by Jan Combs, former financial aid officer at Harvard Graduate School of Education

Spending extra time at home with the kids? Use the current crisis to teach kids valuable money lessons!

During this unique time, many have children home from school for the foreseeable future. Whether they are preschoolers, middle schoolers, or in high school or college, now is a great time to speak with your children about money and impart valuable financial lessons. Times of economic uncertainty can provide teachable moments to children and adults alike, and what better time to learn than now? No matter their age, your children can grasp age-appropriate money milestones that will serve them well moving forward.

I think we can all agree that this is a challenging time for families, and trying to balance work and young children can be particularly difficult. While many days are hard and require a whole lot of patience, there are small moments and silver linings that are so important to focus on and enjoy in these uncertain times.

Guest Post by Julie Wolf

Talking with parents whose children were waitlisted at one of their top college choices, a handful of words came up repeatedly: Limbo. Nightmare. Horror story. False hope.

I had barely heard of waitlists before my daughter landed on three in spring 2019. The letters went something like this: “This year we saw more incredible applicants than ever before. You were among them. Congratulations! We are delighted to offer you a spot in the Class of 2023—if one opens up! We’ll be in touch after May 1.”

Guest Post by Julie Wolf, freelancer writer and parent

In late August, my daughter started her first year at a large urban university not far from home, and, since then, I’ve heard from her a handful of times. A couple of weeks ago, though—Thursday, September 12, 2019, not that I’m keeping track—she actually texted! But she didn’t text to say “I love you.” She wanted information. She had walked to CVS with some friends (new friends! Yay! She’s making friends!) so that they could get flu shots, and while she’d brought her insurance card, she wanted the first five digits of her Social Security Number. (She knew the last four.) “Just in case they need more information.”

This is part four of an ongoing series we’ve launched on the Insider blog on “Kids and Money.” As you prepare to send your child off to college, you should also be thinking about how to foster in them the skills necessary to build financial independence. In this series, we’re discussing how students can earn, spend, save, borrow, and protect their money in a way that aligns with personal and family values. Type “Kids and Money” into our Search Box to find all installments of the series.

Ever feel like you are becoming a mobile cash machine for your children? Until now in our Kids and Money series, I’ve been talking about helping your kids dream and set SMAAHT financial goals; well, now it’s your turn to dream of what life could look like by helping your kids manage their own money (and leave yours alone!).

A College Counselor’s (& Parent’s) Perspective on Exploration vs. Specialization

Back in May, I shared this article with my colleagues, along with my own quick response: “Fun article valuing exploration rather than early specialization. References data that pre-meds and similarly focused students earn more out of the gate, but the explorers outpace them long term.” The author is a new parent, like myself, and his parenting values aligned with my own: nurture your kid’s curiosity, encourage them to explore and play and try new things, and don’t get wrapped up in any particular talent or accomplishment. It’s a good read, a reassuring read, for parents who aren’t raising a Perfect Golden Child. (And for all regular people, really.)

This is part three of an ongoing series we’ve launched on the Insider blog on “Kids and Money.” As you prepare to send your child off to college, you should also be thinking about how to foster in them the skills necessary to build financial independence. In this series, we’re discussing how students can earn, spend, save, borrow, and protect their money in a way that aligns with personal and family values. Type “Kids and Money” into our Search Box to find all installments of the series.

As summer jobs come to an end and the new school year quickly approaches, now is the perfect time to be planning with your kids on how to divvy up any leftover summer job earnings.

This is part two of an ongoing series we’ve launched on the Insider blog on “Kids and Money.” As you prepare to send your child off to college, you should also be thinking about how to foster in them the skills necessary to build financial independence. In this series, we’re discussing how students can earn, spend, save, borrow, and protect their money in a way that aligns with personal and family values. Type “Kids and Money” into our Search Box to find all installments of the series.

This is part one of an ongoing series we’re launching on the Insider blog on “Kids and Money.” As you prepare to send your child off to college, you should also be thinking about how to foster in them the skills necessary to build financial independence. In this series, we’re going to discuss how students can earn, spend, save, borrow, and protect their money in a way that aligns with personal and family values. Type “Kids and Money” into our Search Box to find all installments of the series.

Whether your child is old enough for a “traditional” summer job or not, there are definitely ways that kids of all age—teens, tweens, and younger kids—can make money during the summer, put their time to good use, and start saving.

As we make our way through the admission decision season, there is so much happy news to celebrate. Dreams are fulfilled, goals are achieved, all the hard work has finally paid off! But with this happy news there may also come some tough conversations about costs, debt, and compromise.

Many College Coach admissions advisors are also parents who have made it through the college selection process with their own teens. How did they survive? Through open communication and transparency with their children, not just in senior year, but early on. We hope their advice and insight is helpful to you, whether you’re currently debating financial aid offers for the fall, or just beginning the college conversation with your younger children.