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. Below are a few tips that may help your student manage expenses.

Balance activities

When socializing 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. Many of these events are being presented virtually this year, but during non-pandemic times students also have free access.

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 on and off campus.

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. Encourage your student to limit online shopping.