• Don't take unfair advantage of your family resources because they are your most important resource.
  
  
• Money from the family is, ultimately, the result of someone's effort-someone's blood and sweat. Based on its value, it deserves to be handled wisely.
  
  
• Treat your family with even more respect than other creditors because your family is your closest and most frequent source of security for financial and moral support.
  
  
• If you establish good communication with your family, their assistance becomes a reliable source for finances, emotional support, and advice.
  
  
• Living with your family so many years, you know the values among family members. Through your communication with them during college, you will find yourself clarifying your personal values. Understand that any disagreements that occur may originate from your family members' value systems. Respect their values as you wish them to respect yours.
  
  
• Understand that setting up and carrying out new practices and habits among family members' new roles may be rocky at first - not only for you
  
  
• Accept financial support graciously and gratefully.

Strategies with Your Family.

• Keep the communication channels open within your family
  
  
• Explain and talk regularly with your family about what you need. Realize that you are probably underestimating your initial expenses because you have not likely been on your own before. Encourage a feeling of teamwork among family members when you move to school.
  
  
• Clarify who will pay for what, i.e., tuition, books, parking pass or tickets, housing, food, social/spending money, extracurricular activities, such as fraternity/sorority dues, miscellaneous, and unexpected expenses, such as car repairs or regular maintenance.
  
  
• Understand policies about receiving or borrowing money. Ask for advice from your family or call the bank or agency in question and ask specific questions.
  
  
• When obtaining a loan from within the family, consider drawing up a contract that is fair and agreeable to all contract participants. The contract can include such details as the interest rate, amount, date, and length or term of the loan. This should include a repayment schedule and participants in the loan contract. A contract reduces the stress of uncertainty and potential conflict and adds to each participant's feelings of security.
  
  
• Ask your family what else can be done to smooth your transition to independence while you're still dependent for certain resources.
  
  
• If you begin to have financial troubles, do not wait to talk with your family because you fear a confrontation. As their teammate, you must level with them, as they also should with you.

Family Resources Section I / Section II / Section III Advance to Government & Community Resources

Family - Government & Community - Education & Skills - Employment - Management - Credit - Housing, Vehicles & Equipment - Insurance - Savings - Investment - Financial Planning
Ability to Adjust

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