So you just moved your 18 year old into their first dorm room, unpacked the car, helped make the bed, and now you are wondering what comes next.  Here are 3 things you can do to help your college student better manage money for life: 

• Give them money for each month, not the entire semester or entire year.  Be careful not to give  them too much money to spend each month.  Think about what they will be able to earn once they get out of college.  Once they graduate, they may only be able to get a job paying $25,000 per year.  With withholding taxes and other deductions,  they will only have about $1400 a month to spend.   That money will have to cover rent, food, utilities, clothes, transportation, and all the other expenses.  Set them up for success by letting them learn how to live within their means.  
• After the first month, go over how your student has spent their money. Discuss the incidental expenses not covered by the room and board that you may be paying.   This would include transportation expenses, weekend meals, entertainment, clothes, personal care and grooming, and laundry.  If you find that your student spent money carelessly, then discuss it openly without getting angry.  If y
• Ask them to refuse to apply for any credit cards.  There will be plenty of time for them to do so later when they have a job and an income.  Explain to them that they should only use and have credit cards when they have the money available to pay the amount due in full.  

Looking for value for your entertainment dollar—try your local museum, zoo, or botanical center!  Becoming a member/supporter of these groups can give you access to visual arts, concerts, theatre under the stairs, movies, and family activities, just to name a few. 

Prices for an annual membership for an individual can range from $45 to $85, which is about $3.75 to $7 a month, depending on what part of the country you live in. Family memberships can range from $85 to $175, which for a family of four is about $1.77 to $3.65 a month per person.  A whole lot less than your cable bill!  

You can enjoy free admission to art exhibitions, movies, lectures, special member only parties, by making an annual member contribution that is usually tax deductible.  Explore a new world;  join, save and enjoy! 



The big day is here!  Whether they are going off to college or moving straight into the workforce, your child is transitioning into adulthood.  Make sure your student masters these basics to take care of him or herself once they are out in the real world.  Teach them how to do their laundry, plan and shop for five basic meals, show them how to clean the bathroom, kitchen and their room, and then draft an expense plan for their first months on their own.  Take a look at the college worksheet for some hints about expenditures you can expect.  Congratulations on a job well done! 

   When planning your special day, be careful not to get too caught up in the details for the “look”.  Will anyone really notice whether you are using the white linen table cloths that the venue provides for free, as opposed to the white on white embroidered ones that you will pay extra to use?  Can a simple white plate be as good a back drop for the food everyone will wolf down as one with a silver band around the rim, which adds extra cost to your wedding budget?  Ask yourself what you remember most about the best wedding you’ve attended.  Was it the people? The music? The food?  Make careful choices based on what is important to you.