A Cheat Sheet for Sending Your Kid to College
Posted by Austin Robare on June 06, 2024
Accept that the Parent-Child Dynamic Has Changed
Your child is always your child, and will need you as much as ever. However, parents need to understand that their role has transitioned from “supervisor” to “mentor.”
Make the Move Simple
Do not bring the moving van. Not only will it embarrass your child, but dorm rooms just aren’t that large. Bring only what’s appropriate. Consider pre-ordering essentials (soap, bedding, shower caddy, etc.) for pick-up at a location by the school. This will save space whether your trip is by car or plane.
Don’t Leave “The Talk” to the Drop-off
While college represents a gateway to many wonderful experiences, parents will want to have a serious conversation about safety, responsible behavior, finances, and expectations about staying in touch. Do not leave it for the drop-off. It is sure to sour the moment and may rush a conversation that deserves more time and mutual dialogue.
Time to Learn Financial Responsibility
Your child will need spending money. You may want to provide a debit card attached to an account that has a set sum for the full semester, or one that’s refreshed with monthly deposits. College is a perfect time to learn budgeting.
Take the Lead from Your Child
Let your child have the discretion to make decisions about what to bring. However important you think a dust skirt for the bed is, try to avoid fights. Let your child make a mistake. It’s the best way to learn.
Your child will likely send signals when it’s time for you to go. Listen to them. It’s time for him or her to begin connecting with new roommates. Expect that final “good-bye dinner” to be canceled since your child may prefer an impromptu introductory dinner with the new roommate.
Austin Robare, CPFA, Financial Advisor, may be reached at 716-856-3300 or arobare@lumsdencpa.com.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.
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Austin joined Lumsden & McCormick Financial Services in March 2022 as a financial advisor. He is currently licensed with his Series 7, 65 & 63, SIE, and Life & Health. Austin assists the Financial Services leadership team to deliver custom, holistic plans that fit an individual’s entire financial situation understanding the importance of cash flow, the role of taxes, wealth preservation, and legacy building. Additionally, Austin works with businesses and their owners to set up and manage their qualified retirement plans.