Hey All!
As we gear up to send out teen to college soon, there are some things we have to think ahead about for when he graduates. In this day in age when your kids can be in debt second they get their diplomas. This is really frightening and I know from first hand experience. I was not fortunate to have a college savings plan waiting for me when I went to college. I had to take out student loans and I essentially came out with over $160,000 in student loan debt simply because I wanted to get a good education.Ā It’s extremely stressful when you graduate from college if you come out with debt. The stress is also topped off with the transition of moving out of home, trying to find a full time job, possibly starting a family, and trying to now pay the loan payments. It’s enough to make a young person cry!
We’re trying to make our teen have the opposite experience by planning ahead. I feel as a woman I should know how take control of my finances and plan ahead for things like college. Having proper knowledge of how to maintain my finances will allow me to share this knowledge with my teen so he can make good Post-College Financial Decisions.
This Genworth Financial Guide for Women is a great resource for helping you learn how to maintain your finances, which will then help you to teach your children how they should manage their finances when the time comes for them. It will be a big help after college.
I also found a great article about Women and Money that showcases how women can take control of their finances and it also has some great tips you can share with your kids in the future. It’s never to early to plan ahead for what’s to come. I wish these types of tools were around for my mother, so she could have planned better for me. I’m very happy to have found these tools so I won’t make the same mistakes.
How early do you think you should start saving for your kids education and when do you think you should teach them about maintaining their finances?
Disclosure:Ā Information for this post is sourced from Genworth Financial in partnership with the SheHeard Influencer Network. I will be supported by this post, However all opinions and stories of my family are my own.
Welcome!
Comments
It’s never too early to discuss finances with one’s child.
I opened a bank account for each of my children right after they were born. Of course, I always wish I could place more money into each but something is always better than nothing.
My son is going to be transferring to a four-year university in about two years, and I’ve told him NOT to take out any student loans. I have about $120k in student loan debt and it’s awful, especially because I haven’t been able to find a decent job.
My oldest is a sophomore in high school. I am praying she will continue to college.