Do you have a fervent desire to get financial education, are you a mother looking to secure your teen’s future?
This is for you, have you ever wondered why a large percentage of first-year tertiary students drop out of varsity?
Well, you guessed it’s financial problems!
I can imagine that as a parent you want your teen to have a bright future in academia and life in general, which also means investing in your teen’s financial literacy.
Financial literacy is an important lesson that you need to make financially sound decisions concerning your teen’s education from the first grade until tertiary.
It is especially important to save money for the future when you have a teenager who will eventually go to tertiary, with inflated university fees need a great financial plan to back you up.
When you have noted the institution that your teen wishes to attend it is advisable to always ask for a quotation of the total fees for the chosen program.
This includes registration fees, book costs, resident fees if your child will be placed in the institution’s residence, transport fees, and any extra resources that may be needed for successful participation in the program.
Having a quotation means you can have a budget and save money accordingly to avoid overspending, reckless spending, and underspending.
A budget helps you keep track of what you spend at all times so you can know where your money was spent.
Saving also means you have a bit of extra cash for the “rainy days” and any unforeseen financial challenges that may arise in the course of study, therefore making the studying process lighter with no worry of financial exclusion.
In the tertiary stage, you want your teens to also be equipped with the skill of handling money and using it accordingly, especially in a setting where they are away from home.
You need to make sure that the pocket money or allowance they receive is utilized in the best way possible to make their journey in tertiary less stressful, and they know when and when to not use the money they have.
Most people have a problem with sticking to their budget which means they cannot or they simply don’t know how to.
The best ways to stick to your budget include:
1. Having a monthly budget
2. Weighing your income and expenses against each other
3. Keeping an eye on your spending,
4. Setting a weekly limit to your spending
5. Always, always have a shopping list
6. Only buy what you need
7. Cut down on eating out
8. Do not make big purchases if it is not a need or urgent
9. Cut down on entertainment and non-essential internet subscriptions
10. Stick to a lower credit card limit at all times.
Do the right thing and invest in a stress-free future for your teen, join our exceptional financial literacy coaching for single moms.
Send us your story on connect@akhonateens.co.za
