Many people don't know there are a lot of things high school and college students can do to start budgeting, saving money, and learning important money lessons.
Certified Financial Planner Bill Dendy is the President of Elite Financial Management in Dallas and he has dozens of unique tips to help your kiddos start saving, including and juggling school with a part time job.
Bill Dendy says it's important to develop the right money habits early on in life.
Budgeting is the key. Don't spend as much as you make. It's not how much money you make, it's having the discipline to not spend your whole paycheck. Save a little bit along the way. Put money aside for yourself on a consistent, disciplined basis and you'll have more choices down the road.
One of the biggest risks to people leaving high school and college is the credit card trap. It's easy to think you can buy it now and then pay it off later. But if you don't pay off the credit card and your credit gets hurt, it impacts your ability to buy a home, buy a car, or even get a job.
Dendy also says for high school students planning on going to college, the "best" university out there might not always be the best choice. Go to the best college that you can afford. Dendy says it's wonderful that it's so easy to borrow money for college, but student loans can be the hardest to get out from under if you don't pay them back.
Planning and knowing ahead of time makes a big difference between actual success or just getting by.