Josh Elledge - Chief Executive Angel
If you have a high school senior, you're headed into the final high school days. Don't forget to prepare them for everyday life amid all the special days. While the obvious things after high school are often pre-planned: where they will live, what classes they'll attend for college, where they will work”¦ how they will live needs practice.
The cliché of “poor college student” doesn't have to apply to your teen. Sure, they won't have much money to spend, but teaching them how to stretch what they do have will make a big difference in their quality of life. Apply these techniques over the next few months, before shoving your baby bird out of the nest and expecting flight.
(1) If they haven't grown up working alongside you to stretch a dollar ““ teach them how you do it. Give them access to your coupons to start, and then make them buy their own paper weekly and print their own coupons. By the time they leave, they'll have a personal coupon stash to take and know what to do with it.
(2) Put them on a personal budget. They must take a reasonable amount each week and grocery shop for only themselves. This includes making a list, researching the sales, and using their coupons. Even if they are on a dining plan, most college students still buy favorite foods and snacks. They will need to save and avoid paying $4.59 every time a salt craving hits.
(3) Don't overlook personal health and beauty care. Teach your teen about coupon stacking and store offers, such as Catalinas, so they can get their care items free or very cheap; freeing money for other needs.
(4) Make the groceries and supplies they buy “off-limits” to the rest of the household. If their purchases mysteriously disappear, it's hard to keep track of how they are really doing. Plus, there is a built-in bonus lesson: Finding ways to keep their roommates hands off. Sometimes roommates think everything in the dorm or apartment is free-reign. That can get expensive.
(5) Teach them to make and eat their own meals from their purchases. No “˜supplementing' from the household supplies. It needs to be realistic. This is especially crucial if they will not be on a full-time dining plan on campus.
(6) Do not allow any borrowing except in the case of a true emergency. This includes money, and personal supplies.
(7) Employ this concept for other expenses ““ including eating out and entertainment. Teach them how to search out and use coupons for things they want to do. Include using daily deal sites, such as Groupon and Living Social; buy them an Entertainment book as a gift; find out what the local free coupon magazine is and how to get new copies.
