7 budgeting lessons to teach your teenager before they head to university
Make sure they know how to manage their finances before they fly the nest.
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Your support makes all the difference.The newfound independence at university can be overwhelming for many teenagers who are used to relying on their parents for food, laundry and money.
Meals and clean clothes don’t just magically appear when you live in university halls, so make sure you teach your child some important life lessons before they go.
Starting university in a new city far away from home comforts can be a scary prospect for many young people, so here is some budgeting tips you can pass on to them, that will help get them off to a flying start…
1. Plan a monthly budget
Help them create a monthly budget before they leave as preparation is key.
“This includes estimating their income – factoring in their student loan, part-time jobs, or any parental support they may receive – and their expected outgoings,” explains Tom Church, co-founder of the money-saving community LatestDeals.co.uk. “It should take into account monthly expenses such as food shopping, rent, and course materials, allowing students to gauge what they can afford to spend.”
2. Set spending limits for nights out
“If they are going to indulge in student nightlife, apps like Monzo are great for setting spending limits,” recommends Nick Drewe, discounts expert at online e-commerce platform Wethrift. “Alternatively, they can opt for taking out a set amount of cash for the night, and leave their cards at home to remove the temptation to overspend.”
Church adds: “Students can also save money by keeping their eyes peeled for free freshers events and student discounts at bars and clubs.”
3. Be savvy when it comes to assigned reading
Buying books for every module will be very expensive, so make sure they shop around to get the best deals.
“Encourage them to look for pre-owned books on Amazon, Facebook or online student forums to find preloved books being resold at a discounted price,” suggests Drewe. “Also to make use of free online resources such as Google Scholar and Google Books, which may list digital versions of required literature for free.”
4. Shop at cheaper stores
“Big stores like Aldi or Lidl are ideal for students as they often have the most affordable fruit, vegetable and meat options,” says Drewe. “They will also offer the widest range of reduced yellow stickers towards the end of the day.
“Poundland, Home Bargains or B&M are also great for finding other cupboard staples, cleaning supplies and brands at a cheaper price.”
5. Cook budget-friendly meals
Make sure they know how to cook before they head off to freshers to decrease the temptation of ordering a Domino’s pizza every night.
“Learning to cook simple, budget-friendly food is another crucial preparation step,” says Church. “Being able to prepare meals without overspending is a skill that will serve students well, particularly during tighter financial times.”
6. Be smart about washing
Laundry prices can quickly add up, especially when freshers tend to regularly use halls or campus facilities such as launderettes.
“Get them to buy a clothes airer instead of opting for a ‘wash and dry’ washing machine setting,” advises Church. “Not only will this reduce the cost of laundry, but also the chance of shrinking their clothes.”
7. Plan cheap activities
There should be plenty of low-cost activities for them to do on campus that won’t break the bank.
“Encourage them to look at what university societies they may be interested in joining or to invite their flatmates for a picnic or a stroll in the park,” recommends Ruki Heritage, director of student experience at the University of Bedfordshire.