You once savored that
wonderful time of the year when your youngsters
went back to school. Ah, the free time ... at
last some emotional and financial relief from
keeping the kids entertained throughout the
summer! But now your bundle of joy is
college-bound and you both face new, monumental
challenges.
In a recent study by Key Education Resources, 66
percent of parents are surprised by the cost of
ancillary expenses like books, utilities,
groceries, entertainment, cell phones, computer
software, transportation and travel. If it’s
starting to look like your only hope of
continued solvency is to disown your offspring,
don’t despair. With planning and creativity, you
can both survive back-to-school days at the
college level.
Here are five tips to take you through that
first, most challenging semester:
1. Buy all your child’s needed books at the
beginning of the semester. Buying books
immediately will help your student stay on top
of reading assignments and avoid the stress of
hunting for out of stock books. If the cost of
buying new on campus leaves you gasping for air,
consider buying used or discount shopping
online.
2. If your family tells you how proud they are
that Tommy or Susie is college bound, smile
sweetly and ask them to get involved. Encourage
everyone to gather up loose change throughout
their homes – the average American household has
about $99 in spare change – and donate it to the
cause. Equip your youngster’s dorm room with a
coin jar where your new freshman can also save
spare change. Get free coin counting now at
supermarket Coinstar machines by applying the
coins toward gift certificates of particular
interest to college students, like Amazon.com,
iTunes, Eddie Bauer, Pier 1 Imports, Linens 'n
Things, Borders/Waldenbooks and even Starbucks.
To find a Coinstar location near you, visit
www.coinstar.com.
3. Forego the cost of putting a telephone in
your student’s apartment or dorm room, since he
or she probably already has a cell phone.
Parents can pre-load minutes on pay-as-you go
plans to prevent unexpectedly huge cell phone
bills. Plan regular calls home during
free-minute times like evenings and weekends.
4. Set up a prepaid VISA or MasterCard as their
primary money source and limit their credit card
for emergency use. Prepaid cash cards teach
budgeting and can be set up for rapid money
transfer from home. Coinstar machines offer a
pay-as-you-go card where you can set up a dual
account. Parents load at the machine or online,
and the students can immediately use the card.
Encourage and help him or her to stay within
budget, rather than building debt through the
emergency credit card. Make sure he or she is
aware that credit card companies may come on
campus to solicit business. No matter how good
the introductory deal may seem, irresponsible
use of a credit card will have them (or you)
paying for their largess for years to come.
5. Reduce student stress levels by encouraging
your child to establish good study habits such
as planning a routine time to study, showing up
for every class, using on-campus study resources
and not overloading themselves with a heavy
schedule. Promote better listening in class by
arming your child with a tape recorder. The
recorder will help ensure he or she doesn’t try
to write down every word the professor says, but
rather listens to the whole lesson and focuses
on key points for later review.
Courtesy of ARA Content
