Talking About Money
Money management is something that requires lifelong learning. We learn money habits from our parents, friends, and people around us, in addition to our own experiences.
Conversations involving money are usually tense, even more so when engaging the whole family. Although challenging, conversations like these can be very fulfilling as it can provide perspective on how each member of the family is navigating their own financial choices.
Conversation Starter: Budgeting for the Holidays
A good conversation you could start with your loved ones is budgeting for the holidays. This can be helpful for you but also for your family to know or estimate how much will be needed during the holiday season. An extra tip for you would be to find ways of cutting this budget by doing research, defining what is "enough" for you, and looking out for the sales of the season.
Continuing the Conversation
Your college life is still continuing after the holiday, and using the holiday to clarify any expectations on funding college between yourself and those that have committed to contribute, like your parents, is a great idea. You might be planning to make an adjustment in your housing or meal plans or even change your major which could have additional costs or long term benefits to discuss. Taking time during this season to have conversations about these plans could help clarify expectations on both sides. It could also help you plan for alternative sources of income to enable you to cover your expenses.
Guidance For Parents
Engaging in financial discussions with your college student can help clarify expectations in the near future or shortly after they complete college. Communicating how and when you can help as they transition into adulthood helps clarify where they need to begin making plans for their survival both during and after college (e.g., health insurance coverage, college funding or repayment).
Another conversation that can be related could just be about college expenses and checking in with your college students on their money habits. A conversation like this one could allow you to provide your perspective on any financial misconceptions your student may have. Contributions also don't have to be monetary - you could offer to help identify scholarships they may qualify for as well! This helps figure out what's best for you, your child, and your budget.
Financial Education Together
NEFE's 2017 survey asserted that 74% of Americans believe that having financial instruction results in building financial well-being. You and your family could listen to our podcast or watch a recorded webinar and talk about it as a way to build your collective financial well-being. Here are a few financial education resources to get you started:
