Since I have a senior in high school, this topic has been in the front of my mind as of late, so I sat down and made my own list of things I want to make sure we cover before he spreads his wings. Here is our list.
*How to make and maintain a budget
*How to pay a bill
*How to use a debit/ATM card
*How to balance and reconcile a checkbook
*Understanding bank statements
*How to write a check
*How to cash a check
*How to deposit/withdraw money from the bank
*How to open a checking account
*How to save
*Understanding the basics of investing/retirement saving
*Understanding the basics of loan/mortgages
*How to avoid the credit trap
Some of these things are very basic, things you think are second nature, but to an 18yr. old, not so much. I remember the first time I had my son (then almost 16) pump gas – he had no idea what he was doing, and at that moment I felt like I had failed!! He was weeks away from getting his driver’s license and he didn’t even know how to get his own gas!!
So, I don’t want to be the same way with finances. Yes, we have worked some basic principles along the way, but there are definitely grown-up things he hasn’t had to do yet, that he will have to do very soon. So, I want to make sure he’s as prepared as possible. 🙂
Is there anything that you would add to the list?? Maybe some of you with grown kids?? What is something that you realized they didn’t know after they left the house??