Dear Dave,
My son is about to go off to college, and Iím concerned about how heíll handle his money when he gets there. Weíve taught all our children how to use your envelope system, and to save and give, but Iíd like some advice on how he can safeguard his finances a little better.
ó Ashley

Dear Ashley,
If you havenít already covered it, he needs to learn to utilize a debit card†and reconcile a checking account. Set the account up in your name and his, so you can follow whatís going on in the account. If thereís an issue, this gives you easy access so that a minor incident doesnít become a huge problem.

Right now, the best way for him to learn is to make educated, informed decisions on his own and to stand on his own two feet. Youíre there for guidance at this point ó not control. Iíd let him use a debit card, cash, and have a few simple envelopes†for expenses. Also, he needs to report back to you monthly whatís going on with the budget. What Iím talking about here isnít control; itís a simple, regular review and coaching session on finances. This is an exciting time in your lives. Youíve laid a foundation, and itís time for this little one to spread his wings a bit. Together, you can make sure heís learning and living the way a young man should.

Leasing equals financing
Dear Dave,
What is your opinion on leasing cell phones?
ó Monica

Dear Monica,
In most cases, leasing†something is just another way of financing. I wouldnít lease anything, apart from a building or office space for a business in the short term.

There are almost always hidden conditions and a few ďgotchasĒ hidden in the fine print of leases. Besides, leasing a cell phone? Really? Come on. If you canít pay cash for something like a cell phone, it means you canít afford†the phone. Itís as simple as that.

ó Dave Ramsey is CEO of Ramsey Solutions. He has authored seven best-selling books, including The Total Money Makeover. The Dave Ramsey Show is heard by more than 13 million listeners each week on 585 radio stations and multiple digital platforms. Follow Dave on the web at and on Twitter at @DaveRamsey.