Teaching Finances to Your Future College Student
Teens have never paid taxes, insurance, or had to repay a loan. The school of hard knocks is not how you want your child to learn personal finance. Teens need to understand budgeting and how the decisions they make now could have a huge impact on their future quality of life. We have some tools and ideas that can help. When teaching finances, begin with the end in mind.Your future self will thank you. Even before setting foot on a single campus, a family needs to sit down and talk finances. Establishing a budget for college is critical. This exercise is critical because it can put the future in terms students can understand like driving a reliable car, living in a nice neighborhood, having a fast high speed internet connection, etc. These things are often the things that they take for granted since they don’t pay for them. Tell them how much you pay for their cell phone and car insurance. This exercise is an excellent way for your student to really see what their financial future can look like and how their choice of college can impact that future reality.
Source: timconnolly.weebly.com
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