Empower Your Teen: 6 Strategies for a Successful School Year
Empower Your Teen: 6 Strategies for a Successful School Year by Jennifer Gershberg Ask any college professor how their students are doing, and I guarantee you’ll hear some entertaining – and anxiety-provoking - stories. It's a revelation for parents that despite the increasing challenges of college admission, students nowadays are less equipped in terms of competencies, mental health, and time management. I've dedicated the past eight years as a professor at the University of Maryland’s Smith School of Business, teaching the core Business Law course to 400 students each year. I have watched and listened to my students’ experiences and have concluded that student success ultimately requires a village. Most of the work, of course, is up to the students. But this post will focus on what parents can do to help optimize their kids’ success in college and beyond. You should know that I am also the parent of three teens, so I fully understand the challenges associated with raising them! Let's dive into a few key objectives with this article. First, I’ll describe the college landscape today and will identify challenges that your child may face once they get to college. There are things that we can all do to help prepare our kids before they get to college – even for the high school kids who are getting all A’s. It's a common scenario – I frequently come across bright students who aced all their classes in rigorous high schools but still find themselves grappling with some prevalent issues once they transition to college. Once I have described what my colleagues and I are seeing, I will give you some ideas on ways you can help support them. So what is happening in college today? To be blunt, students’ anxiety is spiking and their academic performance is sharply declining. It’s interesting and a bit surprising because college has become so hard to get into, so you would think that the students are all doing great – but quite the opposite is happening. My colleagues and I, across universities, agree that students tend to be more anxious, less focused, and less tolerant of ambiguity than even a few years ago. The research is consistent with our observations: studies report that 60% of college students today have a mental health diagnosis, 1/3 have an anxiety disorder, and 8/10 Gen Z’ers admit that social media distracts them from school and studying. I think these findings
5 Ways to Financially Recover from Post-Holiday Spending
5 Ways to Financially Recover from Post-Holiday Spending By Sarjae Irving How much did you plan on spending this holiday season? How much did you actually spend? Did you know that close to one-quarter of the Canadian population overspend during the holidays? A recent report from Madeinca.ca shared that Canadians were most likely to overspend by up to $100, with 27% of consumers falling into this group. 19% of consumers overspend between $101 and $200 while 16% of people overspend by $401-$500. Surprisingly, many Canadians go over the budget they set for themselves by $1,000 with 7% of consumers in this category. We connected with Shannon Kennedy, from Consolidated Credit Union, an expert in personal finance and a champion for financial literacy. Kennedy provided an engaging discussion about holiday spending and financial management. INBETWEEN: How much do Canadians typically overspend at Christmas? Kennedy: On average, Canadians typically spend between $1,400-$1,600 on gifts, travel, food and experiences over the holidays. While budgeting is personal, and the amounts spent and allotted by each individual vary, we can certainly see how these amounts impact Canadians and their finances. INBETWEEN: When January rolls around, the bills come in. How can Canadians stay on budget or create a budget to get back on the financial track? Kennedy: It can certainly be overwhelming to examine your finances following the holidays, and perhaps some overspending, here are some steps that Canadians can take to help get their finances back on track following the holidays: Contact your local bank or credit union and speak to a financial expert. This can help you create a customized debt repayment plan. Working with a financial expert is free and will help you see things from a different lens than you may have – plus, they are experts for a reason, they’ll have tons of knowledge to share with you. Set realistic financial goals. I always say that budgeting and debt repayment is like a diet: if you’re too restrictive, or set unrealistic financial goals, you’re likely to fail. Establish SMART (specific, measurable, achievable, relevant and time-bound) goals to make your plan more achievable, and bite-sized so it’s not so overwhelming. Prioritize essential expenses and distinguish between essential and non-essential expenses. Prioritize necessities like housing, utilities, groceries, gas, and debt repayments. See if there are other areas (such as eating out, online shopping or subscriptions) where you can cut back – even if the cutback is only temporary. Track your