When we wave our not so little darlings off to college, we may develop a serious case of empty nest syndrome. The thought of not having your son or daughter living with you ever again is terrifying. However, you need to feel safe in the knowledge that you are still their responsible and ever-loving mom. At the same time, it’s important that you don’t become the bank of mom and dad and rescue your little cherub whenever he or she finds that they are in dire straits financially. While it’s ok to lend money every now and again, you don’t want to become relied upon or turn into a financial crutch. Take a look at these ways that you can support your child as they venture to college.
Financially Educate Early
Prior to your child heading to college, they should have a solid grounding in making sensible financial decisions. From an early age, you should have been showing them the grocery bill, explaining what the monthly bills are and encouraging them to take responsibility for their own allowance each month. By giving them a small budget to live with, it is up to them if they spend their cash on some extra data for their phone, if they frivolously squander their cash on going out with pals or whether they save for their first car. Mistakes will be made along the way, but better while they are young and at home with you, rather than when they are alone and far away at college.
Funding Their Tuition
While you might not want to be on hand every day to lend them cash to enjoy the social side of college, you might want to help fund their college fees. Looking at a funding option like the Wasatch Peaks Credit Union refinance mortgage could be a sensible choice to release equity from an asset that you already own. The term of your mortgage can be lengthened, so you don’t feel the effect of the added debt immediately.
Talk to your offspring about your financial commitment to their education, and make it clear to them that you will not be at their beck and call to rescue them with ten dollars here and there. Set up some ground rules and even draw up a contract to solidify your standpoint.
Encourage Them To Work
College is a great time for your child to explore their independence. At the same time, they will be growing in confidence and finding out what makes them tick as an individual. If money is a little tight for them, encourage them to seek out part time work. They could find a job as an usher in a cinema, as a server at the student bar or as a member of waiting staff at a local restaurant. This not only gives them the cash they need, but it also shows resilience and commitment; excellent qualities to enhance a burgeoning resume.
Hot footing it to college is daunting for both you and your child. However, by following this guide, you can ensure that you won’t ever become the bank of mom and dad but that you can support your child in a financially sensible way.