College is full of hidden costs: that extra pizza delivery, a special concert, the newest tech toy, a necessary college sweatshirt, or a much-needed trip home or to visit friends. The easy access to plastic makes it easy to put off paying these costs until later but, ultimately, pay up you must.
When considering college costs, it’s important to include these unforeseen expenses in your college budget, and also to consider how they’ll be paid. The new college-issued student cards that allow students to charge not only meals and books but also tech toys, groceries, and college supplies at both the university bookstore and neighboring shops may actually increase these extra expenses by making it simple to put them on the family’s tab. It’s also really easy to run up big cell phone bills talking to friends on other campuses. Before your child leaves for college, a heart-to-heart talk about finances is in order.
One place to save at college is on the college meal plans. Often, colleges require students to subscribe to a minimum number of meals. Choose a plan that fits your child—there’s no point in paying for meals that your child will not eat. Many students prefer the opportunity to cook some of their own meals. Place some additional money in a flexible spending account or consider a low limit credit card to help your child manage extra expenses. A prepaid calling card is a good way to avoid those high cellular bills.
Ask your child to look for opportunities to save or earn money while at school. Textbooks can be bought used and resold at the end of the semester. Students can consider a co-op program and get paid while exploring a future career. Part-time jobs are a good idea. Many students benefit from the additional structure that a job adds to their week as well as from earning extra spending money. Even without Federal Work/Study programs, many jobs are available on or near campus. Most students can work 10-15 hours per week during the academic year and full-time during the summer.
If money is really tight, consider earning some credits at a lower-priced institution, or by meeting some degree requirements through CLEP (College Level Placement) exams.
