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.