💰Understanding College Costs - PART 4 of 4 BUDGETTING💰
Let's talk about budgeting for college!
How can parents and guardians help their students get ready?
"Budgeting for college should be detailed and planned upfront. For room and board, understand the meal plan. Stick to it to minimize off-campus eating expenses. For example, if dorm food is closed on Sundays, factor that into your budget. Avoid ordering extra food if you have a meal plan. Determine how much extra you'll spend on food each week.
For dorm supplies, create a list of necessary items like linens and decorations. Remember, basic furniture is usually provided. Books are a significant expense, often $200-$250 per class. Look for used or rental options to save money.
Transportation is another key area. Consider bus passes, parking fees, and travel costs to and from home. Plan these expenses in advance. Beyond these items, you should only need to account for emergencies. Most college budgeting can be done ahead of time."
What tips do you have for parents helping their students with budgeting? Do you recommend initial reviews or proactive planning?
"Yes, I strongly believe parents should sit down with their students to create a detailed budget using available resources. This is a great opportunity for students to learn about money management. If they want more spending money, they can find on-campus jobs and experience earning and managing their own funds, which can change their perspective on money. It's also important to revisit and assess the budget regularly. I recommend reviewing it every three months—at the middle and end of each semester. Budgeting isn't a one-time task. Unforeseen expenses may arise, so adjustments will be necessary. It's truly an ongoing process."
-Sasha F.
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