Page 17 - UMKC Parent and Family Insider

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U READY?
One parent recommended a student checking account linked to the parent’s account. “They use their ATM card as needed but you can see everything they spend $$ on.” Her daughter receives a monthly allowance which is easy to set up as an automatic transfer; they can both view her spending habits and increase the allowance if needed for legitimate expenditures “or cut back if she’s eating too much fast food.”
Some parents help their students budget by taking charge of the student’s own earnings and then doling it out in monthly installments as an allowance. Others
put their students on their own credit card accounts — again, they can see the charges and talk about it.
Working during the school year
To keep money coming in, many students get campus jobs, even if for just a few hours a week. Parents agree that it’s important to prioritize studies and co- curriculars. One said of her daughter, who has had several campus jobs, “she likes to make money and she likes to be busy. As she has gotten more involved in campus activities, she has cut back on her jobs.”
Many students don’t work during the academic year and there are good reasons for that, too. One dad said, “We’ve taken the position that our daughter’s job is school. We’re trying to give her four years of experiences that will help her grow as a person and ind a direction for her career. She’ll be working for a long time after college!”
Final thoughts:
• Encourage your student to think ahead about the extra expenses that might go along with a semester abroad (primarily extra travel while in another part of the world).
• “If big expenditures come up — a new phone, car repair — we talk it through and usually split the cost with them.”
• Revisit inancial needs and also the intensity of your student’s schedule (increased academic pressure, etc.) each semester or year.
Money-saving strategies
1. Rent textbooks or buy used
2. Make the most of AP/IB credits from high school
3. To reduce room and board expenses, apply to be an RA (Resident Assistant) after freshman year
4. Apply for inancial aid and scholarships each year
5. Graduate in four years (consider summer classes if necessary;
this will cost less than another full year of college)
6. Leave the car at home (use public transportation, a car sharing service like Zipcar, or a bike)