The Importance of Teaching Your Kids Financial Planning Before College

This post is sponsored by Jason Vanclef Scholarship. Links are included in this post. They are not affiliate links but I am not responsible for the end of results of anyone who applies for anything on the site.

Tyler will be graduating high school in a few months. I can’t believe I will have yet another child going out into the world. He will be entering college and just like his sister be responsible for making his own decisions. I am just as nervous for his first year in college as I was Nishe’. As a parent I am learning that you never stop worrying about your kids no matter how old they get. All you can do is give them the tools and hope they use them.

One tool I really wanted my kids to learn is financial planning and budgeting. You especially need these tools when you get ready to go to college. I never went to a physical college but even I know that your first year in college isn’t easy. Shucks no matter what you decide to do after 18 it won’t be easy. I was married at 18 and quickly had to learn to set a budget and understand that I couldn’t just spend money any way that I wanted. Not that I did it before I was 18. My parents made sure that I opened a savings account the minute I got my first job. Which turned out to be a sort of lifesaver in my senior year and when I got married. I was able to pay my dues, get my cap and gown, and go to prom. It also allowed me to have a small nest egg when I moved in with my Husband.

Ever since my kids were little we would talk to them about saving money. Now we didn’t open them a savings account (I kind of regret not doing this) but they did have piggy banks and saved up for things that they wanted. There are a number of ways you can teach your kids to budget and financially plan for the future. Here are just some of the ways

1. Open a savings account.
2. Have a piggy bank.
3. Have them work towards a goal of their choosing.
4. Let them participate in activities such as grocery shopping.
5. Let them participate in some way in scheduling the bills.
6. Do activities that encourage budgeting like play banker or create a fake budget for them.
7. Give them a budget to stay in when they go shopping.

There are many reasons kids need to learn these skills. Once they leave for college they are going to have things to figure out. Actually even before they go. They are going to have to figure out how they are going to pay for college. Not all students will have enough money to cover their college education. In fact that the number of kids who will leave school without student loans is very low. We are not one of the lucky ones. Tyler will have to figure out how to come up with whatever amount he doesn’t get from financial aid. He will have to try to get scholarships or student loans. He may even have to get a job like his sister has done. Because outside of his tuition there will be other things outside of that he will have to cover. He will need food, toiletries, and so much more. We will be able to help him out some but not much. Especially since his sister will still be in school when she goes back. Then we have to take care of ourselves as well. Financial planning will be absolutely necessary.

When it comes to finding money for college besides saving up for it I always encourage my kids to apply for scholarships. That is a great way to find money for college. I wish I had done that when I was in school. There is enough scholarship money out there for everyone. Well for those who try. One scholarship students can apply for is the Jason Vanclef Scholarship. The Jason Vanclef Scholarship will help one deserving student to get through school by giving them $1000. All students have to do to be considered for the scholarship is click the link here and follow all the instructions.