My Kid Is Graduating College: Preparing Him for Financial Success

It feels like just yesterday I was dropping off my son at his college dorm, the car packed to the brim with laundry detergent, textbooks, and nervous energy (mostly mine). Now, we’re preparing for graduation day and everything that comes with it: caps, gowns, tears (again, mine mostly), and, of course, the next chapter.

As proud as I am, I also know that post-college life comes with its own set of challenges. One of the biggest? Money. Budgeting, credit, debt, insurance, saving, and investing. These aren’t always covered in class, and they can make or break early adulthood.

Here’s what I’m doing to help set my child up for financial success—not just for today, but for the long haul.

1. Have the Money Talk (Without Sugarcoating It)

Before graduation, we sat down and went through the reality of life after college—costs he’ll be responsible for, how to read a pay stub, taxes, and how student loans work. We reviewed his expected income, and I helped him map out a realistic monthly budget, including rent, groceries, transportation, insurance, and savings.

The goal of that conversation was all about clarity. I wanted him to see how money flows in and out, and how to take charge of it early.

2. Create a Budget Together

We used Academy Bank’s Monthly Budget Calculator and entered his anticipated income and expenses. Fixed costs, variable costs, savings goals—all of it. Then we talked about “fun money” and the importance of balance. A budget should be sustainable, not restrictive.

We also explored apps like My Finance360 on Academy Bank’s online banking platform that helps you track spending, set budgets, manage debts, and monitor your overall financial health—all in one place and for no cost.

3. Open the Best Savings and Credit Accounts

I encouraged him to open a high-yield Money Market account for his emergency fund (we started with the goal of $1,000, plus three months of expenses). We also made sure he had a Roth IRA or traditional retirement account set up—even small contributions now can compound significantly over decades.

And yes, we talked about credit cards. We found Academy Bank’s Credit Builder Secured Visa® Credit Card that is student-friendly with no over the limit fee or application fee. It can be used for small purchases to build credit and repaid each month. We set his credit limit at $300 and deposited the money into his Credit Builder Savings Account to get started.

4. Review Job Benefits and How to Save Money

If your kid lands a job with benefits, sit down and walk through the 401k, health insurance, HSA/FSA options, and more. It’s overwhelming at first, but understanding the value of these benefits can make a huge financial difference.

We talked through what a good health plan looks like for a young adult, and why contributing enough to get your employer’s 401k match is basically “free money.”

5. Talk About Debt—And a Plan to Tackle It

If your child has student loans or credit card debt, help them build a plan to manage and eliminate it. We reviewed repayment options, including income-driven plans and refinancing opportunities. I emphasized the importance of avoiding lifestyle inflation (that post-grad salary glow) until his debt is under control.

Even if I am helping financially in the short term, it’s important that he understands his long-term responsibility and develops good habits early.

6. Share Your Own Financial Mistakes (So He Can Learn From Them)

Being honest about the mistakes I made in my 20s—from carrying credit card debt, not saving money early enough, ignoring retirement, and not making all my payments on time—made the conversation more relatable. It’s not about perfection, it’s about intention. And it’s okay to learn as you go, but I wanted him to understand why it matters and how it can help (or hurt) him in the long term!

7. Discuss About Long-Term Savings Goals

Buying a home. Traveling. Starting a business. Having a family. All these dreams have a financial footprint. Helping your child lean how taking small, consistent steps now can lead to big possibilities later is a powerful motivator.

The Finish Line—And the Starting Line

As parents, it’s tempting to try and “fix” everything or overstep in the name of protection. But this is their journey. Our job is to provide tools, wisdom, and a safety net if needed—not a steering wheel.

Seeing your child graduate is emotional, yes, but watching them step confidently into their financial future? That’s the real milestone!

If you have questions about how to help your child get set for a strong financial future, contact your local banker at Academy Bank!

 

FINANCIAL RESOURCES FOR YOUNG ADULTS
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Navigating Finances in Your 20s: A Beginner's Guide to Adulting
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