Every mentor in the Take Stock in Children network has had some version of this conversation: a mentee gets $40 for Christmas, and it feels like a fortune. Fast forward to freshman year of college, and that same $40 disappears into gas, groceries and a phone bill before the student even notices it’s gone.
“That’s the shift most students aren’t ready for,” says Zach Griffith, director of service center operations at Suncoast Credit Union and a longtime Take Stock in Children mentor with roots in Manatee County. “Money that used to be pure spending cash suddenly has competition. Rent, food, and tuition costs. Learning to navigate that is a whole new skill.”
For College Savings Month, we sat down with Zach, who also joined the Take Stock in Children HQ board in August, to talk about the real conversations mentors have with students about money. Not lectures or spreadsheets, just honest, practical guidance that meets students where they are.
Start With a Relationship, Not Just an Account
Zach’s first piece of advice for students turning 18, or younger with a parent, is to find a financial institution and build a relationship with it early.
“It’s not just about opening an account,” he says. “It’s about having a partner who gives you advice and financial education as you hit each milestone: buying a car, going to college, eventually buying a home.”
That access matters. Many financial institutions offer financial literacy opportunities and tools. At Suncoast Credit Union, members get free education on everything from compound interest to everyday budgeting. “We don’t work on commission or sales goals. When we recommend something, it’s because it fits what the member actually needs.”
The Subwoofer Conversation
Mentors know better than anyone that you can’t talk a teenager out of excitement. When a mentee is saving up for a first car, or eyeing a slick subwoofer to go in it, shutting that down doesn’t work.
“You don’t dismiss it,” Zach explains. “You celebrate that they have a goal and they’re working toward it. Then you gently ask the question: does spending it now feel better than watching it grow, or having it there if you need it?”
It’s a small shift in framing, but it’s the difference between a mentor being the fun-killer and a mentor being a trusted guide.
The Coffee-to-Cruise Math
One of Zach’s favorite examples isn’t about big purchases. It’s about the small ones that add up without anyone noticing.
“$10 a day on coffee and energy drinks doesn’t feel like much in the moment,” he says. “But add that up over a year, and you’re looking at roughly what a 10-day summer cruise costs,” or in this case, savings for college.
That’s the logic behind Zach’s recommendation that every student track every single dollar they spend for their first 90 days on their own. Not to feel guilty about it, just to see it clearly. “You can’t budget what you haven’t measured. The first few months give you the real data.” But don’t wait until you’re on your own to start tracking your spending; doing it in high school can develop that habit early.
A Simple Place to Start: 50/30/20
For students who want a framework rather than a blank page, Zach points to a simple budgeting split:
- 50% needs — housing, food, transportation
- 30% wants — entertainment, dining out
- 20% savings or debt reduction
Here’s what that could look like on a sample $1,500 monthly student income:
| Category | Amount |
|---|---|
| Housing | $500 |
| Food | $250 |
| Transportation | $100 |
| Phone/internet | $75 |
| School expenses | $125 |
| Entertainment | $100 |
| Savings | $250 |
| Miscellaneous | $100 |
A few more habits Zach recommends building early:
- Treat financial aid refunds like borrowed money, not free money. Every dollar not spent today is a dollar that doesn’t accrue interest later.
- Build a small emergency fund. $500 to $1,000 is a solid starting target, kept separate from everyday spending.
- Pay credit card balances in full every month. They can build credit, but only if they don’t become debt.
- Ask about student discounts on everything from software to transportation. It adds up.
- Budget by semester, not just by month. Textbooks, lab fees and parking permits don’t show up evenly, so plan ahead for them.
The Bottom Line
Zach’s advice for every student, no matter where they’re starting from, comes down to one rule: spend less than you earn, and save something every month, even if it’s only $25.
“The habits matter more than the dollar amount,” he says. “What you build now is what carries you through every milestone after this one.”
Take Stock in Children mentors like Zach show up for students well beyond the classroom, helping them build the life skills that make college, and everything after it, possible.
Interested in becoming a Take Stock in Children mentor?
Visit https://www.takestockinchildren.org/mentor-application/ to apply.