Teaching your college students about money

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HIGH POINT, N.C. -- Rising High Point University junior, Hannah Grau, admits money seemed to burn a hole in her pocket freshman year.

"My dad is a financial advisor, and out of the family I was always the troubled one with money,” she said.

After receiving merit scholarships, her father gave her a lump sum to budget across four years.

Grau says she didn’t do well at managing it—most of the money didn’t make it to her second year.

"I actually did blow through all of it. I had no idea,” Grau said.

“It was definitely a wakeup call,” she added.

Akir Khan is a student success coach at High Point University, advising freshman in the business school, including teaching them how to manage money.

"We want students to know that you're going to have to put it on paper. It cannot just be up here in your head,” Khan said.

“You actually have to have an app on your phone to help balance your budget out, have an excel spreadsheet, or something that's going to breakdown your finances,” he added.

Rising junior James Ensor says because his parents talked to him about money while in high school, he valued it more when he was on his own.

"One of things that we really discuss are needs versus wants and really how to balance those,” Ensor said.

For Grau, a paid internship, working on campus, and taking advantage of the amenities at the university have helped her become more responsible managing money.

"When a couple of my friends are like let's go out to eat, I'm more mindful that I have a meal plan here,” Grau said.

"This lesson that we're trying to teach them freshman year [we] want to last them the next four years and also the rest of their life,” Khan said.