News Releases
Parent Tips: Teaching Your College Student Financial Responsibility
Thursday, October 9, 2008
One of the most valuable skills you can teach your child is how to manage his or her funds responsibly. Hopefully you seized the opportunity to discuss financial expectations with your student prior to their departure to KU. This not only includes how long they expect to be in college, but also spending habits and money management. If that discussion never happened, it's not too late!
Here are some questions to ask:
- When is the expected time of graduation?
- What is the budget for expenses?
- What happens when unforeseen expenses occur?
- How will your student receive funds? How often?
A new course offered by the School of Business, Finance 101, also teaches students how to manage personal finances including credit cards and loans.
NOTE: Most college students are not financially responsible enough to have a credit card. Debit cards usually have a spending limit and are a better choice.
During college, continue to have open (and calm) discussions about money and the way it's spent. Earning spending money during school breaks and summers may encourage students to be more cautious with their spending habits. The ultimate financial goal is reaching graduation with as little debt as possible
Learning financial responsibility is a process and not something that happens overnight. Be patient with your student and take baby steps. Mistakes are sure to happen along the way and are great learning opportunities.
For more information on teaching financial responsibility to your college student, see:
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