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Your new graduate may be entering the workplace on a permanent basis or going off to college or technical school in the fall. Whatever the case, take this opportunity to guide your child on the basics of a spending plan and how it can be helpful keep them out of debt. Time is the best asset a young person has to save for the future, multiply their investment and avoiding going deeply into debt.
When you discuss a spending plan, remember to include a category for savings each pay period. Encourage enrollment in the employer’s defined contribution plan at least equal to the employer’s match.
If your child is going to college, make the spending plan relevant to the expenses they expect to encounter as a college student, including: tuition, room and board, books, extra snacks, transportation to and from school, clothes, fees, and entertainment. Help them understand the importance of staying within their spending plan.
Remember spending plans should be flexible and redone as needed. Having a written road map will help your child be a better money manager.
For more information about Extension programs in Hardin County, contact the Hardin County Cooperative Extension Service at 765-4121 or visit its Web site at http://ces.ca.uky.edu/hardin.