Budgeting in College

While keeping track of finances may not be of concern to some students, it is a valuable skill to learn for all. Students should take the time to sit with their family and discuss budgeting before arriving on campus for freshman year. Many unexpected expenses could arise and it is important for students and their families to establish a plan for how decisions about these expenses will be made and how they may be paid for.

After the first major decision of how the direct expenses (expenses paid directly to the school) of tuition and fees and room and board will be paid for, families have to take into consideration the indirect expenses which will most likely be incurred. These usually include transportation, books and supplies, and personal expenses such as health insurance. Creating a list of these expenses and calculating what is expected to be needed monthly will help families understand what funds are necessary before the bills come in. A plan should be in place for paying for these expenses before the student sets off for college.

In addition to the expected expenses, it is a good idea to budget for the unexpected such as additional trips or activities the student may want to do and other discretionary spending for the student. Where will these funds come from? Make a plan!

Many students already have their own checking account from saving and working while in high school, but if they do not, it is time to set one up together. Many banks offer a free checking account, but it is worth considering banks local to the college first in case an issue arises. Parents can easily send money to the account as needed and get access to the account summary (if student agrees of course).

There are some very helpful programs to assist with keeping track of budget and spending and it is great practice for life in the 'real world'. Mint is a free program which allows you to set a budget for different categories, keep track of all expenses and bills, and make sure you make your payments on time. At any time you can log in to see where you stand for the month and get a good look at how well you are staying on budget. They also have a mobile app which is perfect for today's students who never go anywhere without their phone.

Should students get a credit card? College is a great time for students to get their first credit card not only to have in case of emergency, but also to begin building their own credit history. They can also begin to acquire points for spending. As long as the student understands what the card should be used for, payments are made on time and you choose one with no fees, it is a great thing to have. Take a look at NerdWallet's May list of Best College Student Credit Cards to get an idea of the associated details to consider.

Keep in mind as you are budgeting for future years that you need to fill out the FAFSA each year to continue to receive financial aid and you can continuously apply for outside scholarships throughout the student's college years. If you have any major changes in your financial situation which would increase your need, be sure to communicate that with the financial aid office as soon as possible.

Make a plan, talk about it, and continue to communicate the importance of budgeting and discussing expenses after the student is on campus. It is a lifelong skill we all need and an important part of your student's journey to adulthood.

UnMAZED Magazine

Teen and parent resource for academic and personal success written by educational experts.

I recently started contributing to a new online magazine called UnMAZED - a teen and parent resource for academic and personal success written by educational experts. Although many of the contributors are from FL, we all provide advice which can be helpful to students and parents across the country. The next few months will be highlighting topics around the college process, with July's issue focusing specifically on advice on campus visits and finding the right fit. Check out the website to subscribe to the newsletter and access articles and other resources from experts dedicated to your student's success!

Parenting Your Child Through the College Application Process

While helping your child search for and apply to college is an exciting time, you are most likely battling both of your feelings of stress and anxiety on the side. Here are several tips to tackle those feelings and help you and your student along the way.

Listen – This process is about your child discovering themselves and their dreams. Although they may not have an exact idea of what they want, you can definitely help them if you only listen. The college search is about finding what fits them, not what fits you. Understand what their strengths are and help them go from there. You may think you know what is best for them, but this is a time for you to listen and learn from your child. Let them direct the search. Ask questions instead of giving answers.

Visit – You may have read my previous post about campus visits, but if you have not, do not underestimate the importance of them. Touring schools gives your student the chance to learn more about what they want from their future college and helps them fine tune their search to schools which are a better match. Go on the tours with them, notice what gets them excited and ask them questions to help them ground their opinions along the way. It is a great time for some family roadtrips!

Do not focus solely on those big names and rankings - If you have Googled schools or discussed them with your friends or peers, chances are the famous (or infamous if you ask most college counselors) U.S. News & World Report rankings have been mentioned. While those lists are undoubtedly filled with great schools, there are thousands more out there worthy of consideration. Those rankings are created using questionable data and leave many important factors out of the picture (read this Washington Post article for more on that). If you only focus on those lists or the big name schools, you are missing out on finding others which may be much better matches for your student. Not only that, you are adding to the anxiety and pressure your student may be feeling to get into one of those schools. You want them to be comfortable with wherever they are accepted, not setting them up for a potential let down.

Teach self advocacy – you can use this time to teach your student to advocate for themselves if they are not already. Once they get to school, you won't be there to call their professors or take them to their doctor's appointments. Let them take ownership of this process and teach them to take care of themselves. If they need something for their applications, let them be the one to ask their counselor or teacher. If they want more information from a college or would like to contest a financial aid award or admissions decision, they need to do this for themselves. In fact, it is viewed poorly when a parent contacts a potential college on behalf of their perfectly capable child. Send them off to college knowing they can take care of themselves!

Last but not least, remember that where your child goes is not a reflection of your parenting success. Yes, you can most likely attribute part of their success in high school to your parenting and support. Yes, you probably had an affect on their decision to go to college and where they are going. However, the school and career path they choose is their own and in no way should you think less of yourself as a parent because of their decision. Your child is becoming an adult and their choices are their own to make. Congratulations on making it this far and enjoy your time left with your child at home!