One of the most important jobs of any parent is to prepare their child for the challenges they’re going to face in life. Getting your youngster ready for college is an excellent example of this. While going to university and earning a degree can improve any student’s chances of a high-paying career and more opportunities later in life, it comes with numerous hurdles to overcome. As a parent, there are numerous ways you can help your teen to manage the transition.
You can help them develop schedule management and time management skills, so they’re more likely to make the most out of their time each day. You can help your youngster prepare for everyday tasks like laundry and making their own meals and offer them advice on handling stress. However, one of the most important things you can do as a parent, is make sure your child is financially prepared for the costs of going to college. Here are just some of the best ways to help prepare your child for the costs of higher education.
Introduce the Benefits of Budgeting
You don’t have to wait until your child is ready to go to college to teach them how to effectively manage their money. As your youngster enters their teenage years and starts leveraging things like weekly allowances and earnings from part time jobs, teach them how important it is to create and follow a budget. Helping your child to understand just how valuable budgeting can be is a great way to ensure they won’t get into any dangerous financial situations in the future.
You can introduce a range of different budgeting methods to your child, from budgeting to zero, to using envelopes to help segment cash for different purposes. You could even walk your child through how you manage and create your own budget. The key to success is helping them to find a strategy that works for them. Remember, their method of budgeting may be very different to yours.
Research Ways of Cutting College Costs
While budgeting can help your child to navigate the expenses of going to college more effectively, the less they must pay for, the less stressful their experience is likely to be. It’s worth working together to find opportunities to potentially cut the costs of their education. You could discuss different schools with your child and ask them to consider their options based on how much they can reasonably afford to pay for lectures, travel, and accommodation.
If your child has their heart set on a particular course, consider looking for scholarships and grant opportunities which might pay for a portion of the costs associated with going to college. There are various scholarship websites out there which allow students to quickly apply for funding based on their interests, skills, and other factors.
Explore the Costs of College Together
Part of ensuring your child is prepared for the financial impact of going to college is making sure they understand just how many expenses they’ll need to deal with. It’s easy to forget that the costs of college aren’t limited to just what you’ll pay for tuition. Sit down with your child and create a list of all the items they’re going to need to find cash for when they start their education.
This could include everything from books and study resources, to travel for getting to and from classes, accommodation if they’re planning on living away from home, and food and utilities. Giving your child a clear view of how much college will cost, and the options they have for making student life more affordable will ensure they don’t get a nasty shock when applying for courses.
Help Them Apply for the Right Loans
Unless you’re in a position where you can potentially pay for your child’s entire education out of pocket, there’s a good chance your youngster is going to need to take out a loan. Making sure your teenager knows how loans work, and how they’ll be expected to pay back what they borrow is a good start. However, you can also help your child look for the right loans, by assisting them in comparing different public and private lending options.
Another way you can help your youngster apply for the right lines is to consider cosigning their application. Cosigning a loan can ensure your child has access to better terms, rates, and conditions, however there are pros and cons to this strategy. You can go here to help you decide whether cosigning a loan is likely to be the right option for you.
Share Frugal Tips
Finally, there’s a good chance you’ve discovered a few ways to save money and reduce costs over the years. Maybe you always create a shopping list before you go out to buy food, or you have a few websites you use to assist you in finding voucher codes and discount coupons online. Sharing these tips with your youngster is a great way to help them to manage their money more effectively.
Your child may decide not to use all the tips you provide, but at the very least, you’ll be able to show your youngster how important it is to be considerate of how they’re spending money. You could even get together each week or month via video call or in person to discuss how you’re planning on saving cash in the weeks ahead.
Help Your Student Prepare for College
Ultimately, college life can be expensive for any student. Many youngsters need to learn how to live frugally fast, and they can often struggle with making their budget stretch. However, with a little help from you, your child can navigate the challenges of gaining their degree with as little stress and strain as possible.
You might not be able to pay for your child’s college education completely, or bail them out when they’re experiencing money worries, but you can let them know they have support and guidance they can access whenever they’re having a hard time. For a student transitioning into college, the support of a parent can be more valuable than anything else.
Why pay for news and opinions when you can get them for free?
Subscribe for free now!
By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact
BUSINESS1 day ago
Baer says exposure to single group tops 600 million francs, as Signa crisis deepens
INVESTING1 day ago
UK’s FTSE 100 dips on miners, energy drag
FINANCE1 day ago
BoE’s Bailey says getting inflation to 2% will be ‘hard work’
INVESTING1 day ago
Marketmind: Markets turn risk-averse after bumper month