Wednesday, October 26, 2016

Set The Stage For Socking Away Savings In College

Father Son Savings Text Exchange

Just last night, I received this glorious text from one of my sons in college:

“Can you transfer $800 to my savings? I don’t want to spend it.”

Umm. Let me think about tha... YESSSSSS!!!

You see, my son has been working a part time job during the school year. Compensation includes a share of the cash in the tip jar at the end of each shift.

That’s just the kind of money that tends to evaporate in a college environment. The cash is at your fingertips. Tip income feels like an extra “bonus.” Dropping bucks here and there with your buddies is a constant lure. On the other hand, accumulating cash in your wallet, loading it on to your spending card, and requesting your dad to whisk it away to savings seems almost inconceivable.

I have to admit, I’m one proud papa to receive a text like that. I never would have sent a text message like that when I was in college. (Let’s just ignore the fact that text messaging didn’t even exist back then.)

So, how can you set the stage for receiving a similarly glorious text message from your future college student someday? Every parent’s mileage may vary (kids are different!), but here are a few things that certainly increased the odds in my case:

Who knows? If you set the savings stage early, you might just look forward to texts from your college kids about money, instead of dreading them like most parents.

Want to turn these tips into action? Check out

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