Especially if it is your student's first semester at the university, they may not have been prepared for how much they would spend or would want to spend over the course of a semester in college. Your student might be feeling like they are the typical "broke college student" who doesn't have enough money to do the things they want. More than likely, college is the first time that your student has really had to be in charge of their finances all on their own. Luckily, the Student Money Management Center is available to help your students with any money questions or money problems that they have. However, you can also play a critical role in helping your student become financially savvy. Here are some things you can do to help your student learn how to successfully manage their money.
-Encourage them to create a budget. Talk to your student about how you and your family decide how much money you can spend and how you keep track of your spending. If your student hasn't created a budget before, we have budget worksheets, spreadsheets, and app suggestions available on our website at http://www.unl.edu/smmc/budgeting.shtml
-Talk to them about their financial goals. Does your student want to study abroad? Buy a new car after graduation? Go on a spring break trip? Explain to them that you had to save up for awhile when you wanted to buy a car, house, or go on family vacations. Tell them how you were able to accomplish those big goals and what struggles and successes you had. Help them research and compare options to make the most financially informed choice.
-Be honest with your student about how much you will be able to help out with the cost of college in the coming semesters and years. If you think you might not be able to support them as much as you have been, let them know so that they can plan ahead and start saving.
-Discuss how to use credit cards responsibly with your student. Explain how their credit score will affect them later in life. Sharing your experiences with credit and credit cards can help them learn what to do and what not to do.
-Be open with them about your money mistakes. If your student thinks that you've never had trouble learning to manage money, they might feel that if they come to you with their money struggles, that you'll be disappointed. Having regular conversations about money helps break down the stigma of talking about money management.
-Encourage your student to come to the Student Money Management Center. Whether your student needs help creating a budget, has questions about their student loans, or is confused about credit, we are the place to go! We offer free and confidential appointments so that students can ask the "dumb" questions and get help becoming financially independent. You can find out more about our services and your student can schedule an appointment on our website at http://www.unl.edu/smmc.
More details at: http://www.unl.edu/smmc