Anxiety and 7 Ways to Help Your Struggling College Kid

As excited freshman or experienced sophomores, juniors and seniors settle in for another Fall semester around the country, I wanted to put together a quick list of 7 things parents can do to hep their college kid suffering from anxiety. It’s scary to put so much freedom and responsibility into the hands of your son or daughter when you know worry and fear is always lurking around social, academic or career decisions. Before I discuss what to do about anxiety, I think it’s important to review some details about anxiety.

Everyone feels uneasy or anxious occasionally like when we are running late for a meeting or got caught doing something we’re not supposed to. It’s a normal.

Anxiety disorders are different than regular, situational anxiousness. They are a group of mental illnesses that are characterized by intensity, duration, origin and how they impact life domains like work/school, relationships, and health.

For people who have an anxiety disorder, worry and fear are constant and overwhelming, and can be disabling. With the correct treatment, most can overcome the anxiety disorder and lead a fulfilling life.

Types of Disorders

Anxiety disorder is a broad category that includes:

  • Panic Disorder. Feeling overwhelming sense of terror or dread that seemingly strikes randomly. During a panic attack, the person may sweat, have chest pain, and feel unusually strong or irregular heartbeats. Sometimes they may feel like they’re choking or having a heart attack.
  • Social Anxiety Disorder. Also known as Social Phobia, this is when someone feels overwhelming worry or judgement while in social situations. They may obsess over others judgment or being embarrassed or ridiculed.
  • Specific Phobias. This is when someone has a very specific fear of something such as spiders, heights or flying. The fear goes beyond what’s appropriate based on actual risk and may cause them to avoid regular situations.
  • Generalized Anxiety Disorder. This is what I see most when working with college students. They describe having excessive, unrealistic worry and tension with little or no reason.

Risks

Early signs of anxiety are super subtle and include distractability, avoidance and sleeplessness. Students with anxiety disorders often report to me that semesters generally start fine but as papers, tests and social pressures mount, their anxiety builds to the point where they start consider drastic changes like dropping out of school. Untreated anxiety can lead to depression, severe drug use and in some instance, suicide. Anxiety and depression seem to be best friends, often presenting together in college students I’ve worked with. 

What to Do

Though anxiety disorders can make someone feel hopeless, there are very effective treatments and interventions we can implement to get their life back on track. Here are the 7 I think are most important for parents to be aware of if they need help with their college kid.

1. Counseling

Right out of the gate, the first thing parents should do is link their child with a) campus health services (often called Counseling and Psychological Services or CAPS) and b) a therapist or counseling like me specializing in college student anxiety in the community close to campus. Ideally, find a therapist/counselor that uses Cognitive Behavioral Therapy (CBT) or Dialectical Behavioral Therapy (DBT). Waiting until the first big meltdown could be too late. Loads of freshman fail to share their struggles with their parents until Thanksgiving and Christmas which, by then, is too late in their minds and they end up not returning for their Spring semester. Invest the time on the front end.

2. Scheduling

Anxiety is fed by fear. Fear is often the by-product of lack of predictability about social events, academic outcomes, and career failures. One solution is increasing predictability. I accomplish this with students by teaching them to download the semester schedule onto their phone calendars before the semester starts. Next, after they’ve received their syllabi, I coach them to put in every single date for every single assignment/test possible. This also includes social events and any non-academic stuff they know about. This may sound like it could be overwhelming, but I’d rather have them feel a bit overwhelmed when looking at the calendars rather than anxious about remember when that next big thing is due.

3. Resources

Not the most used suggestion but one we have to put here – make sure your son or daughter has a list or access to resources that can help them reduce stressors or mitigate things when they’re already starting to spiral down. These resources could include the academic supports found at nearly every university or within the community. Universities have a vested interest in making sure your son or daughter doesn’t bail at semester’s end. Another form of ‘resource’ is the on-call list. Create a formal or informal list of people they can call/text when they are starting to feel overwhelmed. I am on-call for all of my clients and often receive texts from students the night before big tests asking for help in quiet their brains down. I call them or text back strategies and remind them to call if they want to talk through things in more detail. Just knowing there is a safety net and team of support can have a dramatic reduction effect on anxiety.

4. Medication

I am super conservative with medication use and recommendations for students I work with at Indiana University. But, with that said, we also recognize that some folks simply need a bit more support than what counseling and academic support can provide alone. If your college does not have a psychiatrist on staff, we highly recommend finding one in the local community. We rarely encourage use of primary care physicians or nurse practitioners for medication management since they are not specifically trained to diagnose and medically treat those suffering from anxiety. You also want your college kid to work with someone who genuinely understands the risk of some medications that have the potential for addiction. Good kids get hooked on meds the same as bad kids. It’s also important to avoid illegal or non-prescribed drugs (like the roommate’s Xanax).

5. Meditation

I recommend to nearly every client to start participating in weekly yoga, meditation or mindfullness classes. This is an evidence-based approach with only positive side-effects. Plus, every college offers these in their wellness programs for free so encourage your kid to take advantage and put it into the calendar. Meditation, counseling and medication are an incredibly complimentary approach to combating anxiety.

6. Sleep

Not easy when kids have more freedom than ever away from home but we nonetheless push parents to encourage sleep. Not binge sleeping but a healthy 8 hours per night. The ideal for anxiety reduction is a steady sleep pattern so that bedtime and wake time are pretty standard every day. Staying up late on Thursday, Friday and Saturday, sleeping in till 1:00pm and then dragging out of bed Monday morning for an 8:50am class is terrible for anxiety.  Sleep meds only make things worse and really should only be taken with the psychiatrists oversight.

7. Exercise

Encourage your kid to sign up for the intramural leagues, especially for sports where there is little standing around time. Distraction and flow experience are essential in helping him or her focus on non-academic activities. It’s also a great way for them to be social without needing a drink in their hand.

Ok folks. Hope this helps you figure out the best way to help that college kid who may be struggling as you’re getting through the fear of letting go. It’s an exciting time and, with the right strategies in the beginning, can be the start to a fantastic semester.

Mental Health Support on College Campuses: What Parents Need to Know

Most larger universities like Indiana University (close to where my office is located) have health programs called CAPS which stands for Counseling and Psychological Service. They are often staffed with licensed therapists/counselors and psychiatrists with a range of experience and expertise. Their primary goal is to act as a stabilizing resource for most mental/behavioral health or substance use issues. Many university CAPS typically offer individual, group and couples counseling along with occassional free workshops. Here’s the list from IU CAPS on what they typical help with:

  • Academic Concerns
  • Relationship Concerns
  • Stress Management
  • Power and Privilege
  • Time Management Help
  • Sleeping Issues
  • Adjusting to College Life
  • Anxiety
  • Depression
  • Substance Use
  • Body Image, Eating, and Exercise Concerns
  • Sexual Assault or Abuse

They have the same confidentiality requirements as counselors like me off campus but are limited in many ways. CAPS limits the number of unpaid sessions (IU CAPS allows for two) and mandates that a student must be working with one of their counselors if they want to meet with a psychiatrist for medication management/evaluation. Here’s a breakdown of IU CAPS fees:

COUNSELING  With IU Health Fee  W/O IU Health Fee
First two sessions (per semester) No charge $55 per session
Additional full sessions $30 per session $55 per session
Additional half sessions $20 per half session $35 per half session
Additional group counseling $15 per 60 min. session

$17 per 90 min. session

$29 per 60 min. session

$35 per 90 min. session

PSYCHIATRY
First visit $55 $105
Follow-up visit $30 per visit $55 per visit

IU CAPS does not accept insurance but does provide a super detailed invoice to be submitted to a student’s insurance company for reimbursement.
Over the last few years, I’ve noticed many CAPS programs around the country have had a huge increase in demand for their services while also having budget cuts or mediocre increases that leave them without the full team of professionals they need for each semester. At IU CAPS, every one counselor is responsible for 2,110 students (yikes!). This is not a new problem at IU and not isolated to IU.

So what can a parent or student do? If CAPS doesn’t seem like a good option, look for a therapist/counselor convenient to campus who specializes in college students. Therapists should be flexible to accommodate busy course loads and social events. In my practice, I have extended evening and weekend hours since many students a slammed with class 9-4pm most days. It’s also important that the therapist be willing to talk with parents and provide updates and suggestions. Parents can sometimes feel like their kids are a million miles away. A good therapist can often act as a bridge and lower the anxiety associated with having kids at school.

Finally, talk with CAPS (or encourage your son or daughter to) the first week of school. It’s easier to cancel an appointment than to stand in line after all the students are back on campus. The intake process should be thorough and your kid shoul feel like the therapist/counselor will really understand their issues and help.

How to Prepare Your College Student for the Semester

Holy moly, it’s almost August again and classes are just around the corner. Time to dust off the ‘how to’ guides for parents. Here are a few favorite tips from the last few years that parents have found helpful.

Image result for college

  1. Organization. Organization is a concept, not a tool. Identify tools they can and will use. Make sure they are using the calendar app on their phone. Have them figure out the best use of online tools the school provides. Many students need the help of a counselor they see 1-2x per month to help oversee their organization habits and tools. Get this all figured out before the car is packed.
  2. GPA. Talk about what, if any, expectations you have for overall as well as per-course GPA. It’s a bit late to tell them at Thanksgiving dinner you wanted to see a 3.75 GPA for the semester. Best to discuss this in July and August. Make it realistic but also challenging. They are not going on vacation. They are coming to school to earn a degree and have some fun (after the work is done).
  3. Appointments. What ever appointments need to happen leading up to or during the school year, have your little college kid get them setup and on the calendar now. It’s not too early to get the dentist appointment scheduled. If they take any type of medication, do not assume they can just have a walk-in appointment for a refill. Get this scheduled now (especially if they need to find and work with a psychiatrist for antidepressants or antianxiety meds).
  4. Contact. How long is too long before you start to worry? Make it clear that if you text/call them, you expect a response (even a lame one) within XX hours. Stick to it. We all know they will get busy (or sleepy or drunk or distracted) but having you worry day after day is unnecessary if they simply check in regularly.
  5. Scheduling. Kind of along the same line as appointments above, one of the most powerful sessions I have with students leading up to classes cranking is sitting down with their schedule and putting EVERY assignment, test, meeting, etc. into their calendar. Most professors post their syllabus on the school’s intranet and every student has access. Every syllabus is required to have all dates/times of classes as well as assignments and tests.
    But wait, there’s more!
    After we plug in all the items from the syllabus, we reverse-engineer. For example, if Mary has a test September 18 for Calc, we schedule back one week for studying (start September 11). For each day, we carve out 1 hour for studying (eg. Mon, Sept 11 3:00pm-4:00pm Review Calc). This makes it so each study session is a known, expected quantity with a specific day and time.For more insider tips, tricks and ways to support your college kid, contact me

Indiana University Students: Anxiety, Depression and Drug Use (and how to fix them)

Since moving to Bloomington, home of Indiana University, a few things have become clear. One – everyone here wears red clothing, drives a red car or paints a room in their house red. They don’t mess around with school pride.

Second thing I’ve noticed is the super-driven nature of IU students. They are high achievers and have big goals. Awesome. Big goals are great. Unfortunately, these same students are often not equipped for the challenges of living on their own and the intense academic load. Anxiety, depression and drug use are common here (as with most other big schools). Since there are so few counselors/psychotherapists in the area, I see a heavy load of students, especially when the pressure starts to creep in around mid-September. The partying picks up, parents are gone and classes start to dial-up intensity. It’s a toxic mix.

A great place to start is IU.

IU offers respite in the form of their counseling center (CAPS) but it’s a) triaging a problem, b) only short term and c) often doesn’t get to the underlying issues which are often years in the making. Don’t get me wrong, CAPS does a great job and the best they can considering how underfunded they are. The first two sessions for each semester are free. Each following session is $30. They generally have a waitlist so I recommend that students sign-up early.

CAPS also offers psychiatric care for those needing medical attention, like help or oversight with medication. The wait list is often even longer since there are fewer psychiatrists than counselors. Psychiatric visits are not covered under student health fees so insurance or out of pocket payment is expected.

For those struggling with more serious drug issues, IU offers OASIS/Journey. Students that sign-up for Journey get an assessment to determine the best level of care. Staff then decide between two evidence-based interventions in both group and individual settings, the Journey Program operates under 3 phases, designed to provide progressively more attention based on the student’s need.

Students referred from the Office of Student Ethics are charged $200. Alcohol and drug charges are applied separately. If a student was found responsible for both an alcohol and drug policy violation within the same incident, they get billed $400. For non-offense participants,they get charged a one-time fee of $25.00 after their first visit.

If IU doesn’t have the availability or discretion you and your family needs, reach out to me. If I can’t help, I’m happy to provide insight into other providers in the area who can.

The best thing for parents to do is start searching for professional support either through IU or the community in July and August. Getting appointments set and providers lined-up will be much easier when the semester has not started. Once the semester starts, a good counselor will work closely with parents and the school to ensure that everyone is aware of progress and prepared in case the students experiences more severe issues.

Hopefully, your son and daughter will not need any of this but if they do, act early and expect everyone to act as a team.

Spring Semester Planning for Kids Returning to College

You made it! The kids made it home, the in-laws were tolerable and there weren’t a ton of gifts that needed returning. Now that everyone is headed back to campus, it’s time to either let that old anxiety creep in or spend some time on the front end helping your son or daughter develop a plan to be successful for Spring Semester.

Money

If you have not learned by now, discuss how much you are giving to your kid and when you’ll give it to them. You don’t want to find yourself in a defensive position Sunday night while your son is blowing up your phone begging for their regular spending money to be put into their account early. I recommend putting money into the account 2x/month. Put it on them to create a budget which factors in their books, fun money and any other expenses. I also recommend a limit is set for any credit cards and deciding who and when it will be paid off.

Organization

Talk about starting the semester off with everything in it’s place – clothing, car, computer. Let’s make sure everything is reviewed, updated and ready to go. While we’re at it, let’s pull up the calendar and start looking into the future to see when things will need to be re-updated. Get the oil change scheduled, even if it’s two months out. Get the printer cartridge in your Amazon Wish List so that you can move it to the cart quickly when your printer gives you a frowny face.

Scheduling

Speaking of calendars, let’s go ahead and talk scheduling more in-depth. I recommend to every college student they use the following strategy: Get all your syllabi, Put all dates for tests, papers, office hours, etc on your calendar. For tests, count back from the test date one week and put schedule study times (no longer than 90 min). Do the same for papers. Break down writing the paper into reasonable and realistic chunks of time and put them on your calendar. Theme: Put everything on your calendar, everything. If your son or daughter are in greek life, there are a ton of events that can be put on the calendar. Same with internships or study abroad – break down all the details so that you can see things from 10,000 ft.

Travel/Visiting Home

Plan out whatever travel including home visits your kid will have mor might have. If travel plans are only possible and not 100%, put a question mark after it so at least everyone knows that period of time is possibly accounted for.

GPA 

If your kid’s GPA got beatin up a bit in the Fall, it’s probably a good idea to identify a reasonable expectation for the Spring. If your son or daughter limped home with C’s and D’s, ask what is a realistic GPA for which to aim. Talk about it but make it clear there needs to be something concrete. . Along with identifying a GPA to aim for, talk about specific strategies that will be used to support them. All colleges have student support and academic support options. For instance, here in Bloomington, Indiana University has a solid Academic Support Center with a ton of resources that work well for thousands of students struggling academically.

Graduation/End of Semester

Part of that schedule should also have details that show your finals and last day of classes. Put details about studying for finals, having family in town, etc. If your son or daughter is graduating, figure out details early in the semester since 1) things get crazy busy/expensive during graduation and 2) hotel rooms get sold-out.

On Campus Help

Besides hooking up with academic support, it’s not a bad idea to find a counselor/life coach that can act as liaison between home and school. This professional should provide regular updates to parents, meet and be available as often as needed. They should be well-versed in young adult issues like anxiety, depression and ADHD. Universities often have counseling centers on campus that provide individual counseling for about six sessions and then they refer to a community professional. They might have ideas about professionals near your kid’s school that can offer support.

Final bit of advice – trust your kids and trust the process. With a bit of planning, your kid’s semester will have highs and lows but ultimately, they’ll finish the semester better than they started it.

Insider’s Guide: Top 5 Things for Your College Student Transitioning to Fall Semester

Most of the students with whom I work have depression, anxiety and mild substance abuse. One of the easiest, cheapest and most effective tools for combating these struggles in college is detailed planning. Below, I’ve outlined the Top 5 things I tell every student to implement as they are showing up for Fall semester.

  1. Syllabi Dates. Encourage your college student to plug-in all dates into their calendar from the syllabi they receive over the coming days. Once all the test dates are put in, reverse engineer two weeks prior to the test dates and put study dates into the calendar for no longer than 90 minute chunks. If it’s not scheduled, it will get pushed off till the last minute.
  2. Professor Office Hours. Everyone will want to meet with professors the Thursday and Friday before Thanksgiving. Have your above-average college student pull their professor’s office hours from the syllabus (yes, all professors put office hours on there) and plug into the calendar.
  3. Download Your University’s Academic Calendar. In June, I downloaded the Indiana University’s academic calendar for Fall 2016. It is a small file from Indiana University’s Academic page for any student or parent to view or download. Once downloaded, your college student can upload it into their calendar. Now, they’ll know Add/Drop dates, Fall Break, Winter Break, Finals, etc.
  4. Don’t Talk Every Day. Plan to talk 2x/week – (eg. Wednesdays and Saturdays). It’s time to intentionally create more autonomy, build trust, and not feel like you need to hover over them.
  5. Set up Counseling Early. Counselors and mental health providers get slammed since there are so few of us in most college towns. There are even fewer psychiatrists for medication management. Start looking for a counselor/therapist now before the semester gets in full swing. Psychiatrists are often scheduled out 2-3 months.

Good luck and please reach out for more suggestions and strategies to mitigate the challenges your college student is facing with depress, anxiety or substance abuse. Don’t go it alone.

5 Stupid Things My Teen is Doing

For this installment of Stupid Things, we start off nice and easy and then drop down into some weird crap. Kids are bored. I get it. We clearly need more devices since the iPhone 6 Plus, iPad, Mac, XBox, Playstation and all the other tech stuff just isn’t stimulating enough. We humbly present to you more stupid things teens are doing…

images (2)1. GoPro
GoPro is a small video device created for skateboarders, mountain bikers and surfers to self-film their adventures. GoPro went public this year. Why does this matter? Because their marketing budget exploded and with it, their target market which is now anyone who wants to film them self doing anything. Just let your imagination wander and you’ll soon realize why gopro-ing could be a problem for teens. They do some stupid prank at school, film it, post it on instagram and, voila! Instant evidence for the local DA to use against them.   

 

 

2. Vodka Eyeballingimages (1)
Pouring vodka in your eye sockets in order to get drunk faster and more efficiently is another dumb but real thing. It makes sense to the adolescent brain since the mouth is just soooo far away, best to use an eye. 

 

 

3. Beezin
Let’s continue our ‘eye’ theme. It’s called “Beezin,” (why do stupid teen things always leave off the last ‘g’?). Here’s the how-to – rub Burt’s Bees lip balm on the eyelids. It’s just that simple! No complicated steps like some of our other Stupid Things. The peppermint oil found in the balm creates a tingling sensation that some teens say enhances the feeling when they are already drunk or high. Others say its a way to keep them alert after a long night (…because that thing the brain and body do to restore itself each night is just soooo inconvenient, what’s that called? Oh, right! Sleep). If your kid is prone to stupid acts, look for pink-eye type irritation. Kids site the ‘natural’ ingredients as evidence of it’s safety but a Burt’s Bees rep argued “There are lots of natural things that probably shouldn’t go in eyes — dirt, twigs, leaves, food — and our lip balm.” 

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4. Purple Drank
Just when you thought the good ‘ole days (1990’s) were behind us, creative teens desperate to feel something other than a stable middle class existence have resurrected use of cough syrup. Here’s the recipe – cough syrup, Mountain Dew (or Red Bull, etc) and Jolly Ranchers. Not sure what they’ll die from first, the dextromethorphan, guaifenesin, pseudoephedrine or Type II Diabetes. Keep an eye out for pilfered medicine cabinets (and pantries). 

 

 

5. Butt Chugging 
Yes, leave it only to bored American teens to come up with this one. It’s simple – take a tampon, soak it in alcohol, and insert into your butt. And yes, kids really do this.

That’s it folks. Join us next time for the sad but humorous exploration of how tomorrow’s leaders are spending their time today. 

5 Signs of Suicide Risk in College Students

FACT: 15% of graduate and 18% of undergrads have seriously considered attempting suicide

FACT: 15% of graduate and 18% of undergrads have seriously considered attempting suicide

There is nothing more exciting than dropping of your college freshman in late August as the cool nights of Autumn return. But not all students carry with them the same energy and positive outlook for the Fall. Some are carrying some heavy baggage from High School or even younger while others don’t start to develop any major issues until they first get to college (and their first taste of freedom from parents). What parents don’t know is that you likely know your college friends (or at least a side of them) better than their own parents do, and you may be able to tell that something is wrong way before anyone else. This quick list is as much for parents as it is for you students out there. 

The following signs might indicate a student is considering suicide:

  1. A good student who’s behavior suddenly changes – they start ignoring assignments and missing classes which are likely signs of depression or drug and alcohol abuse, which can affect their health and happiness and put them at risk of suicide. And yes, good students and good kids use drugs. Seriously. 
  2. Anyone who doesn’t have friends or who suddenly rejects their friends may be at risk. A friend who suddenly rejects you, claiming, “You just don’t get it,” may be having emotional problems.
  3. College students may be physically or emotionally abused by a member of their family or their girlfriend or boyfriend – or suffering from abuse that occurred long ago but triggered by the new college environment. Abusive relationships can make a college student feel like crap about themselves. Signs that a person may be in an abusive relationship include unexplained bruises or other injuries that he or she refuses to discuss. 
  4. This is a common one – Significant changes in a someone’s weight, eating or sleeping patterns, and/or social interaction style may indicate that something is wrong. Eating disorders are super common at college. Lot’s of perceived competition, anxiety and stress that translates into really unhealthy views of one’s self. 
  5. Coming Out? College students may suffer from depression or have thoughts of suicide if they have a difficult time adjusting to their sexual orientation or gender identity. Gay, lesbian, bisexual, and transgendered students have higher suicide attempt rates than their heterosexual peers.

We understand regret and their could certainly be a real consequence of getting help for someone who seems to be really hurting. They might get pissed at you for not minding your own business. But think of it this way – is the regret of possibly losing a friend better or worse than the potential of knowing you could have saved your friend’s life but did nothing? Tough choice but that’s part of the burden of mental illness. 

7 Personal Finance Tips for College Kids

Yup - More advice for college kids.

Yup – More advice for college kids.

Chapel Hill is once again overrun with the bustle of students back at UNC. Restaurants are packed and campus is vibrating with the nervous excitement that envelopes our small town each Fall. Unfortunately, not all students are prepared to take-on the privilege and responsibility of freedom only a college student can experience.  Here are 7 Personal Finance Tips we have used with other kids and their parents. 

1. Finish Your Education

The only thing more expensive than a life without a college degree is a life with a partial degree and student loans. If your college student is struggling at State Univ with a bazillion other kids, take the next semester break to meet with a career counselor or clinical education consultant to discuss what about Big U. is not working for your kid. Don’t dump another penny into education until it’s towards the most effective environment for their learning. 

2. Set a Budget
Sit down with the parents, figure out what they are willing to provide either monthly, semester or for the whole year. This is your ‘income’ essentially. Next, calculate all your Essentials or Needs (beer is not a need). Things like printer cartridges, meal plan or food money, gas money if your off campus, text books. Next, figure out your Wants (this IS beer money). Add your Needs and Wants – this is your estimate in expenses. Break it down per week since doing it by months does not fit well with semester length. If you have $100 per week for your entire budget and your parents do a great job of ignoring request for additional injections of cash, you will quickly learn how to use a budget. We encourage parents to not put a lump sum in an account everything month – it’s way too tempting to blow through that in a week. Instead, put it in weekly based on the budget you all came up with. Any adjustments should be made during semester breaks in person. 

3. Invest (… a little)
What you’re lacking in capital (ie. $$$) you can make up for in time. With very little money put aside either each month or year, you’ll be able to take advantage of compound interest – the most magical of money making secrets. Here’s an example:
Let’s say you took $1,000 invested it August 2014 in a mutual fund with an interest rate of 5% per year as you were heading of to NYU for Fall classes. Each subsequent year, you put in only $250. After you graduate you get a job – not your dream job, but something that covers your bills with a little extra. You continue to put in $250 per year and do this for another 6 years. The total amount you invested was $1000 + ($250 x 9 years) =  $3250. But the cray thing is, your money has been quietly making little money babies in your mutual fund and the total value is actually $4,930.59. Nice. That’s $1700 in income you made without lifting a finger. What another magic trick? Put no more money in EVER and when you are 59 years old, that same $3250 will be worth $24,023.96. Play around with this calculator to see more about what money does over time. 

4. Learn Finance Basics
This is a great time to learn the basics about taxes, expenses, budgets and cost of living. Waiting until you’re 29 years old, married with a child on the way is the wrong time to start learning. Take advantage of any finance classes available at your school. Ask to help your parents during March and April while they prepare for taxes. The absolute most hardcore way to learn personal finance from my perspective is to start a business. This pushes you to understand basics of cashflow, expenses, revenue vs profits, taxes, selling, marketing and negotiating – all skills totally transferable to most other life domains. 

5. Lock Up Your Money
If you are a student and have money of your own either from a job or money from parents – consider putting it aside till you graduate. How do you figure out what to put aside? This is where our fancy-schmancy budget comes in. Figure out your reasonable realistic expenses for a semester X 8 semesters = Four years of college expenses. Life below your means (ie. income) and invest in yourself through education, relationships and experiences. Ignore all the crap other students stuff their dorms and apartments with and focus on yourself, getting the most out of your four years with low responsibility and high freedom. 

6. Get a Credit Card
The old school wisdom was to never get a credit card. Ideally, that sounds great – pay for everything with cash. Reality is credit (FICA credit score, that is) matters and credit cards are a great way to start building a great score. We recommend getting a credit card with a ceiling or spending limit that gets paid off each month. If the credit card is only used for school purchases like books, computer stuff, etc. it makes tracking the expenses for deductions and tax purposes way easier. It also helps provided easy tracking for expenses as relating to your new budget. Finally, it allows parents to easily review and pay the card balance while also getting card points if parents are in fact covering the bill. How to find one that fits? Try out Nerdwallet for some reviews on cards that seem well suited for the responsible college student. 

7. Work (…a little)
If you are privileged enough to not have to work while you’re in school, it’s not a bad idea to pick up a small part time job (or start a side business – ideas include laundry pickup, tutoring, making t-shirts). This will help build your resume and put some money in your savings account you’ll be able to tap when you graduate. If you’re taken out student loans, you’ll have to start repaying them within a few months of graduating so having a bit of a cushion in the bank will help lower your anxiety if finding a job or getting into grad school is tricker than planned. 

Ok, hope this helps get you all excited and prepared for the Fall semester. Contact us if you have specific questions about personal finance or career counseling for your college kid.