CBS News business analyst Jill Schlesinger shares essential financial tips to help recent high school graduates manage their money, avoid costly pitfalls and build a strong foundation for long-term success.

CBS News Business Analyst Jill Schlesinger offers guidance for young adults and their families on how to avoid common financial pitfalls when starting college or a first job. She emphasizes the importance of families having honest conversations about how much financial support they can provide, ensuring parents do not compromise their own retirement savings.

Schlesinger also highlights the need for young adults to track their income and expenses, suggesting the use of budgeting apps and encouraging the habit of saving at least 10% of earnings. She recommends clear communication about financial contributions and expectations, especially for those living at home, to help young adults develop responsible money management skills.

Money mistakes to avoid for young adults

If you know a recent high school grad about to head off to college or enter the workforce for the very first time, this one's for you. Kids think they know everything, but what they don't know about money could end up hitting them very hard when they look in their wallet and they say, where's my money? It's not there. CBS News Business Analyst Jill Schlesinger joins us now with tips on how to set them up for success. Jill. Sir. Talk to my teenagers in early twenties for, what do they need to do? Well, I think about when kids are going off to college or starting their first job, it's really incumbent on the family to have a really honest conversation and discuss how much help we're going to provide. We hear from parents all the time who are saying, you know, it's really tough for kids out there. Prices are high. My kid's going to live home for a while while he started his first job or my daughter's off at college. And, you know, I want to know how much money to give them just beyond tuition and books. So I think we have an honest appraisal about what the family can afford. You don't forego your own retirement to help your kids out. And then you communicate that. And the most important thing to really delineate is what exactly is the dollar amount that you are willing to contribute to this first step in adulthood? And I really think this is important to have a hard line because otherwise that's how you sort of get these ballooning experiences. Another $200 here, $100 there. What is it that you're going to pay for? What is it beyond those hardcore costs? And by the way, if your kid's living home, an honest appraisal of how long that situation should last. You know, you're living home. It's part of us. Are you going to contribute to the household expenses? What is it that we're going to contribute? And when do we expect you to move out? Because I think that's an end date is a very good thing. My first job out of college, I lived at home and I paid rent. It was less than the market. Okay. But again, it gets you at least used to it. And I think those are the habits. And I did that voluntarily, by the way. My mom wasn't as good. What a good kid she is. But anyway, okay. So how do we educate kids to be able to manage money on their own when parents are so used to kind of taking care of the money stuff and not even letting them worry about it? And how young should we start? Well, it's interesting. You know, I'm always asked about allowances and I don't really have a huge opinion. I think it's good when the kids are kind of separating from the parents to have a conversation about tracking your expenses. You know, I despise the word budget. I feel like it's very hard to do. It's sort of like a crash diet. But I think what we want to do is have the kids really start to say, what's all the income that is coming in? I have a work study if I'm in college. Maybe I have part time income. If I've got my first job out there in the labor force, how much am I earning? And track what you are spending. That is a habit that is adaptable and can really change as you get older. Once you have that down, you have the young adult responsible for the money coming in and the money going out. And again, if you've said, I'm going to help you, there's going to be $250 a month that we provide. Put that in the tracking. Make sure the kid understands that everything else that they're spending, it's on them. We're out of time, but is there an app you recommend to track spending? There's a bunch of apps. Banks have apps. Credit unions have apps. There's various things like Rocket Money and You Need a Budget, Pocket Guard, Monarch. But what's important is they do it and they are very clear there's some amount of money they can save. Work towards 10% of everything they earn will be in savings. I think that's a wonderful habit to develop. It is great. Jill, wonderful having you as always. If you've got a money-related question or a concern for Jill, shoot it over to her at jillatcbs.com and she could end up answering it right here on the show.

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