Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80 Page 81 Page 82 Page 83 Page 84goodADVICE It could be giving them a budget at the beginning of the school year for new clothes. Your child could opt for a few designer duds or a closet full of clothes from the resale shop, but you have to hold fast to the amount they’re given. Let them open their own checking account early, but have access to their on-line banking or you can be on the account, too. As they move through college, you can start to identify the problem areas,monitorpatterns,andcatchwarningsignsearly. Forexample, if you notice a lot of ATM cash withdrawals, you probably need to have a talk with your child about what that cash is being used for. "Give them a firm budget,” Bryan warns. A student with unlimited funds, free time, and newly-gained independence could be a recipe for a disaster. He recommends giving them a hard and firm budget with a set amount of money at the beginning of each month. That way they are less likely to get into trouble. Share with them some of your successes and poor decisions. Chuck recommends sharing your finances with older kids “to the extent that it will help them understand that everyone has a limited amount of resources and everyone must make choices as to how and when they are expended.” Bryan says, “Give them some specific examples of your good financial decisions, and, more importantly, your mistakes.” Hopefully they can avoid making the same ones themselves. Have them make their own money before they graduate from college, at least a summer job. Bryan recommends this as the best way for them to learn where money comes from. When it’s their own money they earned, they are likely to spend it differently and appreciate it more. You can bail them out – once or twice. Bryans says, “They will blow it from time to time – it’s practically inevitable. Chuck encourages you to let them “feel some pain” though. If they “think that mom and dad are always the deep pockets, the whole budgeting/planning stuff just becomes ‘stuff.’” Bryan encourages you to make sure they understand there isn’t a limitless supply. Let them learn from the mistakes and see there are consequences, even if that means letting the yard guy off for the summer and having your child work for you to pay you back. There’s no such thing as “no strings attached.” Bryan recommends all parents buy The Complete Guide to Personal Finance: For Teens and College Students by Tamsen Butler (available on iBooks or Amazon). Then get their children to actually read it. In the end, Chuck says, “All you can do is plan, pray, and adjust!”