🎓It feels like just yesterday I dropped my son off at his college dorm, and now, graduation is right around the corner! I'm beyond proud, but I also know post-college life brings a new set of challenges – especially when it comes to money.💸 𝐇𝐞𝐫𝐞'𝐬 𝐰𝐡𝐚𝐭 𝐈'𝐯𝐞 𝐛𝐞𝐞𝐧 𝐝𝐨𝐢𝐧𝐠 𝐭𝐨 𝐡𝐞𝐥𝐩 𝐬𝐞𝐭 𝐦𝐲 𝐬𝐨𝐧 𝐮𝐩 – 𝐧𝐨𝐭 𝐣𝐮𝐬𝐭 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐧𝐞𝐱𝐭 𝐬𝐭𝐞𝐩, 𝐛𝐮𝐭 𝐟𝐨𝐫 𝐥𝐨𝐧𝐠-𝐭𝐞𝐫𝐦 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐜𝐨𝐧𝐟𝐢𝐝𝐞𝐧𝐜𝐞: 🗨️𝐖𝐞 𝐡𝐚𝐝 𝐭𝐡𝐞 𝐫𝐞𝐚𝐥 (𝐚𝐧𝐝 𝐬𝐨𝐦𝐞𝐭𝐢𝐦𝐞𝐬 𝐡𝐚𝐫𝐝) 𝐦𝐨𝐧𝐞𝐲 𝐭𝐚𝐥𝐤. We went through the reality of life after college—what he’ll be financially responsible for, how to read a pay stub, and how taxes and student loans work. The goal? Clarity. I wanted him to understand how money flows in and out - and how to take charge of it early. 💸𝐖𝐞 𝐜𝐫𝐞𝐚𝐭𝐞𝐝 𝐚 𝐛𝐮𝐝𝐠𝐞𝐭 𝐭𝐨𝐠𝐞𝐭𝐡𝐞𝐫. We mapped out a realistic monthly budget, including rent, groceries, transportation, and fun money. Academy Bank’s Monthly Budget Calculator made it easy to plug in his income and expenses and get the full picture. 🏦𝐖𝐞 𝐨𝐩𝐞𝐧𝐞𝐝 𝐬𝐚𝐯𝐢𝐧𝐠𝐬 𝐚𝐧𝐝 𝐜𝐫𝐞𝐝𝐢𝐭 𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐬. I encouraged him to start an emergency fund with a high-yield savings account – and to open a Roth IRA. We also talked about building credit wisely and set him up with a secured credit card designed for students. ➕𝐖𝐞 𝐭𝐚𝐥𝐤𝐞𝐝 𝐣𝐨𝐛 𝐛𝐞𝐧𝐞𝐟𝐢𝐭𝐬. Health insurance, 401(K) matches, FSA vs. HSA – it's overwhelming at first. But we went through what to look for and how benefits can make a huge difference, especially when you're just starting out. 💰𝐖𝐞 𝐦𝐚𝐝𝐞 𝐚 𝐝𝐞𝐛𝐭-𝐫𝐞𝐩𝐚𝐲𝐦𝐞𝐧𝐭 𝐩𝐥𝐚𝐧. We reviewed student loan options and discussed how to avoid lifestyle inflation. The goal is to live smart until debt is under control- and keep the long-term goals in sight. 🙋♀️𝐈 𝐬𝐡𝐚𝐫𝐞𝐝 𝐦𝐲 𝐨𝐰𝐧 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐦𝐢𝐬𝐭𝐚𝐤𝐞𝐬. Opening up about the missteps I made in my 20s – carrying too much credit card debt, not saving early – made the conversation feel real, not preachy. As parents, it’s tempting to step in and “fix” everything or overstep in the name of protection. But this isn't our journey - it's theirs. Our role is to offer tools, wisdom, and a safety net —not a steering wheel. Graduation day is emotional. But watching your child step into the world with financial confidence? That's the real milestone! Want more ways to set up your kids for financial success? Contact your local banker at Academy Bank - we’re here to help you every step of the way. Member FDIC | #Graduation #FinancialReadiness #FinancialLiteracy
