One of my reasons on starting this blog is my DS#1 progress with financial independence. He is gainfully employed part time college sophomore living at home. He is responsible for paying for his books, 25% of his tution, car insurance, gas, misc. expenses and a nominal fee for rent. DH and I came to a conclusion that paying for rent is important to his financial development. He asked me for help with developing a budget for living on his own after he graduates in two years. Well, after I pick up my mouth off the floor. We are developing a plan on how much he needs to save. He is now researching on how much a studio apartment or sharing an apartment with a roommate would cost. He is also looking to start buying furniture via Craiglist, store and yard sales. His first purchase will be a new mattress at the end of this month (he decided he wanted to buy a full size vice queen because he wanted to stay within a $200 budget). We also discussed that he needed to establish a credit history to apply for apartments. After the bank took out $60 in overdraft fees the young man is now in control of his debit card. He wants to learn the proper way of handling credit. DH feels that we should to teach DS#1 how to use credit properly but also show how it can be mismanaged. It's great that DS#1 is receptive to managing money. I know he will be able to accomplish his goals!
DS #1 Independence
April 8th, 2008 at 12:30 am