Careers for your Children West Hartford CT

(ARA) – Is 2009 the year you look forward to your son or daughter graduating from high school or college? You'll be so proud to see them make such an accomplishment. But what are their plans post-graduation? Even though graduation is still months away, now is a great time for parents to help their young adults plan for their careers and think about how they will manage their salary.

"There are many movies and TV shows that make fun of the 30-something who never moved out after graduating high school, or the college grad who moved back home with Mom and Dad," says Scott Oberkrom, director of Community Investments at American Century Investments. "If your child is graduating soon, it's important to talk to them now, when there's still plenty of time, about their plans for the future."

YesYouCanOnline.info is a Web site that helps parents teach their children good financial habits. Here are some ideas for parents of soon-to-be grads that will help ensure their kids succeed on their own in the future:

1. Stress the importance of job experience.
Job experience cannot be underestimated in any industry. Competition is thick, and employers expect you to have experience beyond education, even for an entry-level position. Internships are one way to get this experience, but they can be hard to come by and very competitive. Volunteering at an organization of interest is another way to make connections and get experience, but of course this is unpaid. Either way, on-the-job experience will make a positive impression on a potential employer after graduation.

2. Consider job shadowing as another alternative.
Often, shadowing a busy professional takes nothing more than a friendly phone call. Although the student may not actually do any “real” work, they’ll get a little experience, show they’re determined to learn more about their prospective career, and possibly make a few important connections.

3. Set up a fixed allowance while your son or daughter is still in school.
As school ends, weaning children off of the bank of Mom and Dad can sometimes be difficult. It's best to stick to a set allowance and not exceed it while in school. Allowing students to pay some of their own bills and learn about budgeting will give them a better understanding of money management and help them avoid the poor spending habits that can get them in over their heads.

4. Outline a monthly money management system for the future.
Make a budget based on anticipated income and expenses post gradation so your child isn't surprised. Assume the lowest amount your child could earn in his specific field. Next, subtract nondiscretionary expenses from this amount, including taxes, medical insurance, car insurance, rent, utilities and food. Then subtract discretionary expenses, such as entertainment, travel, cable television, Internet fees, etc. Now your son or daughter knows how much things really cost and can be ready to make any lifestyle changes that are necessary.

5. Encourage social responsibility.
Budgeting money for charitable giving is hard to do right out of school. Encourage your student to volunteer for a favorite organization. It is a great way to build a resume, give to those less fortunate and feel good about time well spent.

6. Stress saving even when income is low.
Saving money when you're just starting out can be difficult, but help your grad understand that saving today will help them begin to live comfortably tomorrow. Recommend investing 10 percent of every paycheck for the long-term. If this doesn't work into the budget, try 3 or 5 percent. And remember, set a good example and strive for 10 percent yourself.

"As exciting as it is for young adults to finally venture out on their own, everything from new jobs to new expenses can be pretty intimidating. Helping your child prepare for the working world won’t take away all your worries, but it will help your new grad get started on the right foot," says Oberkrom.

Visit www.YesYouCanOnline.info for additional tips.

Courtesy of ARAcontent