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August 2011

Cash Flow 101 - A non-credit University Course

Aug 16, 2011 9:19 AM
by Rona Birenbaum  |  Add Comment

Before your child heads off to University this fall, give them a chance to earn their first “A” by having them complete a Caring for Clients Student Cash Flow Worksheet.

In fact, it’s a great project to complete together with your child, since you are likely a big part of the income side of the equation.

Completing the worksheet has the following benefits:

1. Reduces the chance of a “cash call” towards the end of the school year.

2. Helps the student see how individual expenses that seem minor add up to a really big annual number.

3. Identifies shortfalls that you and your children can discuss. Ask your child how they suggest closing the gap. (Part-time job perhaps? Contribution from their summer earnings?)

4. Begins teaching them the importance of budgeting since they don’t teach that in University. (High Finance doesn’t help you balance a personal budget!)

The worksheet is sufficiently detailed to ensure that all possible expenses and sources of income are taken into account.

Have a gold star sticker in your back pocket to put on the finished project. You may get a roll of the eyes, but don’t kid yourself, your child will be proud of themselves.

Let’s get started! You can find the worksheet here.

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