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How to reinforce smart money habits with your college student

One of the most important lessons your college students needs to learn is how to be financially savvy. Hopefully, you had the opportunity to share important aspects of being money smart before your child headed off to college. Regardless of whether you did or didn’t, when you see them for Fall or Thanksgiving break, here are a few tips to help you discuss smart financial habits with your student.
 
Why should you ask them about their use of coupons?
Share with them how coupons can make their money go farther and perhaps even allow them to get free stuff from many retailers. See if you can get examples of coupons they might encounter at school and give to them for when they return.
 
How can you help them understand the benefit of regularly asking for student discounts?
Research a few local retailers that your student frequents and determine if they offer student discounts. It will be easy to show them how much they can save every time they visit. They might even offer apps that you can suggest your student download to use when they visit.
 
Do you need to inquire about their credit card use?
Yes, especially asking if they are paying it off monthly. If they don’t, ask if they would mind sharing their last few statements with you. You can easily show them how much interest they are paying by carrying the balance forward. It might surprise them how much money they are paying.
 
What should you ask them about their checking account usage?
"Before using your debit card, do you check your balance?" If the answer is no, have them open up their mobile banking app and help them navigate to find their available balance. This would also be a good time to ask them to set a low balance alert on their account.
 
Do you have any advice for parents to navigate this discussion?
Remember to avoid being defensive if they are not following your advice and ask for reasons why they aren’t able to use some of these basic money saving tips. If it seems appropriate, ask if they would at least try one concept each week. Sometimes, starting is the most difficult step. The most important part is to make this a discussion and not a lecture, treat them as the young adult they have become.
 


Posted: 10/9/2019 with 0 comments

Categories: Kids and Money, Money Matters, Relationships, Students



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