It’s safe to say that the bank of mum and dad won’t always be making deposits into your teen’s bank account and as they get older and start thinking about college, it’s important that they begin to take some responsibility for their own finances.
If your teen decides to embrace a career in law, then they’re going to be studying and away from home for a number of years whilst they get the education that they need to succeed. They may have high hopes of starting their own practice, or they could want to join a firm like this one; pintas.com. And while they might be excited, as a parent the last thing you want is their studies to be distracted by their lack of money and financial worries. Therefore, providing them with some helpful tips and advice about financial independence is crucial. Here we’ll take a look at some simple ways you can help your teen save for their college degree in law.
Introduce them to budgeting
Does your teen know how to budget? If your teen has a job and they’re used to spending it on whatever they wish, then helping them with getting to grips with budgeting is important. Take some time to show them how you budget and what they should budget for each month/week. Food, utility bills, internet, travel, clothing, study materials and something to play with! If your teen is familiar with budgeting then they’re less likely to make financial mistakes like blowing all their money in clubs and bars!
Help them look for a job
If they’re heading to college, they may want to look at a job to have their own income rolling in. Help them look for work in the area near college and consider bar work, restaurant or shop work, if possible they may want to look at interning at a law firm to help with their studies and experience. Show them how to put together a resume of their work experience and their skills that may prove helpful. It’ll give them a lot of confidence and a further sense of independence too.
Help them set up a bank account
Instead of reaching out to the bank of mom and dad, get them to set up their own bank account so they can have full control of their finances. If they get a job their wages can go straight into the account and they can carefully monitor their spending and keep within their budget. Introduce them to internet banking to show them how easy it can be!
Final thoughts…
Giving your teen financial independence will help them to focus on their law studies rather than wondering how they can afford to socialise or get to work. It’s never too early to start building financial independence!