The college years can be tricky for students and their families. So much time goes into how to pay for it that often no thought goes into the other expenses. Lori Sackler, author of “The M Word: The Money Talk,” shared advice on how folks can create a simple budget for students heading off to college this fall.
Some of the things to help in making this financial plan are:
1. What items are you going to need (bedding, refrigerator, lamps, etc.). Try to get all the items they are going to need in advance so don’t have to use high-priced options.
2. Figure out monthly amount need for living expenses—have them break down meals, entertainment.
3. Who pays? Can you get a job to offset the expenses or pay in full. (i.e. summer jobs used to offset or pay in full)
4. What form, how? (checks, automatic transfers, wires, prepaid debit cards, debit or credit cards, based on monthly or semester)
Check our her book, “The M Word: The Money Talk,” for step by step guidance.