Sending your teen off to school is an expense; help them find ways to learn how to save for the unexpected.
As parents, you have saved for college tuition or your teens received scholarships, student loans or graduation gifts for the expense of college. However, you might be now beginning to realize how much “extra” there is still to pay.
Working for College
Books, pizza and specialty coffees add up quickly by the end of the semester.
Area moms say saving during the summer seems to be the crucial key for students. Additional cash is needed for unforeseen expenses and social excursions.
While work/study programs offer an option to earn money during the semester, students who work part-time during summer or while in school tend to adjust quickly to college life and learn valuable communication and time management skills. They can also possibly gain references for the future. In fact, the U.S. Bureau of Labor Statistics found that students who worked between one and 20 hours a week get better grades then students who do not work.
Caroline Boyd, 19, of Fairlawn, makes her extra spending money by working two jobs in the summer and one while she is in school at The University of Akron.
“She is a manager at Aladdin’s and has made the dean’s list both semesters so far,” says her mom, Lisa Cugini.
Your student may also look for a part-time job or paid internship in their field of interest or major. What may seem like just a temporary job to make extra cash, it could lead to a connection or experience, which helps a student down a future career path.
Nancy Babak of Bath, with two daughters currently in college and another heading to college soon, says, “My middle daughter is going to work in a hospital as a nurse technician. She will be working in her field (nursing) getting experience and it will give her flexible hours and a foot in the door for when she becomes an RN.”
You may want to check the university’s website for direction. Look for the university’s Financial Aid/Student Employment web pages to get your child started.
Making a Plan
Whether or not you choose to help your child with some of the extra expenses, it’s good to have a plan in place before they head off to school to minimize any confusion.
“Our advice is that it’s best to have open discussions about money issues, before college starts and then on a regular basis through the college years,” say Jeffrey Jensen Arnett and Elizabeth Fishel in book “Getting to 30, a Parent’s Guide to the 20-Something Years.”
“Sit down together the summer before college and work out a budget for the first semester. Figure out how much the expenses are going to be, and then decide who is going to pay for how much. Also, have the student keep a record of how much was spent and on what. At the end of every semester, calculate how everything worked out and adjust next semester’s budget accordingly.”
A Bay Village mom of five says, “We set the expectations ahead of time so they can make decisions about school. For example, we pay for four years of college, period. They can take classes in the summer (at the community college) if they are behind. But, if it takes longer than four years, it’s on them.”
“My oldest, Nate, is about to start his second year of college,” says Jocelyn Bidwell, of Copley. “As far as tuition, room and board, he applied for and used scholarships and federal loans and we paid the rest. He is responsible for all other expenses including books, snack foods, spending money and any extras. He’s had a job at a pizza place since he was 16. He has chosen to continue to work there while attending school at the University of Akron. Because he makes the bulk of his money during the summer, he needs to budget that money throughout the school year.”
“Ali works in the summer to save for spending money at college,” says Amy Nageotte, from Westlake, of her daughter who will be heading to University of Wisconsin this fall. “Being a scholarship athlete (for golf) we have decided that she will not have time for a job at college. So she has to budget her funds to last for the school year for going out, pizza, Panera, Starbucks, etc. (Books are on scholarship.)”
Some Ways to Save:
Books
If books aren’t covered by scholarships, there are a variety of ways to save for this expensive expenditure.
“(Nate) discovered after his first semester that you really don’t need to buy all your books (new) — many are online and some are not used,” Bidwell says.
They can also ask their professors about which books are going to be used first and possibly space out the purchases.
Depending on if professors request a certain edition of the textbook, the library can be a terrific resource, while thousands of titles are available on Amazon.com. A simple “used textbooks” search provides options of hardcover, paperback and Kindle versions, some which can be bought or rented.
Textbooks.com also offers buying and renting opportunities and free shipping for orders over $25. You can also find eTextbooks on the site, which are digital, downloadable versions of print textbooks.
Don’t forget to allow time for delivery when ordering online. And even if he or she is buying books on campus, remind your student not to wait until the day before classes begin to head to the bookstore.
Campus Cuisine
One of the top priorities in a college student’s life is food, but eating can become a major expense if a plan or budget is not put in place before they head to campus.
If you don’t want him to exist on Ramen Noodles, help your child find the right meal plan for his tastes. Universities offer a range of plans to fit every appetite. Then encourage your child to use it to its full potential — find out if taking food to go from the dining halls is an option, are there on-campus coffee shops that are covered by the plan?
Another mom suggested students find out which campus-area restaurants and eateries will accept your child’s university meal plan card. For example, Kent State’s FLASHcard with the FLASHcash plan is accepted at places such as Robeks, Panini’s, MaryAnn Donuts and Penn Station East Coast Subs. This information is often found on the university’s website.
And tell them to remember to always look for or ask about student discounts. Remind them to keep their student ID with them. With a little research and creativity, those extra expenses can be cut down without your student missing out.
More Ways to Save
• Kick the bottled water habit; a refillable water bottle and a tap are all they need to drink for free. Many bottles offer filter options as well.
• Does your teen love that morning (and afternoon) cup of Joe? Buy a quality coffee maker; it’ll save them hundreds of dollars.
• Is she a movie buff? Remind them that matinee showings are much cheaper, and to look for free movies on campus.
• Look for free events in student newspapers, such as Kent State University’s “The Daily Kent Stater” or Case Western Reserve University’s “The Observer,” which can be found throughout campus.
