CLEVELAND — Now that graduation ceremonies are over, kids are starting to think about the next phase of life. For those headed off to college, this will probably be the first time they are making financial decisions without parents looming over them.
In today's Mom Squad, we talk with Mary Sasmaz, a professor at Case Western Reserve University who teaches financial literacy. She tells us what all college kids should know headed into school -- and some of these lessons we should all put into practice for ourselves.
“A lot of our behavior with money stems back to more like our psychological relationship with money," Sasmaz says. "So that freedom that you mentioned, sometimes yes, all of a sudden you start spending. Well, take some time, sit back after a month and say ‘Ooo how much did I really spend?'"
One of the exercises she has her students do is to track every penny they spend for a month to see where they are spending the most.
“And then actually categorize it and think about what they've spent their money on. And a lot of times it's a lot of online orders for clothing. And that realization is probably the most helpful part.”
Sasmaz explains how best to chart your spending and what all college kids should practice. That's all on WKYC+, which you can find on Roku and Fire TV. You can also see mom squad on WKYC's YouTube channel or this entire episode in the player below.
