Talking about Money with your Deac

In this Issue: let’s talk about your students and their finances during the school year

Summer is a great time to start (or continue!) talking about fiscal responsibility with your students. While they are here with us during the school year, they will have to manage their money (whether it is money they earn, or money you give them) and ensure they spend it wisely and don’t run out of it.

Financial discussions you’ll want to have with your student

Their budget/spending money. How much discretionary spending money will they have during the fall semester? Will you give it to them all at once (and make them responsible for making it last all semester?) or will you replenish their account on a weekly or monthly basis? Do you expect them to earn all their spending money?

Planning for anticipated expenses. Talk to them about how you manage your household budget, so they can get a real-world example of bills, expenses, savings, planning for unexpected or major expenses (like a car repair), etc. If you can give them real-world practice (e.g., have them budget for the family’s groceries for a month, etc.), even better.

Setting up a checking (and savings?) account. If they don’t already have one, talk about setting up a checking and/or savings account. Talk about how to balance a checkbook – do they want to do that the old fashioned way, or just check their online statements? Many new families ask me which bank to use. This site lists ATMs on campus and local banks. The Wells Fargo ATM is on the Quad (which means it is accessible 24/7/365), whereas the Truist ATM is inside the Benson Center (accessible during business hours).

Credit cards. Decide whether you want your student to have a credit card(s), so they can begin building a credit score. If you plan to give them a credit card, while it might be easiest if the bill comes to you and you just pay it, it will probably be a more impactful learning lesson if the bill comes to your student and they have to pay it out of their checking/savings account. Also talk about the risks of buying more than you can afford, and how (with high interest rates on credit cards) paying only the minimum balance due on your credit card can mean you are paying significantly more than the original item was worth (once you figure in months of interest).

Urge your Deac to take advantage of our free financial resources with iGrad

We have some terrific free resources to help your students with financial wellbeing:

“Wake Forest has teamed up with iGrad to improve our community’s financial understanding and wellbeing. Make informed financial decisions throughout your college years and into your professional life.

Get prepared for whatever life has in store: All Wake Forest students, faculty, and staff have access to the site using your WFU username and password. Learn to manage your money with free online financial resources at your fingertips 24/7.

Within iGrad you’ll enjoy:

• Personalized, takeaway-loaded content covering all your must-knows
• Pinpointed knowledge-building exercises and how-to tutorials
• Explainer videos with simple-to-absorb tips and tricks
• Much, much more!”

Encourage your Deacs to use iGrad this summer and get their financial wellbeing plan started for this fall!