www.mozilla.com Weather Central
Voices
Headlines

Holiday instant scratch tickets now on sale -10/2/2014, 9:44 AM

Former Obama press secretary launches Sebelius Lecture Series -10/1/2014, 2:18 PM

Photographs of rural life in China on exhibit in FHSU's Memorial Union -10/1/2014, 10:32 AM

Encore Series to show Julie Fowlis -10/1/2014, 10:32 AM

The power of hedge apples stands strong through years -10/1/2014, 9:36 AM

Library to premiere short film about Hays Arts Council -9/30/2014, 12:11 PM

'The Equalizer' ends up in the green -9/30/2014, 9:18 AM

Fondue the perfect treat for party -9/30/2014, 9:08 AM

Clubs and meetings (Sept. 28, 2014) -9/28/2014, 3:37 PM

As winter wheat insurance deadline approaches, consider SCO -9/28/2014, 3:37 PM

Business Briefcase (Sept. 28, 2014) -9/28/2014, 3:37 PM

Huelskamp to host additional October town halls -9/26/2014, 4:32 PM

FHSU Theatre season premiers in October with 'Hello, Dolly!' -9/26/2014, 4:23 PM

American Democracy Project presents Ukraine series -9/26/2014, 3:46 PM

Black Madonna replica coming to Hays in October -9/26/2014, 10:10 AM

For 3rd year, FHSU makes national grouping of Lead Initiative civic engagement institutions -9/25/2014, 4:45 PM

Robots developed in France will enter curriculum for teaching, research -9/25/2014, 4:44 PM

FHSU Hispanic American Leadership Organization presents Antonio Neves -9/25/2014, 4:44 PM

Be aware to build an emergency fund -9/25/2014, 8:32 AM

Downs grad named RA at Cloud County -9/24/2014, 2:07 PM

Road project meeting planned in Norton -9/24/2014, 4:55 PM

Girl Scouts hosting free community event -9/24/2014, 4:01 PM

Hays Symphony Orchestra to open 2014-15 music season -9/24/2014, 4:01 PM

Students assemble for the 6th annual Poetry Slam -9/24/2014, 4:01 PM

FHSU to host annual majors and graduate programs fair -9/24/2014, 4:01 PM

Nation's largest taxpayer group honors Huelskamp -9/24/2014, 10:51 AM

Teach Ag Day celebrates opportunities -9/24/2014, 10:24 AM

HaysMed co-hosts summit on human trafficking -9/24/2014, 2:15 PM

American Farm Bureau Federation names Kansas lawmakers 'Friends of Farm Bureau' -9/24/2014, 10:24 AM

Looking to the past in dealing with the present, future -9/24/2014, 9:55 AM

Fun at the fair -- once again -9/24/2014, 9:55 AM

Nex-Tech Wireless to offer iPhone 6, iPhone6 Plus -9/23/2014, 11:11 AM

'This is Where I Leave You' leaves room for improvement -9/23/2014, 9:02 AM

Birthdays and gluten-free goodies -9/23/2014, 9:02 AM

Kansas Originals market plans Spirit of Kansas Festival -9/22/2014, 8:01 PM

Electric cars to test their endurance at the High Plains ElectroRally -9/22/2014, 12:06 PM

FHSU students can now earn a sustainability certificate -9/22/2014, 11:20 AM

Local students among 39 awarded for Hunter Scholarships at FHSU -9/22/2014, 11:19 AM

Peer pressure can play role in raising adolescents -9/22/2014, 8:45 AM

Business Briefcase (Sept. 21, 2014) -9/21/2014, 2:33 PM

FHSU one of 25 schools across the nation selected for 'hackathon' -9/19/2014, 3:55 PM

Cities to receive funding for road improvement projects -9/19/2014, 2:24 PM

Kansas Farm Bureau celebrates Farm Safety Week -9/19/2014, 2:15 PM

McDonald’s of WaKeeney invests in library -9/18/2014, 5:45 PM

State receives $3.5 million grant to reduce infant mortality -9/18/2014, 3:00 PM

Kansas highway system ranked 5th in national report -9/18/2014, 11:51 AM

Dixon joins FHSU with social media marketing as her mission -9/18/2014, 11:15 AM

In case of emergency, prepare a grab-and-go kit -9/18/2014, 9:08 AM

Birthday -9/18/2014, 9:07 AM

Association donates 105 car seats to KHP -9/18/2014, 4:50 PM

Kansas receives CDC funding to gather data -9/17/2014, 4:14 PM

Brownback orders flags lowered -9/17/2014, 11:08 AM

Life during retirement is still plenty busy -9/17/2014, 8:51 AM

Generations briefs (Sept. 17, 2014) -9/17/2014, 8:50 AM

Military marquee -9/17/2014, 12:00 PM

'No Good Deed?' More like, 'No good, dude' -9/16/2014, 9:38 PM

Delta Zeta Turtle Tug: Tug your heart out -9/16/2014, 4:19 PM

Moss-Thorns Gallery of Art hosts exhibitions throughout the year -9/16/2014, 4:19 PM

Moran names service academy selection board -9/16/2014, 4:19 PM

Department of Informatics offers a new concentration in health informatics -9/16/2014, 4:19 PM

Magician on this season's 'America's Got Talent' will perform on the FHSU campus -9/16/2014, 4:19 PM

Parenting adolescents takes many twists, turns -9/15/2014, 9:20 AM

-9/14/2014, 1:57 PM

Capital investments for cow-calf enterprises in profitable times -9/14/2014, 1:57 PM

Business briefcase (Sept. 14, 2014) -9/14/2014, 1:57 PM

Stork club -9/14/2014, 1:57 PM

Hays Recreation Commission calendar -9/14/2014, 1:57 PM

The Paradox of the cross -9/12/2014, 10:10 AM

Halls of ivy -9/11/2014, 2:16 PM

Local celebs to get behind wheels of race cars -9/11/2014, 8:50 AM

Make and take a pizza for family meal -9/11/2014, 8:50 AM

Children's center hosting events in October -9/9/2014, 5:03 PM

NKAVI meeting Saturday -9/8/2014, 2:34 PM

During September, pay it forward by giving blood -9/8/2014, 4:54 PM

Ribbon cut on K-23 project north of Hoxie -9/8/2014, 11:46 AM

AG Schmidt to visit western Kansas -9/8/2014, 11:37 AM

Kansans invited to come to statewide transportation meetings -9/8/2014, 11:37 AM

Pilot projects to launch Kanstarter -9/8/2014, 11:28 AM

Parenting adolescents starts when they are younger -9/8/2014, 9:11 AM

Clubs and meetings -9/7/2014, 3:59 PM

NSP elects officers -9/7/2014, 3:23 PM

Busting myths about ticks in the U.S. -- Part II -9/7/2014, 3:23 PM

Business Briefcase (Sept. 7, 2014) -9/7/2014, 3:23 PM

Kansas Lottery launches new 'Frogger' game -9/5/2014, 10:26 AM

Dealing with mental illness -9/5/2014, 8:52 AM

Schodorf points to discrepancy in U.S. Senate ruling -9/4/2014, 4:58 PM

Kansas Emergency Preparedness Day is Monday -9/4/2014, 2:59 PM

Guidebook, videos offer convenient information for travel planning -9/4/2014, 12:24 PM

State treasurer announces $1K giveaway at state fair -9/4/2014, 12:23 PM

Extension series brings knowledge -9/4/2014, 12:24 PM

FHSU's Career Services hosts its 27th annual Career-Internship Day -9/3/2014, 4:28 PM

Discuss watering tips for the drought during Science Cafe -9/3/2014, 4:28 PM

Tigers in Service, Hays Rotary Club host 4th annual Paint-A-Thon -9/3/2014, 4:28 PM

FHSU's online degree program earns national recognition -9/3/2014, 4:27 PM

Massage therapy training now offered through Department of Health and Human Performance -9/3/2014, 4:27 PM

5th-graders will take a field trip to Forsyth Library -9/3/2014, 4:27 PM

Local grocery store partners with FHSU to donate food items -9/3/2014, 4:27 PM

FHSU alumnus accepted into the 2015 NCECA exhibition -9/3/2014, 2:56 PM

Dedication ceremony for K-161 in Bird City planned -9/3/2014, 2:56 PM

Local students awarded degrees from FHSU -9/3/2014, 1:44 PM

myTown Calendar

SPOTLIGHT
[var top_story_head]

Financial reality for graduates

Published on -5/16/2013, 12:16 PM

Printer-friendly version
E-Mail This Story

In the book of Proverbs, we are told: "Train up a child in the way he should go, and when he is old, he will not depart from it."

Somehow that lesson gets lost for many families when it comes to teaching teens and young adults about money.

Parents know it's imperative to teach kids to say no to drugs and alcohol. But are parents doing enough to help them fend off consumerism, live on a budget, and make wise financial decisions?

As I think of all the high school and college seniors who are graduating this time of year, I wonder. Only time -- and a tough dose of reality -- will tell.

So what does a graduate need to know now that Mom and Dad no longer are footing the bills? Here are a few tips:

* Saving matters: Having cash in the bank is important any time, but it's especially crucial (and comforting) in a tight economy. But saving also means more than just having money in an account.

People who save have learned to live within their means. They likely have mastered how to budget and how to spend wisely. The best news is people with savings have options -- they can better weather a job loss or medical emergency, and they often can buy a car or take a vacation without going into debt.

* Read the fine print: Nearly every transaction these days seems to require a written agreement -- from rental leases to gym memberships. Don't take these lightly.

Read all contracts carefully, as if you were on a scavenger hunt for key facts.

What exactly do you owe and when? What happens if you're late or miss a payment? How do you end this agreement?

Knowing those significant details will help you make better decisions -- and avoid expensive surprises.

* Focus on the total cost: Salesmen and lenders might try to lure you into buying something more costly or extending a loan by touting only the monthly payment. Before you agree, calculate the full cost over time, including interest and fees.

The longer the repayment period, the more interest paid, which might result in paying thousands more in the end.

* There is a permanent record: It's not your academic transcript that will stick with you, but how you manage money.

Your credit score is like your financial GPA for life.

Calculated by credit bureaus based on how much debt you have and how well you manage it, your credit score will follow you through your adult life.

Over time, that credit score will affect how much you can borrow, the interest rate you'll pay, whether you can rent the apartment you want and sometimes whether you can get a certain job. Young people won't start out with the highest credit score, because they don't have much of a credit history. But a credit score improves if a person pays bills on time and keeps debt at a minimum. A high credit score, like a growing bank account, means more options.

Ultimately, that's what a healthy financial situation is all about -- having choices to get wherever you want to go.

Linda Beech is a Kansas State University Research & Extension agent in Ellis County specializing in family and consumer sciences. lbeech@ksu.edu

digg delicious facebook stumbleupon google Newsvine
More News and Photos

Associated Press Videos

AP Breaking News
AP Nation-World News

View this site in another language.