they can make smart decisions throughout their life that will give them long term stability and the resources they need to build a successful future.