Help your college student create a budget

In this post we talked about the need for college students to budget. Now it is time to draw up a spending plan. These are techniques that helped our daughters live within their means. Both are in school and managing their own finances. This article talks about how we helped them create a budget they could live with.

Help your college student create a budget by asking about his or her weekly life activities. Consider how he or she likes to relax during downtime to how many snacks are consumed in a week. Estimate how much gas may be needed and how many parking meters may need to be fed.

Write down everything that you and your college student can come up with. This budget sheet may help. Expect a few extra necessities during the beginning of the school year. Laundry detergent, dryer sheets and personal supplies have to be purchased. Planning for these expenses will help your college student create a budget but may carry your student through much of the semester.

Once your list is complete, compare it with the anticipated monthly income of your college student. Chance are high that the two of you will trim a few expenditures. This can be painful for both the parent and child. The two of you may need to sit down several times to work this out.

Budgeting may be a new experience. It is always hard to watch your child struggle but try to avoid going into recuse mode too often. When you help a college student create a budget you are teaching skills that will last beyond graduation.