Shipping kids off on their own:\u00a0 the day many parents love and loathe, both counting the days to and reminiscing about how fast it all went.\u00a0 Since money management is a huge part of flying solo we\u2019ve shared a few thoughts to consider when you pass along your precautionary words of wisdom:<\/p>\n
Be credit conscious:\u00a0 <\/strong>Many young adults away from home and in charge of their financial lives for the first time may get sucked in by the lure of quick and easy purchasing with credit.\u00a0 Make sure you stress that plastic doesn\u2019t equal cash in the bank \u2014but rather the opposite!\u00a0 If they already have a credit card encourage them to keep it at home, to be used for emergencies only.\u00a0 Even credit with a relatively low limit can take years to pay off, between the interest and if only minimum payments are made.<\/p>\n Figure out the real deals:\u00a0 <\/strong>It\u2019s never too soon to teach the importance of price comparison, coupon saving, and evaluating \u00a0whether or not something is actually a deal, especially if it\u2019s not a necessity.\u00a0 Unfortunately, a tempting sale sign won\u2019t make a \u201cwant\u201d a \u201cneed\u201d and $200 shoes offered at half price still result in $100 spent.<\/p>\n Get creative with it:\u00a0 <\/strong>No money for a gym membership?\u00a0 Try walks around campus.\u00a0 Textbooks breaking the bank?\u00a0 Get \u2018em used.\u00a0 Need an occasional set of wheels?\u00a0 Try a ride-share program or Zipcar rental.\u00a0 Your imagination is the limit when it comes to finding creative ways to conserve cash.\u00a0 For students, in particular, there is a huge variety of free resources.<\/p>\n Learn from mistakes:\u00a0 <\/strong>If you\u2019re asked repeatedly to shell out for necessities because Little Bobby or Suzie has spent too much on nights out, swanky electronics or the like, sit down and have a heart-to-heart about budgeting and some clear repercussions before handing over the cash (if you\u2019re inclined to do so).\u00a0 Parents who continually provide a financial parachute may be helping in the short term but good money management skills will take a lot longer to develop.<\/p>\n Before taping up that last moving box and asking for promises of weekly visits (at least for laundry), set aside some time for a money chat.\u00a0 While the thought of financially weaning kids causes anxiety for some parents, try to remember that in the long run you\u2019ll all be the better for it.\u00a0 Parents who are overly accommodating in the early years risk becoming a burden to dependent children in the later ones, especially if funds earmarked for retirement have been spent along the way.<\/p>\n To book a free confidential meeting<\/a> with Sands & Associates regarding your financial options please contact us<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Shipping kids off on their own:\u00a0 the day many parents love and loathe, both counting the days to and reminiscing about how fast it all went.\u00a0 Since money management is a huge part of flying solo we\u2019ve shared a few thoughts to consider when you pass along your precautionary words of wisdom: Be credit conscious:\u00a0 […]<\/p>\n","protected":false},"author":8,"featured_media":6459,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[261],"tags":[38,39,44,37,71,72,35],"class_list":["post-2860","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-free-living","tag-bankruptcy-bc","tag-bankruptcy-trustees","tag-budgeting","tag-consumer-proposals","tag-financial-parenting","tag-kids-money","tag-sands-associates"],"acf":[],"yoast_head":"\n