Summer is just starting for most kids, but for college and university students it’s already halfway over. If you have a child who is off school and working for the summer, now’s a good time to see how their bank account looks.during the school year, and with a bit of planning that money can be a game-changer. A quick look
The key is to maximize this hard-earned money. There are three things parents can do to help their kids do that: make it motivating to save, set up a savings plan and establish a budget for the school year. Saving for a specific purpose rather than just adding money to a big bucket is also motivating. Sit down together and make a list of the education-related costs, then pick the ones your student will pay for. For example, they could pay for all of their groceries and spending money. These are tangible and measurable savings goals, which are helpful to have when planning.
Making student money last from September to April requires some planning. Before the school year starts, help them put together a budget for their spending. Make the best estimate possible for how much they will need to spend on groceries and set a budget for their discretionary spending.