College is an exhilarating time. For many young adults, it’s their first taste of independence and living away from home. But having more freedom shouldn’t mean free spending.
That’s why it’s important for parents to talk to their college-bound kids about how to make the most of a limitedbudget. After all, it’s not something most students learn in the classroom.
So, before your kid heads to campus, share these tips on how to manage their money when they are away at school.
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Money Management 101
Create a Budget
1. Set a monthly spending limit
2. Create categories to track spending:
Food
Personal items (clothing)
Textbooks and school supplies
Safety (health and car insurance)
Recreation
Travel
The unexpected
Tip
Practice using your budget before you
get to campus.
Stretch Your Meals
Reserve eating out for special occasions
Stretch meal plans with to-go boxes
Make meals in your dorm
Tip:
Rack up fuel points at the grocery store to save on gas.
Thrift Favorite Outfits
Buy and sell gently used clothes online with sites like thredUP and Poshmark
Tip:
Look for student discounts with your college IDs at restaurants, stores, museums and movie theaters.
Buy Books Like a Pro
Do comparison shopping online
Buy early for better deals
Look for used books and older editions
Rent or share books with a classmate
Tip:
Sell books as soon as the semester ends.
Share Your Insurance
Stay on your parents’ health and car insurance
Look for student insurance plans
Tip:
Check for discounts for filling prescriptions at a certain pharmacy or via a mailorder.
Be Persistent
Stick with it even if you get off track
Tip:
Use free online budgeting tools
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