This is a budget lesson that will serve you in the future!
Some students really do keep to a budget. Well, sort of. I admit, it was hard telling my daughter, as I watched her weekly allowance dwindle, that she better be a bit more frugal or stock up on something super cheap for her next few meals until her next allowance came. Her spending was her responsibility to keep up with, and she became aware of that when she ran out of money. It was good for that to happen to her though, because of that, she began to be intentional about budgeting and wise spending.
At orientation we were inundated with information about all sorts of things; from FAFSA forms to meal plans. However, no one ever really elaborated on the best way to handle finances when it came to how much to give your student on a weekly or monthly basis. Perhaps this is because it will vary based on need, ability, preparedness to handle the responsibility, what an allowance should cover, and so on.
Honestly, the first and the main question is, what will their allowance cover? I absolutely will not pay for alcohol. I am not sticking my head in the sand and pretending kids won’t go out and drink, but I don’t have to pay for it either. They can use their own earnings for that stuff. Books and school supplies were to go on my credit card (which was also there for emergencies.) Money for food will vary depending on whether you choose the meal plan or the grocery route.
UGA also has Bulldog Bucks and Paw Points which are dollars loaded onto your student’s UGA ID to be used at vending machines, on-campus dining, and markets throughout campus. The general consensus among parents whose students have no meal plan but a kitchen, $75 a week seems to be the most popular amount for eating 7 days a week and also being able to load $20-$30 a week onto your UGA ID for a few meals on campus.
Weekly, Monthly
It is very easy in college to stick to a weekly or monthly budget on groceries, since most college kids do not cook, it is very easy to spend your week eating peanut butter and jelly, deli meat, or frozen dinners. If your student does have a meal plan, encourage them to bring snacks back from the dining hall with them such as bagels, fruit, or hard-boiled eggs. These are delicious, nutritious, and not something you have to spend grocery money on. If your student does happen to run out of money, there is the UGA pantry that is available to all students as long as they present their student ID. They can grab snacks, nonperishables, and canned goods once a week to get them through and make sure they are eating.
There are also plenty of coupon apps and money savings restaurant apps that make it easy for students to gain points towards free items at restaurants, which is always nice. A fan favorite among most college students is shopping at Kroger because of the discount you get on gas when plugging your phone number in at checkout. Also have them check out apps like Pocket Points, Zupp, and Stealz. They all offer discounts, alert to specials, and help students find good deals in one way or another. Tell them, too, to check out some of their favorite places to see if they give a student discount, money off if you check in on Facebook, or have weekly specials. We also have an Eating on a Budget blog that has great recommendations for how to eat out and get discounts.
Aldi is a super affordable grocery shopping center; they just need to bring a quarter to use a shopping cart and bring their own grocery bags. Eventually, they will find all the deals out there and, when they can manage their money after college, they will thank you. Well, they probably won’t thank you, but knowing they are eating and sticking to a reasonable budget is thanks enough for this mom. And by the way, don’t expect them to take you to these budget-friendly places when you visit. That is when they will be hoping for a meal at all the restaurants they presently can’t afford.
We also recommend allowing your students to have their own credit card, when used wisely, this is a great way for them to build a line of credit while also learning how to pay bills responsibly. Pass on these great tips, tell your friends and like us on Facebook, Instagram, Twitter, and Pinterest. Find out more about how to use HaveUHeard as a great resource. Sign up for other great tips at haveuheard.com.
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