http://www.huffingtonpost.ca/melissa-jarman/teaching-kids-about-money_b_5929246.html
Before the last slice of pumpkin pie is eaten, parents and students should have an honest (and non-judgmental!) discussion around these four items:
• Revisit agreements: If you've set the foundation about who will pay for what, talk about whether the arrangement still makes sense and make adjustments as necessary.
• Evaluate your budget: Hopefully you set a budget together at the start of the year (but if you haven't, it's not too late to develop one). With more than a month of school under their belts, students now have a better idea if their budget is realistic. Take a look at where you are, and rethink your spending if necessary. Use one of the many online tools available or a simple spreadsheet to create your budget. Then check in regularly to make sure you are on track.
• Talk about your unexpected expenses: A recent RBC poll showed that many students wish they had known more about planning for the unexpected. Did you already need to repair your laptop or made an unplanned trip home? Anticipate and plan for those expenses by setting up a rainy day fund as a budget item.
• Review your banking needs: Your bank advisor can show you how different products work, point out savings and discounts specifically for students, and provide information and advice on paying for school. Have this conversation before school starts, and check in with your advisor again during and at the end of the school year. Get set up for online and mobile banking to help you quickly and easily track your spending, transfer money and pay bills.
• Evaluate your budget: Hopefully you set a budget together at the start of the year (but if you haven't, it's not too late to develop one). With more than a month of school under their belts, students now have a better idea if their budget is realistic. Take a look at where you are, and rethink your spending if necessary. Use one of the many online tools available or a simple spreadsheet to create your budget. Then check in regularly to make sure you are on track.
• Talk about your unexpected expenses: A recent RBC poll showed that many students wish they had known more about planning for the unexpected. Did you already need to repair your laptop or made an unplanned trip home? Anticipate and plan for those expenses by setting up a rainy day fund as a budget item.
• Review your banking needs: Your bank advisor can show you how different products work, point out savings and discounts specifically for students, and provide information and advice on paying for school. Have this conversation before school starts, and check in with your advisor again during and at the end of the school year. Get set up for online and mobile banking to help you quickly and easily track your spending, transfer money and pay bills.
The financial talk is not always easy, but it needs to happen. This will pay off in spades down the road as students learn good financial habits early and parents watch their children become financially independent.
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