{"id":10261,"date":"2025-08-16T18:00:00","date_gmt":"2025-08-16T18:00:00","guid":{"rendered":"https:\/\/riverbend.objectivebrand.com\/?p=10261"},"modified":"2025-08-15T13:16:46","modified_gmt":"2025-08-15T13:16:46","slug":"financial-advice-for-kids","status":"publish","type":"post","link":"https:\/\/riverbend.objectivebrand.com\/?p=10261","title":{"rendered":"Financial Advice for Kids going off to College"},"content":{"rendered":"\t\t
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\n\t\t\t\t \"A small leak will sink a great ship.\"\n\n\t\t\t<\/p>\n\t\t\t\t\t\t\t

\n\t\t\t\t\t\t\t\t\t\t\t \u2013 Benjamin Franklin<\/cite>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/path><\/svg>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tTweet<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Elliott packed his car and left for University of South Carolina to start his junior year. He is not alone. This time of year, many young people are hugging their parents goodbye and heading off to college for the first time. For parents, it\u2019s exciting and bittersweet. For the students, it\u2019s a new chapter \u2014 freedom, responsibility, and, whether they realize it or not, their first real test in managing money.<\/p>

This got me thinking, what financial lessons should a young adult know? If you have a son, daughter, or grandchild heading off to school, here are a few nuggets to share before they drive away.<\/p>

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1. Budget like you mean it<\/strong><\/h2>

Most college students live on a mix of money from home, part-time jobs, and financial aid. It\u2019s easy for that to disappear quickly if they\u2019re not paying attention. I suggest a simple plan: know your fixed expenses (rent, phone bill, subscriptions) and set a limit for variable expenses (food, fun, transportation). I\u2019ve seen students spend their semester\u2019s food budget in the first six weeks \u2014 not fun when ramen becomes your only dinner option.
Lesson: Tell your money where to go, or you\u2019ll wonder where it went.<\/em><\/p>

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2. Use credit cards wisely<\/strong><\/h2>

Colleges are prime hunting grounds for credit card offers. A little plastic can help build credit, but unpaid balances grow faster than weeds after a summer rain. Encourage your kids to charge small, budgeted purchases and pay them off in full each month. This builds credit without building debt.
Lesson: Interest works for you when investing\u2026 and against you when borrowing.<\/em><\/p>

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3. Learn the difference between wants and need<\/strong>s<\/h2>

A want feels urgent in the moment. A need sustains you over time. At 19, \u201cneed\u201d often means concert tickets or the latest fashion trend. That\u2019s fine in moderation \u2014 but understand the difference.
Lesson: Waiting 24 hours before buying something can save both money and regret. The larger the item, the longer to wait before deciding.<\/em><\/p>

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4. Find and use student discounts<\/strong><\/h2>

Software, bus passes, gym memberships, even restaurants \u2014 all offer student rates. Just showing a student ID can save hundreds over a year.
Lesson: Ask. The worst they can say is \u201cno.\u201d<\/em><\/p>

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5. Save something \u2014 anything<\/strong><\/h2>

Even $10 a month matters. In college, it\u2019s more about building the habit than the amount. Over time, that habit becomes a powerful ally.<\/p>

If they have earned income from a part-time job, start a ROTH IRA. They are so young, and that means the money can compound for so long.\u00a0
\u00a0Lesson: The habit of saving is more valuable than the amount you save at first.<\/em><\/p>

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6. Understand your loans before you sign<\/strong><\/h2>

I\u2019ve met graduates who didn\u2019t know when interest on their student loans started adding up. Some loans begin accruing immediately. Even small interest payments while in school can reduce the total owed years later.
Lesson: Future you will thank present you for reading the fine print.<\/em><\/p>

College is about more than classes and grades. It\u2019s about learning how to navigate life. Helping your kids start smart with money doesn\u2019t just make their four years easier \u2014 it gives them a head start for the next forty.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

“A small leak will sink a great ship.” \u2013 Benjamin Franklin Tweet Elliott packed his car and left for University of South Carolina to start his junior year. He is not alone. This time of… Read More<\/a><\/p>\n","protected":false},"author":3,"featured_media":10264,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[4],"tags":[347,75,310],"class_list":{"0":"post-10261","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finger-financial-five","8":"tag-college","9":"tag-financial","10":"tag-kids","11":"entry"},"acf":[],"_links":{"self":[{"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/posts\/10261","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10261"}],"version-history":[{"count":8,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/posts\/10261\/revisions"}],"predecessor-version":[{"id":10273,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/posts\/10261\/revisions\/10273"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/media\/10264"}],"wp:attachment":[{"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}