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One of the biggest challenges outside the classroom for students adjusting to college life is learning to manage money. They’re suddenly responsible for paying for all sorts of things on their own, from textbooks and groceries to laundry (you hope) and maybe an occasional haircut. With the convenience of buying and ordering stuff with a smartphone or debit card, it can be easy to let little purchases add up to a financial headache.
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By Suzanne Shaffer and CollegiateParent
The parent’s role? Help your student make a budget and keep an eye on the money going in and out of their bank account. Printable budget worksheets are easy to find online, including on your bank’s website, and there are many good smartphone budgeting apps, too — Mint is a favorite.
The Fall Term Spending Money Budget If you didn’t do this before the start of the school year, take time now to make a list with your student of their likely flexible/ recreational expenses (everything besides tuition, room, board and student fees — although if they’ll contribute to these, put them in the budget as well).
