The Budget-Your-Money Talk
Choosing how to budget for college looks different for every single person and a personal family decision to pick the way that works best for you and your student. But, it does raise many questions from parents as it did for us when our kids first left for college. Some of the most common and often asked questions from parents are “how much money should I give my student?” “Should I give them money weekly or monthly?”, “How do I teach them to budget?”, “Should my student get a job?” These questions are very personal to each family and their financial circumstances.
We pay for our daughter’s school, meal plan, books, and fees. Additionally, we worked out a budgeting plan as well for all other expenses. Since our daughter had worked the summer leading up to her freshman year, we decided to give her $100 a month to cover gas, snacks, toiletries, supplies, etc. but shopping, eating out, coffees, etc. came out of her own money. Also, once the $100 for the month was up, her expenses came out of her pocket unless it was absolutely necessary to pay for it.
For example, she had been given $100 for September, had used most of it on snacks, gas, and some school supplies when she noticed that her brake light cover was gone from her car. Someone had stolen it from her car so we did pay for this as well. Unusual situations like this, we tend to cover but we believe that college students will do things we would not approve of and have made it very clear that any expenses regarding partying fall under the “make smart decisions that you won’t ever regret” category.
We were also pretty adamant about her not getting a job freshman year because we wanted her to experience college fully, get acclimated with classes, and have free time to spend how she chooses. This did not stop her from taking babysitting jobs now and then and eventually taking a paid internship during the second semester of freshman year with HaveUHeard.
Our daughter had explained that she would be able to juggle the internship with school, clubs, and her sorority, and we agreed that it really was the perfect part-time internship for her. We had a conversation about how academics always came first and if it became too much, she would need to re-evaluate, but so far, having this internship has been such a great addition to her weekly routine of activities. We think when it comes to a job for your student, you have to evaluate the position available, your student’s ability to manage time, and their drive to succeed. We knew she wanted this internship and did not want to get in the way of me pursuing something that excited her.
Another great tip for your college student is having them get their own credit card. It is a great way for them to start learning how to budget themselves while building their credit for when they are out on their own. View some of our credit card recommendations. Going back to the questions in the first paragraph, how much money should your child get? While this is your choice, I recommend anywhere from $50-$100 per week. Should you give it to them weekly or monthly? Recommend weekly to start and see how it goes. Should they get a job? That really depends on the course load and if they can manage both.
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