The college semester will soon end many students will be moving on to their independent lives.
They often don’t graduate equipped with great financial skills, so make certain they have the tools to go it on their own.
Carina Diamond, CFP, offers some suggestions:
- Have that serious discussion about spending, cost-cutting and budgeting.
- Explore new and less Expensive cellphone and TV viewing options.
- If your child has a job with benefits, discuss life and disability insurance and retirement planning so they understand the options.
- Explain the importance of saving before spending and having an emergency fund.
- Discuss work-life balance and ways to entertain inexpensively.
- No matter how good a job they may have you need to talk about the importance of avoiding debt as much as possible.
- Finally, talk about timelines of the mom and dad ATM closing and the child fully moving on to their own finances.
More: Money Monday section