Preparing your child for the next stage in your education journey—moving from high school or college—is an important step for both the child and parent. It indicates a period in your child’s life when they will be learning to be more independent and probably leaving the family for the first time to fend for themselves.
As a parent, your role in preparing your child for the next step is not just crucial, it’s empowering. Your guidance and support in financial matters are instrumental in helping them become financially independent, giving them the best start in their adult life.
Financial Help
Financial help for your college-aged child can come in multiple forms. It might be that you support them in finding employment that helps them either save up for college or support themselves. Or you might want to help financially and offer them ongoing payments or lump sums to help them navigate college life without taking on too much debt. If you don’t have savings, you can consider Parent Student Loans, which are loans taken out by parents to help pay for their child’s education. You can also talk to them about financial responsibility in terms of student loans to afford tuition and fees associated with college and ensure student debt doesn’t disrupt their future credit.
Recommended reading: 7 Essential Life Skills To Prepare Your Child for Adulthood
Recommended reading: The Hard Skills Your Graduate Child Should Learn Next
Life Support
Your child needs to know how to prepare for life living on their own with no one else to cook or clean for them. You will need to support them as they learn how to do basic chores around the home, ensure they maintain high levels of personal hygiene, and learn to cook for themselves.
Showing them how to use household appliances, the importance of keeping on top of chores, and how to prepare basic meals can be a lifesaver so they can hit the ground running and have the confidence and independence to navigate adult life.
Time Keeping
Teaching your child good time management skills is not just beneficial; it’s essential. Whether it’s getting up on time in the morning, leaving enough time to get from class to a job, or simply moving around campus, these skills will prepare them for the challenges of college life.
Budgeting
While we discussed financial help, budgeting requires its own section because this is vital for everyone in all aspects of life, not just students. However, typically students will be living with smaller or stricter budgets, and if your child knows how to make their money go further or live within their means, this will instill good habits they can use for the rest of their life, thanks to your guidance.
Help them with budgeting to pay bills on time, the importance of not taking on credit they can’t afford, how to make their money go further, and strategic purchases, such as buying in bulk or during sales, etc.
Supporting your child as they approach this next step in their lives means equipping them with the tools and skills to support themselves as they live independently for the first time at college.
