My son is now 21, and out on his own. Well, kinda on his own. He is not much into the money stuff, and really doesn’t care to take the time to learn it since Mom has always done everything for him. Yes, I have done everything.. I know.. bad Mom!! But, while he was growing up it was easier to just do things and not have a fight. He is hard headed and sometimes choosing the lesser of two evils is just easier. I would rather have a peaceful home and not a stressful one. So, now the time has come for teaching the ropes on money management and he is learning and learning fast!
My son has a good job, and is now renting an apartment in a building my husband and I own. We are giving him very reasonable rent, in exchange for him being the yard person at the apartment. He chose to do that to save himself a couple hundred bucks a month. So, that is a smart move on his part. But, since he has never really managed him finances it is a learning curve for him.
When he first moved in we sat down and I did up a money management notebook for him. I drew columns and each column was a month. Then I listed down the left side of the page all the bills he has each month. This way he can keep track every month, and write in when things are paid to make sure he keeps his expenses in check. I also added a line for misc expenses because he will have occasional medical co-pays, gym membership fees, etc. He has this book to look at so he knows what date things are due, how to pay them and how much each monthly expense is.
April was his first full month on his own. He did pretty good. I had to help him get the money orders he needed for a few of his bills since he has never done that before. But, it is a good learning experience for him. Now that he has done it once, he will be fine knowing how they work. Some of his bills are paid with money orders, others by transferring to my bank account (rent) and others he can pay online. He is a very responsible person and I know he will get the hang of this in no time. For a young man on his own, he is doing well with his expenses and I am proud of him.
One other thing I have taught my son and something he has been doing for a couple years now, even before moving out was he started a savings account. It is such a good idea, and something not everyone can do. My husband and I didn’t do one for years, because all our money went to bills. But, we have learned, and taught out son that if you budget a savings into your monthly expenses it is like you never got that money to begin with. This can be an emergency savings account, or just a fun day savings account. Regardless, it is a very good idea to have one. Genworth Financial can help with all your financial needs.