Stay Focused on College Expenses
Do you have a child that’s in college? Tuition, books, housing and more can add up fast. So can all the little things, like pizza, dates, movies, and music. There are a few tricks you can instigate that can help keep your college student on budget and on course.
Freebies are Important
College is a unique experience and your student is going to want some money to fully enjoy every minute of it. Encourage your future college graduate to look for no-cost, on-campus activities. Most colleges offer movie nights, free concerts, and clubs. Some even have bowling alleys, tennis courts, and intermural sports leagues. They’ll get a lot out of it and you’ll save some money.
Control the Cash
It’s not easy to say “no,” but it is necessary to set boundaries. Some parents have found success by writing up an agreement that clearly specifies how much cash you are willing to give each week or month. It’s a great way to keep your student on a clear budget, and your checkbook out of the red.
Show Them How to Track Their Spending
Show your college student how to balance a checkbook, check online banking, or even track their spending in a notebook. It’s important they keep track of every penny, whether they have a debit card, cash, or a credit card for making purchases.
Check out our article Planning Ahead and Paying for College for solid advice on how to save for college and pay for it if you’re already there. Don’t forget that we offer our annual Video Scholarship to high school seniors. If you have questions about starting your own college savings account or want to access the equity in your home to pay for school, call at 503.397.2376 or stop by any branch.