Tuesday, November 27, 2012

Take the Money and Run

This is the time of semester when first year students start to feel a financial strain.  The monies from their summer jobs and the funds you started them off with are starting to dwindle.  Here are a few pointers to help you deal with the student that continually asks for money:

  1. Please do not let your student make you feel guilty for not providing them with money at every turn.  Guilt is the oldest trick in the book.  I am sure you have used it a few times yourself.
  2. If they do not have a job, they should try to get one.  About 10 hours a week should be plenty for them to have some spending money.  This will also help with their time management and balancing the different aspects of their lives.
  3. Budget their money they have and are receiving.  Students should look at their expenses (cell phone, car, gas, etc.) and come to the realization that what is left over is their spending money or allowance.
  4. Teach your student proper credit card use.  Speaking from personal experience, I got a credit card as a first year student, and I paid it off about 12 years later.  As a side note, it was the best Christmas for my family and friends.
  5. Most your students have a meal plan.  They should use it.  The occasional late night pizza is great, but they should not substitute fast food or waste money when their meal plan takes care of all that.
The habits your students forms now about financial management will stay with them well into the future.

1 comment:

  1. David, thanks for this blog post. Very timely indeed.



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