The New York Times suggests before sending your teenager to college, teach them financial basics.
Together, write out a budget, and agree on how costs are covered for transportation, food, spending and vacations. Have them use an app for tracking their monthly budget.
If they don’t already have a checking account, help them get one of their own, and link it to your online banking, so you know what they’re spending. Make sure they know never to give anyone their social security number to protect them from identity theft.
Get them a credit card in their name with a low limit. If they have student loans, help them set up a spreadsheet of the loan numbers and amounts, so they can track their debt; keep a copy yourself.
When your teen says they don’t feel like talking about all this, ask them to set a time when they promise to sit down with you. This boring talk might save you and them a lot of headaches.
Dr. Jankovich has been working as a psychologist since 1974. She works with a range of areas, including relationships, depression, anxiety, sleep disorders, grief, trauma, and struggles with life transitions.