Before your child heads off to University this fall, give them a chance to earn their first “A” by having them complete a Caring for Clients Student Cash Flow Worksheet.
In fact, it’s a great project to complete together with your child, since you are likely a big part of the income side of the equation.
Completing the worksheet has the following benefits:
1. Reduces the chance of a “cash call” towards the end of the school year.
2. Helps the student see how individual expenses that seem minor add up to a really big annual number.
3. Identifies shortfalls that you and your children can discuss. Ask your child how they suggest closing the gap. (Part-time job perhaps? Contribution from their summer earnings?)
4. Begins teaching them the importance of budgeting since they don’t teach that in University. (High Finance doesn’t help you balance a personal budget!)
The worksheet is sufficiently detailed to ensure that all possible expenses and sources of income are taken into account.
Have a gold star sticker in your back pocket to put on the finished project. You may get a roll of the eyes, but don’t kid yourself, your child will be proud of themselves.
Let’s get started! You can find the worksheet here
Rona Birenbaum is a certified Financial Planner and is licensed to do financial planning. Rona is registered through separate organizations for each purpose and as such, you may be dealing with more than one entity depending on the products purchased. Rona is registered through Caring-for-Clients for financial planning services. This website is not meant as a solicitation for financial advisory services. Financial advisory services are available through the facilities of Queensbury Strategies Inc. Financial Planning is not the business of or under the supervision of Queensbury Strategies Inc. and Queensbury will not be liable or responsible for such activities.