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Thursday, May 19, 2011

College Students and Budgets ~ Can this happen?

Recently my teenage daughter went to college. She did fairly well managing her money or lack there of when she lived in the dorm on campus. She was on a meal plan and we heavily stocked her with supplies when we visited and when she would come home. She managed to make her money and budget last all year long with a little left over at the end. Wow! Maybe she has grown up.

This summer that same teenage daughter...you know the one...made A's in College, made the Dean's List, was invited to join Honors College....hit OVERDRAFT multiple times in short order. By short order, I mean weeks. How can this be? Afterall, I moved her into her first apartment, took her to the store...her grandparents gave her money, we gave her money, she got money from her dad...and still OVERDRAFT.....SERIOUSLY in the matter of 3 weeks..

Well, these kids have never had to live on a budget, we have spoiled them rotten. Or atleast I have. You see, I was a single mom for 8 years and I tried so hard to not let it affect my daughter I worked extra hard to give her everything.

You see, it is more than this simple overdraft, it is spending habits and money management that I am most worried about. Not just for my daughter but for all of us.

I gently explained that if she were wanting to buy a house in todays world, this could possibly be enough to crash her credit score and send her renting indefinitely. This could cost her the deal she wanted on a house if she were wanting her dream house.

It is hard to make this sink in to a teenager who seems like everything is without consequences. So I have taken the hard line, she has to pay the fees, (which I am going to put in a savings account for her..that she does not know about) she has to also agree to be on a written budget that we agree to mutually. She will have to keep a running register of all the money she spends. She will be required to set a certain percentage of her earnings.

Take the time to develop good spending habits now. Work with your kids and friends. Let's build responsible adults for a solid future!

Sarah Moore, CRS, Broker/REALTOR
RE/MAX EXECUTIVE REALTY
704-706-4160
www.WeOpenMoreDoors.com

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About Me

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Grew up in Charlotte and have seen alot of change over the years. I am blessed to be married to my husband Todd and we have two beautiful children, Hayden who is in Collge and John Robert who is in 5th grade. We have a rescued dog named Riccardo that we love! I enjoy traveling, playing cards with my husband, VEGAS, the beach, singing and volunteering at my church. I am blessed to work with my father who is my real estate assistant. He is an amazing man and shares his wisdom and humor every day. I owe my work ethic to the positive role models my parents played in my life. I believe in honesty, integrity, perseverance and having fun!

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