Money Management
We may have saved the most difficult skill for the end of our list.....how to teach money management to your teenager?! The first and most important skill we recommend is to give your teenager money slowly, and in small increments while they are at Thames Academy. You have already paid for their meal plan, textbooks and school supplies. What else does your teenager NEED to buy? Not much, but we know they will ask you for a lot of things they WANT to buy. In our experience, giving your young adult $1000 to begin the year at Thames Academy is not a wise choice. You will probably get a phone call after the first 2 weeks asking for more money because the $1000 "just disappeared." $20 per week or $100 per month may be a good start.
The amount of money your son/daughter takes with them to college is a decision and a conversation that you should have together.
- Ask your teenager how much money they think they will need each week?
- Develop a plan for what they should do if they run out of money.
-Discuss where they should keep their cash/wallet/debit card. Will they keep it in their purse? In a lockbox in their room? (Thames staff cannot hold money for students)
Be sure your son/daughter knows how to use an ATM. There is 1 ATM machine on campus located in the Yarnall Athletic Center (near the Mitchell College dorms). It is on the 1st floor next to the Laundry Card machine which allows you to put $$ on your laundry card. It may seem commonsense, but you may also want to discuss not giving out PIN numbers to other students or roommates.
Will you son/daughter be using a debit card or credit card while at Thames? Be sure to discuss the difference between these two cards. Also, have a conversation about what to do if your son/daughter loses or misplaces their card. Finally, will your teenager have a difficult time remembering the debit card PIN number? You may want to send it to them in a text message or an email that they will be able to check from their cellphone.
Money management is an issue that most Thames Academy students constantly struggle with! Thames staff work with students both in small groups and also individually to help them gain financial independence and responsibility. Working as a team, if parents can teach the basics of money management at home Thames Academy will help reinforce money management skills during the year!
COLLEGE READINESS SKILL #10:
Keeping Important Papers in Sight
Thames Academy holds weekly workshops that will strengthen your teenager's executive functioning skills. One element of executive functioning that many Thames students find challenging is organization. The Seeing My Time program (created by MaryDee Sklar) which is used by Thames Academy utilizes many tools to help students "see" the importance of organization. This program emphasizes the need for visual reminders to help our working memory (the part of our brain that is responsible for holding and processing immediate, short-term information).
"Out of Sight, Out of Mind" is one of the key ideas in the Seeing My Time program. Thus, we encourage students to keep important schedules, documents, assignments, etc. in places where they will easily see them. For example, we ask all students to hang a white board and weekly wall calendar in their room (both erasable). Students practice writing down important events/assignments for the week - this skill as well as creating a weekly schedule is modeled in the small groups.
Utilizing this same idea at home, please start encouraging your son/daughter to be responsible for writing the family schedule on a shared white board strategically placed in a high-traffic area in your home. Or updating an online family calendar that is shared by all family members (such as Google calendar). It may be faster and easier for you to fill in this calendar, but it will be a teachable moment if you allow your son/daughter to write on the calendar. with your guidance. Who knows - they may enjoy writing on the white board (my two daughters love it!).
Give your teenager a colored/patterned folder that is theirs and it holds important letters, documents, appointment reminders, lists, etc. This folder should be kept in the same place all the time (in their room, on the kitchen table, etc.).
Explain your routines and organization tricks to your son/daughter. If you keep your keys in the same place when you return home after work, tell them why you do this. Are there other household items or important papers that you keep in a special place or cabinet in your home? If your teenager has executive functioning weaknesses, he/she may not pick up on your subtle routines or methods of how you keep your house organized. Have conversations about your own organizational style and ask if your teenager has a style they consider their own too. You may be surprised - what appears to be a messy pile of papers to you may be your teenager's organizational system!
