University - A New Challenge

Posted by siteadmin on Thursday 10th September 2015.

I’ve spoken before about how life events change people’s approach to financial planning and money management.

One of the biggest events in a person’s life is happening to thousands of young people this very month.

Heading off to university is a big deal and not just for the teenagers heading there. For parents it’s something which changes their lives also.

I speak from personal experience as both of my kids, Sophie and Ben, have been there, done that and got the graduation photos.

I’ve also spoken with several clients who have gone through this and some recently who are new to it and the experience is often very similar.

While mum is worried about whether young Jane or Jonny has enough clothes, utensils and toiletries, Dad tends to be focussed on money matters.

Does Jane or Jonny have enough to see them through their time at university? Is there a ‘just in case’ fund to cover any unpredicted events? These are just a couple of the questions I hear and have even asked myself.

If your child has a student loan will they manage it sensibly? When you're 18 years-old, living away from home for the first time and being dazzled by Freshers’ Week and getting a lump sum of money can cause a big problem. Perhaps even temptation. Will they be reckless and spend it partying or will they have enough discipline to budget accordingly.

From a financial education perspective it’s a real test for the newly independent youngster.  Indeed, it's part of the university of life.

Without getting into the political or moral debate on student finance, I think it’s a good thing for young people to have to start thinking about paying bills, saving and budgeting.

Good financial and responsible spending habits learned at university are the start of a solid base that run throughout a person’s life.

I touch on this and other several subjects in our soon to be released guide - The Five Fundamental Steps of Financial Planning.

My community work as Chairman of the Pinner & Northwood Business Club is keeping me busy at the moment as we're now approaching the silly season.

We have some fantastic guest speakers coming up over the next couple of months. This month we will hear from Business Growth Specialist Laurie Bernard and in October, the Mayor of Harrow joins us at our last Wednesday of the month lunch.

If you're interested in finding out more just click here.