Surprising things new students might not know about money

In this week's blog: Pete Selby asks if your kids, grandkids or maybe even the neighbours’ kids struggled to get to grips with money when they first started university?

“An overdraft? What’s that?”

My friend had just packed his son off to university.

It was the first time he had to create a budget to live on, and he was confused – even panicked – about how it all worked.

My friend had to organise a long phone call explaining to him that no, an overdraft was not “free money”…

…and yes, it did have to be paid back.

His story is hardly unusual.

Right now, 18-year-olds all over the country are preparing to live independently for the first time in their lives.

And with all the exhilaration and excitement, they also face a challenge many of them never anticipated...

They need to manage financially under their own steam, for the first time as well.

For many, this will be tougher than they think – especially if they are living, like most students do, on tight budgets….

…And even more so if they’re just not used to having to watch the pennies.

If your children or grandchildren are in this position, or will be over the next few years, I have some important advice on how you can help them. And no, my tips do not involve sending them any extra money!

I also have a very valuable resource you can share with them.

I’ll send you both of those things in a few days’ time – watch out for my email.

retail-handpoint

 

But first, I’d love to hear from you.

 

Have your kids, grandkids or maybe even the neighbours’ kids struggled to get to grips with money, when they first started university?

What were the worst mistakes they made….

…And the most surprising things it turned out they just didn’t know about money?

Please drop me an email and send me your anecdotes – or horror stories. I promise not to share names or any identifying details!

Posted by Peter Selby

Topics: Lifestyle, financial planning

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