Money Management Skills for College are learned in High School

High School students should be responsible for their current budget. This is a beginning point. Just by writing down what they spend money on as a senior can be an eye opener. A Starbucks every day costs over $100 a month. So we are looking at $1000 a semester. Does the student have that kind of liquid cash to spend on Starbucks every day?

Good habits start in high school. Spending money needs to be tracked.

What can be controlled in college is housing costs; food costs (there are food plans at every college); tuition and books; and activity fees. Will the student have a car? Live in a dorm? Have travel expenses (commuting)? This determines expenses.

The spending money is what gets out of control. The Student activity fee (which is usually mandatory) covers many activities on campus. The student should initially concentrate on getting involved in the activities on campus that are free. If money is not a concern, then explore sororities and fraternities etc…

During Orientation, a bank is often available that offers special student rates and free checking. A DEBIT card is much safer with students because when the money is gone, it’s gone. It’s real. A credit card just keeps mounting. It is invisible. The same goes for cell phone bills. If you have a student that cannot manage their telephone bills, then put them on a calling card. When the card is used up, it’s finished. The result is real and instant. No delay.

Start teaching money management in High School, even Middle School. Our College Students are graduating with way too much college debt and credit card debt. This is all avoidable. Delayed gratification is a good thing to teach. Our College Students are graduating with $20,000 – $30,000 college debt PLUS their credit card debt. Think about this

Keyword – Students

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