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 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 they 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.
Connect Your Accounts with InRoads Connect
When they need money, they can request it with InRoads Connect available for free in Online and Mobile Banking. You can even pay them for their grades. Plus, InRoads Connect can help them learn about budgeting and financial planning.
Check out our article check out our article with helpful links for college bound students for solid advice on how to save for college and pay for it if you’re already there. 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 or text 503.397.2376 or stop by any branch.