Page 16 - UMKC Parent and Family Insider

16
The first step is to talk about who will pay for what (beyond tuition, room and board; this is a separate strategy session). For example, one college parent said, “We paid for textbooks freshman year, but after that they knew what to expect and could cover those expenses.” In addition, “We sent them off well stocked with clothing,” but after that they paid for their own clothes except for a few special items (interview suit, nice dress, winter coat).
Other expenses to discuss:
• Recreational travel (spring break?) • Electronics and school supplies
• Personal items (toiletries)
• Sorority/fraternity dues
Once they understand how much they may need each semester, students can evaluate their savings. Will they need/want to work part-time during the school year?
Allowances and parental supervision of spending
Some families give their students a monthly allowance to supplement the student’s own earnings. After the first year, especially for students making good money through summer employment, an allowance may no longer be necessary. The opposite can happen, too — an upperclassman with an unpaid summer internship may need a cash infusion the following year.
MONEY IN AND MONEY OUT
By Diane Schwemm with Suzanne Shaffer
Families can help their college students make and keep to a spending money budget each semester.
fff• •
• • • • •
Share of the phone bill
Linens and residence hall furnishings
Laundry money
Food/drink outside of the meal plan Entertainment
Local travel (bus pass)
Travel home (train, plane)