Parents & Family

BUDGETING AND BALANCING: HELPING YOUR STUDENT MANAGE MONEY

Mid-morning cappuccino drinks, 3 p.m. candy bars and late night pizza can tempt the taste buds. But they aren't so good for a student's swipe card when done on a regular basis. While adherence to a formal budget isn't likely, there are ways to encourage your student to be cost conscious.

Many first-year students err in overspending during the first semester of college. Below are a few tips that may help your student manage expenses.

Balance activities

When going out with friends, students should try to balance cost-associated activities with free or inexpensive ones. BW offers an array of free and reasonably priced activities, including concerts, theatre presentations, speakers, Thursday Mid-Night Madness events and more.

Resist habitual spending

The convenience of vending machines and fast food venues makes it easy for students to fall victim to habitual spending when it comes to buying snacks, beverages and other items. Similarly, frequent trips to the mall can erode student budgets.

Set money aside

Encourage your student to automatically set aside a certain portion of money for savings or for special activities like a study abroad program, an out-of-town conference or other rewarding academic experience.

Limit credit card use

For some students, credit and debit cards can be problematic if they are not disciplined in spending.