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You are here: Parent Connections » Parent Topics » Financing Your Student's Education » Helping Your Student Become Financially Responsible

Parent Topics

Helping Your Student Become Financially Responsible

by JoJo
July 18, 2012

College can be a money pit if students don’t know how to manage the money you provide them or the money they earn.  Like many other aspects of college, learning how to manage money is an important lesson that is often learned in college.

Some students act very irresponsibly when they start in college.  Some typical examples of this irresponsibility include:

  • Signing up for credit cards in their name when they know they don’t have the funds to pay for their credit purchases
  • Spending outrageous amounts of money on the weekend at local bars
  • Going on shopping sprees with friends
  • Taking trips on a weekend and spending money that they didn’t plan to spend
  • Spending money on drugs
  • Using their parent’s debit card without giving much thought to how much they have spent
  • Gambling on-line

What can you as a parent do to help your student become responsible at managing money?  Here are some suggestions.

  1. Set up a debit card for your student.  Deposit a monthly allowance in the card.  Do not let your student have an open credit card.
  2. Have your student use one of the Apps for recording expenditures.  This will help them set up a budget and anticipate expenses.
  3. Let your student know that you will not be responsible should he/she take out a credit card and run up debt he/she can not pay off.
  4. Set up a four-year plan for the money your student will be given above tuition and fees.  Gradually reduce this amount each year and require that your student start earning money for non-educational expense. (A $10 drink takes on a new meaning when that equals an hour of work).

If students do the right thing and find a summer internship, they can begin to take care of most of their own expenses.  By the end of their college years, most students should be ready to take on their own financial affairs..

← Checking Your Student’s Grades
Helping Your Student Think About Graduate School →

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Testimonials

  • The biggest improvement I have made this semester has got to be my study habits.  This semester I made it my goal to study more and work harder in school.  I have kept pretty well to my word up till now and I hope I can continue to do so.  Another improvement that I have made this semester that I'm not too proud to say is not going out during the week.  Along with studying, I also made this my goal.  My dad always told me work comes before play, it's such a simple quote, but it's the truth.  If I plan on doing well this semester, I am going to have to limit my "play" to the weekends and work hard during the week.  With both of my improvements being said, it's likely that my grades are going to improve greatly.  I need to have self-discipline in order to complete my goals until the semester is over.  Discipline is something I lack and I also hope to improve as I make good habits in regards to my studies..

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