When I think back to my college days, there were many good memories, but managing money in college was always very difficult. I recall us scraping together enough money to put fuel in our cars for us to go out for the evenings. We would frivolously spend money that we would have on various nights out, takeaways, getting clothes, and other random stuff. There was no formal training on how to manage money at school and college, and if I had to go back, here are some essential lessons I wish I knew.
Living within your means
Living within their means is possibly 1 of the best lessons that can be taught to a college student. Regrettably, most of them leave the house without studying how to be financially responsible. Students ought to be encouraged to seek a realistic spending budget. Right after tuition and board have been paid, parents really should assist students in forming a weekly or monthly budget to cover food, entertainment, and any other items that come to mind.
Insurance coverage
Everybody realizes that college children these days are mostly spoilt. Some leave home with giant flat-screen TVs, many computers, and even games consoles. Do you genuinely want to be left with the monetary burden of replacing these items, really should something occur to your child's residence? Most likely not, which is why you really should ensure that your insurance covers these goods. Personal property in a dorm must be covered by homeowners insurance, but those living off-campus might be left without any protection. In that case, renters insurance ought to be adequate to protect your child's belongings.
Is an automobile a necessity?
That brings us to the final point, an automobile. Does your child need to have a car on campus? It might be handy on the weekends, but the price of keeping that car there might outweigh the benefits. Bear in mind it is not just the expense of fuel, but you also have to factor in parking passes and insurance. Parking passes can run into the hundreds depending on exactly where your child attends college.
Thank you for reading and hope you have a good rest of the day!
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