Parents, Here are Some Things You Need to Teach Your Student About Money Before They Go to College

Flickr user Eli Duke

Flickr user Eli Duke

As a grown-up, I can hardly manage my budget wisely at times, especially when you are a woman being in love with books, online courses, and all the “know-how” in the educational and writing fields. Just imagine how hard it would be to keep all the expenses under control, if you were a college student.

To prevent unexpected costs, you’d better help your kid get into the habit of planning daily expenses. It would be even better if you demonstrate how it works in practice and show why it is worth doing. The more examples you can provide, the more persuasive you will be.

By teaching how to manage money, you make a great investment into your kid’s future. Otherwise he or she would certainly face the same overspending problems as me in the past. So, these are a few practical tips, which I find helpful when dealing with money as a college student.

Planning Some Budget for Impulse Purchase

It’s very important, indeed. Remember the time when you went to college? Did you have many spontaneous ideas on what to spend your allowance on? Put yourself in your kid’s shoes and think of what moderate amount of money can cover these unplanned costs. When disregarding this, children tend to feel more pressure and therefore become more inclined to break budget limits. You are sure to know the real value of getting rewarded, so let your student get encouraged too. This will positively affect their performance and motivate to further upgrade their budget-planning skills.

To simplify the task, help your child choose a mobile app that would be easy-to-navigate and fast. Check out Slice, CheckPlease Lite, Pocket Budget, or something alike to find the right solution.

Keeping Track of Student Discounts and Sales

This can turn to be a rather engaging activity. Draw up a list of the stuff that might be required during a current academic year and start surfing the web. Pick up the stores with the biggest assortment to offer and add their sales dates to a calendar on your kid’s device—or better yet, encourage them to do it themselves. Additionally, you can set reminders to schedule shopping time and prepare a shopping list well in advance.

To avoid doing this on one’s own, use the search bar to type in “discounts apps” and find the one that matches your child’s needs the most. Now many apps have an intuitive interface and divide all the stores and online services into a number of categories like takeout & delivery, adventures, clothing, etc. Personally, I find the apps with a separate section for current deals of great help too.

Track freebies. There are lots of concerts, movies, performances, or outdoor activities arranged at no cost. It doesn’t mean though that they are worse than their paid alternatives. The only thing left to do is to stay well informed.

Exploring Sources of Extra Income

If your child is good at math or writing, this can become a good source of extra income. While tutoring, students can polish their own knowledge and help others avoid pitfalls.

With a huge number of opportunities to do work remotely, college students can intern too. This may also help obtain a new experience and acquire practical knowledge as well as earn extra money to be spent the way your child wants.

For those students who adore writing, guest posting might become both pleasant and lucrative. There is a myriad of blogs out there welcoming such contributions.

So, take time and create an action plan together. Be a good mentor for your kid to ensure success in their endeavors.

Interested in additional budget and personal finance posts? Check out our other articles below that help colleges students manage their money.

And be sure to use College Raptor’s free match tool to discover potential financial aid and personalized net price estimates at schools around the country!

 

Lender Rates (APR) Eligibility
Sallie Mae logo.
1.13% to 11.23%1 Variable
3.50% to 12.60%1 Fixed
Undergraduate and Graduate
VISIT SALLIE MAE
Credibe company logo.
1.04% to 13.19% Variable
3.00% to 14.14% Fixed
Undergraduate and Graduate
VISIT CREDIBLE
Lendkey company logo.
1.49% to 7.64% Variable >800 FICO
3.99% to 7.64% Fixed
Undergraduate and Graduate
VISIT LENDKEY
Ascent company logo.
1.82% to 11.32% Variable
3.27% to 12.46% Fixed
Undergraduate and Graduate
VISIT ASCENT
College Ave company logo.
0.99% to 11.98% Variable
2.99% to 12.99% Fixed
Undergraduate and Graduate
VISIT COLLEGE AVE
3.47% to 6.11% Variable
4.60% to 7.40% Fixed
Undergraduate and Graduate
VISIT ISL
Earnest company logo.
1.04% to 11.44% Variable
3.34% to 12.78% Fixed
Undergraduate and Graduate
VISIT EARNEST
1.20% to 11.59% Variable
3.31% to 11.99% Fixed
Undergraduate and Graduate
VISIT ELFi
1Variable interest rates start from 4.12% APR to 10.98% APR. We also offer fixed interest rates from 5.74% APR to 11.85% APR. Click here for important information. Terms, conditions, and limitations apply.
College Raptor is not a loan lender and does not assume responsibility for suggesting a loan to a user who may not be eligible for it. Rates, terms, conditions, eligibility, approval, and other considerations are the decisions of the lenders and may vary depending on which lender or marketplace the user selects. We urge users to carefully consider and review all loan options and terms before committing to taking out a loan.

Leave a reply

Your email address will not be published. Required fields are marked *