Building Confidence through Time & Money Management
by Mike DesRoches
My daughter Ashlyn recently celebrated her 21st birthday, and I’m pleased to see her thriving and exuding confidence in areas that were once major concerns. After an underwhelming first year in college, where socializing took precedence over academics, it became evident that we needed to change our approach.
I had initially planned to fund one-third of her education, but I realized that simply giving her the money wouldn’t provide her with any valuable lessons. Therefore, I decided to implement a system that would require Ashlyn to earn it instead.
The System involved linking financial support to her academic performance and making her responsible for managing her finances—covering her school fees, housing, textbooks, food, entertainment, and student loans. My intention was to contribute $8,000–$10,000 annually, and through this real-world exercise, a significant learning opportunity arose.
Here’s how The System was structured:
1.) Money contributed toward her student loans based on grades
2.) Spending money provided as a subsidy tied to her job performance and hours worked
For example, if she takes four classes and earns all Bs, that would equate to $1,000 for that quarter going directly to her student loans. Additionally, for each B, I would transfer $4 per hour worked. If she shows me her paystub indicating she worked 20 hours, I would then transfer $80 to her account.
In her first quarter, when she managed to secure two Bs and one C, The System yielded a modest total of $600 added to her student loan fund and a $1 subsidy per hour worked. However, by the next quarter, with four courses completed, achieving one A and three Bs, things clicked for her. She received $1,250 to apply toward her student loans, and for every hour she worked, I added a $5 subsidy. Her prior quarter’s paycheck subsidy of $80 jumped to $200!
The System has proven to be a significant success—she now consistently takes a full course load alongside her job and has become more serious about money management and time efficiency. With this newfound responsibility comes empowerment and independence.
This System can easily be adjusted to fit your financial situation, and it doesn’t even need to be limited to college students. Feel free to give it a go! If you have already saved some money for your child, there’s nothing to lose.
