How to make your teen part of the solution in the problem of skyrocketing college costs

By the 10th grade, your kids have probably decided if post-secondary education is THE goal for them. It is at this time, that you need to make them aware of the financial burden of college costs, and engage them in the emotional and fiscal commitment of meeting those costs.

Instructions

Difficulty: Moderately Challenging

Things You’ll Need:

• common sense
• experience, dealing in the real world
• teaching the art of postponing instant gratification
• the ability to make a dream more concrete

1. Play "let's make a deal" with your kid. Maybe you are able to become partners in accumulating matching funds. Encourage your kids to do their by working in whatever job a HS kid can get. This also may expose the kid to labor that he or she would never want to do forever--thus validating the need for college.
2. Have your child open a college savings account. Discourage discretionary spending--reminding the student that the goal is long term --with long term payoff--and as hard as it sounds, skipping a concert may add $50-$100 to savings account.
3. Design a contract that will help both you and your children reach milestones in this joint venture, and evaluate progress monthly. (Both you AND your child should sign the contract)
4. Visit a college or two, to make the plan more concrete and give your child an idea of how different the college environment is--as compared to any schooling the child has had.

Tips & Warnings

• Kids must realize the financial burden that college places on a family, and understand that they MUST be part of the lessening of the burden.
• Kids are generally attuned to shorter term goals, so this might be challenging.