 |
Parenting College Students: Teaching Financial Responsibility - A Parents Toughest Task
Author: Debi Yohn  | Posted: 14-06-2008 | Comments: 0 | Views: 60 | Rating: (87)  (?) 
Parenting college students is a never ending responsibility. While there are many areas in which parents can assist these emerging adults, it is in the arena of finances that parents can often make a huge difference in the lives of their children.
As you parent your college student consider what responsibility your child has in the pursuit of their college education. This responsibility should be discussed. After college graduation, who pays this debt? During the college years, will the student have any financial obligation? Parenting a college student is a golden opportunity to teach financial responsibility.
Financial lessons should begin before the child leaves for college. Middle School and High School is when the lessons should begin. Parents tend to worry about a student's expenditures and this is an appropriate worry. If parents don't teach financial lessons to their children while they are still living at home, disaster is waiting in the wings during the college years.
Lessons Taught in the Launching Years
Before leaving for college, parents need to discuss financial expectations with their college student, including the plan for how many years they expect to be in college. This affects the number of credits they will need to carry each semester/term. The usual is 15 credits. Students taking 9 credits are taking up to 6 years to get an undergraduate degree. So it is important to talk about this so there are no surprises.
Prior to that first semester in college, parents and children need to discuss money management and the budgeting of funds. What are the expectations? Will they have a parents credit card? Do they have their own credit card? I personally suggest that only debit cards be used. No credit cards.
The discussion of finances prevents any surprises on either side, and it encourages open communication. Money management is very difficult initially. A parent might consider a weekly allowance until the student learns to manage their money. If they get their allowance monthly, it is often spent the first week or two. The last 2 weeks is when the whining begins... So, it is imperative for parents to set boundaries and to provide clear guidance. It is nice to set the student up for success, too. Do everything you can think of to help the student be successful. Adapting to college and being responsible for yourself is a big transition.
In order for the college student to establish independence they need to learn to handle their finances proficiently. So much is learned during the college years that is not taught in a class room. College Students need to be reminded of what their goal is. The goal is a college degree, independence and a career that they enjoy.
Spending money foolishly increases their college debt and does nothing to build their resume. It only postpones financial freedom.
Keep Your Eye on the Prize
Parents must remind the college student to keep their eye on the prize, which is graduation. At times, 4 years, seems like an eternity but it flies by. It is so easy to forget that student loans are just that. Loans. Students need to be reminded of this and when possible they should limit their college debt.
Credit cards are fools gold. The credit card companies send college students credit cards constantly. My recommendation is to forbid the use of credit cards. Period. To a young person, there is no reality to a credit card. Adults have problems with credit cards so why would we expect a young adult to have a good handle on using a credit card. It is a very difficult concept to learn because you cannot see the debt. The student only sees the minimum payment.
A debit card has a monetary limit to withdrawals. If the student receives an allowance, the parent can make a deposit, and the student can make the withdrawal. Parents can consider placing some financial responsibility on the students by making them responsible for their spending money. If you ask them to pay for the books, I am afraid books will not be purchased because text books are over priced and hard to resell.
Somehow, parents need to teach their young that difficult lesson, "there are no free rides in life." This applies to a college education. Especially during the summer, a student can be expected to earn their spending money for the following year. When they are responsible for earning their own spending money, there's a good chance they will be more careful how they spend it.
When parenting a college student, one of the best lessons a parent can give their child is a sense of financial responsibility. It's one of the best winning strategies for success in life.
Rate this Article:
Current: 0 / 5 stars - 0 vote(s).
Article Source: http://www.articlesbase.com/parenting-articles/parenting-college-students-teaching-financial-responsibility-a-parents-toughest-task-449378.html
About the Author:Dr. Debi Yohn, http://CollegeWorks101.com, is an International Speaker with an elite private practice and a revolutionary parent mentor program. She has authored 4 books helping parents and their college students find success and joy in the college experience.
|
Submitting articles has become one of the most popular means of generating quality backlinks and targeted traffic to your website. Join us today - It's Free! |
|
Got a Question? Ask.
Ask the community a question about this article:
Frequently Asked Questions
Is my gf pregnant if..
By: AwannabeFather | 04-10-2008
Is my girlfriend pregnant if i ejaculate inside her twice today .. but the thing is her period is about to come.. in like 3-5 days.. would this mean the chances of her being pregnant is low? because me and my gf wants to have a baby.. since i have to go back to the army ... u guys help me out and tell me if my chances are high?
I had light cramps for two days and i have sore ...
By: lanie | 03-10-2008
I had light cramps for two days and i have sore breast i also get dizzy my period isnt due in a week and a half could i be pregnant?? Im on the pill but sometimes i miss up to 3 pills in a month. Reconcidering a different type of bc.
Ive taken 2 tests they are both negative but im ...
By: aimeelyne | 02-10-2008
ive taken 2 tests they are both negative but im now 3 days late that never happens and i just in general feel pregnant i dont know what to think
Conception month
By: selfy | 02-10-2008
My LMP was 13may2008.what will be my conception month.
Period 6 days late, scared.
By: muchlikefalling | 01-10-2008
Okay. Its Oct. 2 and my period had been Aug 26th. On sept 20, my boyfriend and i had a sleepover and got a little frisky. Once at around 6ish he fingered me, and then i jacked him off, he didnt get any on his hands but he washed his hands anyways, and so did i. then around midnight the same thing happened. then the next morning, he washed his hands and the same thing happened.i dont think that i COULD be preggers, but im freaking out. I'm always feelings bloated, about four days ago i had a tiny bit of spotting but nothing really and i have a little bit of clear discharge and i keep getting hot flashes(preggers symptom or oncoming period?) Is it just because im stressing that its so late?my periods usually come 2 or 3 days late.
Children out of Wedlock !! Ur views Please...
By: paddster16 | 01-10-2008
What are CHRISTIANS and CATHOLICS views on children outside of Wedlock!?? And should we look down on GOD for having a SON outside of Wedlock with the Virgin Mary !? And doing it with another man's wife !?!?
I woz born into Religion but through the years of listening to the bible and preachings... Reality makes me ask these questions!!!
Q&A Powered by: 
Latest Parenting Articles
The New Mom's 5-minute Daily Guide to De-stressing
By: Salena Kulkarni | 09/10/2008
There is an effective way to de-stress without leaving your baby or spending tons of money. Got five minutes to relax? There's an effective way to de-stress without leaving your baby or spending tons of money. Sure, a couple of hours at a spa would be heaven but if you leave a young baby at home, you may just end up feeling anxious while getting your muscles kneaded.
Fathers and Daughters
By: Sajjad Haider | 09/10/2008
When I was a little girl, my father used to take me to the sea. This was not just any ordinary visit, we had to make sure it was the fourteenth night of the moon, so I counted all I could on my little fingers that the moon would come faster, but the moon only came when it will. Years later, he gave me a ring which could have been stolen from one of the moon’s fingers.
How to be a Great Wife When You are a New Mom
By: Salena Kulkarni | 09/10/2008
There are many challenges of motherhood that can dampen the connection between you and your husband. Here are some ways for you to reconnect with your husband without sacrificing your role as a new mom.
Different Types of Baby Cribs
By: Janet R. | 08/10/2008
Baby products, supplies and furniture come in different choices available, from inexpensive choices to expensive ones. Baby furniture like cribs have several types to choose from, you can find sets of cribs including baby crib bedding and baby blankets . Cribs are one of the most important furniture for babies,...
Why Choose Natural Products For Your Baby and Toddler?
By: Carrie Lauth | 08/10/2008
As a mother you just spent nine months carrying this new life around. It is amazing what a life changing impact a small, helpless baby can have on your life. The new baby has transformed you into a mother and suddenly everything feels more important - including the products you...
Tips For Preparing Your Only Child to Become a Sibling
By: Carrie Lauth | 08/10/2008
Having your second child is an exciting time, however it can also be stressful for your first child, who suddenly goes from being your one and only child, to a big brother or sister. Whether your only child is 2 or 10 there will be an adjustment period for him...
The Origins of Halloween...from Druids to Guy Fawkes and Beyond
By: Jason Lewis | 08/10/2008
Centuries ago in the age of the Druids the time between October 31st and November 2nd were considered pagan high holy days. Samhain was a special holiday time. This was the place where the distant roots began for our modern day Halloween. This was the time for fortunes to be read, communication to be done with spirits of ancestors and others, and a time of chaos and festivals. The Druid priests believed that time stopped and had no meaning for these few days. Chaos and celebrations reigned su
Parenting the Family Underdog
By: Michael Grose | 07/10/2008
One of the unwritten laws of family-life is that talent and ability is unevenly distributed between siblings. For some children achieving success takes more effort and concentration than it does for their siblings. The following article provides some ideas to keep in mind if you are parenting a child where success, at school, sport and other common childhood activities, just doesn’t come naturally.
More from Debi Yohn
Should Your College Student Join a Fraternity or Sorority?
By: Debi Yohn | 17/06/2008 | Parenting
Parents and college students should discuss the benefits of joining campus social organizations, Sororities and Fraternities. There is a tremendous upside of being a member of fraternities, sororities, and other social organizations. Statistically members of Fraternities and Sororities have a higher average for making it all the way to graduation....
Employment Success Starts at Home: Preparing Your College Student For a JOB
By: Debi Yohn | 17/06/2008 | Parenting
When we parent well, everyone will reap grand rewards. The fruits of parenting college students will be harvested in the seasons that follow the college years, when the formal education is complete. While there is an ease of parental controls with college students, there continues to be a need for...
|
|
Home and Family 
