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Lexie's armed with good financial advice—so did she take it? She checks in over Skype™ from her college campus.

As a freshman, Lexie says there aren't as many opportunities to spend as she thought. "But I have been keeping a folder of all of my receipts for whatever I have been spending," she says. "I'm not sure what I'm going to do with those yet. I think me and my dad will go over that." Her major—international studies—also requires her to take an economics class, which she says she'll take next semester.

Much of the money Lexie made as a summer swim instructor, she says, is still in her bank account, but she's careful about what she spends. "Every time I need to spend my own money, I have to actually physically go to an ATM and take out the money. It's a little bit more of a hassle, so I don't spend as much as I think I would if I had access to a credit card," she says. "I also watch the money in my account go down each time I take out money, so I like having my money in there."

Now that she's on her own, Lexie says she appreciates her dad's advice. "I think it's going to make my transitioning after my senior year in college a whole lot easier. By having my dad not cut me off at all but give limits, as you said, when I'm going out getting a job, that sort of stuff, I'm going to have to manage with what I have and not with what my parents are giving me anymore."
FROM: The Best Money Lessons You Can Teach Your Child
Published on October 22, 2008