Murray assumes most parents covered the basics by high school. "We're kind of assuming here that once somebody's in high school or going off to college, that their parents have already taught them a little bit about needs versus wants," she said. Even so, young adults need to practice spotting the difference and dodging impulse spending.
Credit comes next. Murray wants parents to explain that credit history lives with you for a while. A lousy score after graduation can make renting an apartment difficult, she said, no matter how good the job is, unless someone co-signs.
Privacy is the overlooked lesson. Teens with open Facebook or Instagram profiles are "spraying it all over the place," which can hurt them financially and put their safety, and the safety of people around them, at risk.
For families in Lubbock with a teen about to leave for school, the checklist is short and cheap. Keep a note on your phone. Jot down every expense, even cash, and round the numbers off. No spreadsheet required.
Look back at that list and the reaction might be Murray's own: "Oh, dang, I had this and I had this."