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.
I have been thinking for a while about what to gift him for his graduation. Perhaps I should get him something special like those personalized graduation gifts that you can find online. However, I also want to give him something more than these material gifts. I really want to teach him about financial planning and budgeting. And I’ve always believed that those who can effectively manage their finances are always successful. Whatever businesses exist today are the result of someone’s savings being invested. Well! Not to mention, in the later stages, they do require the assistance of software like onestream, to manage their finances. But, can’t we take it as an inspiration that all businesses began with savings and investing hard-earned money in an idea? These tools (software or financial management habits) are critical for both business and personal development. Talking about the children, they especially need these tools (personal financial planning) when they 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. Maybe that’s why I never decided to go in the first place. However, there was a part of me that wishes I had. They say that your college years are the best time of your life. That could be true, but even if I went to college, I don’t know what I’d study. My friend was recently telling me about these occupational therapy programs that she’s thinking about enrolling on and to be fair, they do look interesting. But again, I’m not sure. Deciding about what you want to do in college is hard because it pretty much maps out your whole life, which is why those first couple of months can be the hardest. 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
- Open a savings account.
- Have a piggy bank.
- Have them work towards a goal of their choosing.
- Let them participate in activities such as grocery shopping.
- Let them participate in some way in scheduling the bills.
- Do activities that encourage budgeting like play banker or create a fake budget for them.
- 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 only college but also spendings like their housing rent and other miscellaneous expenses. All the more reason why they should learn some wealth management strategies before they hatch out of the nest. 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.