Summer is here! Spend some time with your kids helping them learn strong money habits. If you work with them now, by the time they're out on their own, they'll know how to spend wisely. After all, the ultimate goal is for each of them to become economically self-sufficient!
Have a great summer - and remember to stay On Course!
Jennifer Lane
Compass Planning Associates
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Money Smart Summer
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Now is the time for high school and college students and parents to plan a money smart summer by following these tips.
Learn about money
Get a job
Get a job, any job, to learn how to earn and manage money. If the current conditions make that difficult, then kids should volunteer. Any work experience will help them become more responsible adults.
Learn how to use a debit/credit card
Start out with a debit card with a smaller limit for the high schoolers. As they show they can use it wisely, then move on to credit cards so they're ready for the freedom of college! Go to CreditCard.com to find a card with a low limit and no fee.
Start Tracking Your Money
A great, free website is MINT.com. Have your kids use it to create a budget or track their expenses. They'll learn early that the best way to be financially responsible is to know where your money goes.
Plan a Gap Year
For whatever reason, if your child is not ready to go to college or needs a year off, then do it right! PlanetGapYear.com will help you and your child understand what your options are and choose the right way to make the most of that time away from school.
No doubt about it, you and your kids can enjoy the summer - and still grow your financial savvy.
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