Hubby and found out early that college students need to budget their money. It's back to school time and many students are moving away to college for their first semester. Soon, many of them will be phoning home to ask for money. Before you reach into your wallet ask yourself if you should.
We successfully put the information in the next two blog posts to work with our daughters. One is in college the other is in graduate school. Both manage their own expenses.
We love our kids and want to help them. One of the life lessons that has to be learned is how to manage spending. College students need to budget their money. Parents need to help them learn. It is that simple.
It's important to have a financial talk before your child heads off to the university. Prepare for by thinking of what you did or needed at college. Look at the information from the college of your student. Is the dining hall open every day of the week? How much money might your child need for the days it is closed or when the coffee runs out during a 3am study session?
Next it is time to talk with your college student about the budget. Determine how much monthly income your college student may earn. Factor in all income streams and any money you may give your student. Once you have worked together to come up with a monthly figure it's time to figure out how the rest of the budget. (more...)
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