This is a budget lesson that will serve you in the future!
I have experimented with various approaches to teaching my daughter to live on a budget. When she lived at home, she was expected to learn how to save the money she received as gifts and earned at her part-time job. Once she each left for college, the discussion about budgeting took on a more serious tone. Perhaps your student is actually able to keep to a budget.
My daughter needed more guidance and struggled at the beginning. She had to learn the hard way after overspending and not saving by not having enough money to participate in things when her friends were going out. I admit, it was hard telling my daughter, as I watched her monthly allowance dwindle, that she better be a bit more cautious or stock up on peanut butter or ramen noodles for her next few meals until her next college allowance came. I knew though that the gift of teaching her to budget her money would be far more useful than the pain I was feeling.
The good news is that there are plenty of places around the University of Miami that make eating while sticking to a budget possible. There are also a few good tricks. For instance, if your students have a meal plan, encourage them to bring back a few snacks from the dining room for later. There is nothing wrong with leaving with a banana, apple, or hardboiled egg.
Students today are very adept at using technology to help them save money. Have them search for the most up-to-date apps that target local restaurants. They often have coupons or discounts for checking in to their store or giving a review. They can ask about student discounts too. Some students use the Acorns app, investing spare change. It is a great introduction for learning how to make your money grow and honestly, most students do not miss the change.
The question of how much money we should give them for, let’s call it a college allowance, generates a lot of responses; enough varying answers to make your head spin. In addition, your family’s personal financial situation, your family’s values factor into this decision. I will not pay for alcohol. I am not sticking my head in the sand and pretending kids won’t go out and drink, but I don’t have to pay for it either. They can use their summer earnings for that. Books and school supplies were to go on my credit card, which was also there for emergencies. I gave my daughter different dollar amounts per month depending on where she was living that year and if she had a meal plan. It ranged from $300 (living on campus with a meal plan) to $800 (living off-campus with no meal plan).
Start at the Beginning
Basically, at the beginning of each new school year, I created a reasonable budget, as I do for myself. This is to cover all of her expenses after rent, books, gas for her car. If she chooses to use her allowance up on pedicures and sushi, then peanut butter and jelly can help to balance her budget. The point here is that I am looking for her to learn to budget her money. It is my goal to not have to support her after college and optimistic this may ease her into that realm. Consider having your students get their own credit cards. It is a great way for them to start learning how to budget themselves while building their credit for when they are out on their own. Our credit card recommendations for students allow them to learn how to use credit without getting into too much debt as many first-time credit cardholders are given a smaller credit limit.
Mention to your student to take a look around campus for free activities. Many clubs and organizations have events out on the breezeway during lunch and other locations across campus during dinner time that provide snacks or even a light meal! Bagels, ice cream, free food trucks, pizza all the time, falafel happy hours at Hillel. There are so many places to grab free grub at UM, no one should ever go hungry. Included with your Cane Card and with up-to-date and paid student activity fees, students are also permitted to see all the theatre and Frost School of Music productions (on designated student nights), hear guest lecturers, listen to concerts, discover the Lowe Art Museum on Campus, see a movie at the Bill Cosford Cinema and stroll around the Beaux Art Festival that happens right on campus every spring.
Remember that the University of Miami is a hub of activity for the entire city. Many wonderful cultural, academic, and stimulating events and activities happen on this beautiful, vibrant campus daily. I was surprised when students explained that some nights they played board games. Of course, I am sure some turned into drinking games. I am not condoning that; just sharing. Perhaps your student has a job while at school and won’t ask you for a thing. Maybe that job is to pay for the extras; like nights out, a spring break cruise, or next semester abroad. My daughter worked during the summer to save money for exactly these types of activities. She pays for many extras and, I can honestly say, it has taught her to give thought to her purchases.
Eventually, they will find all the deals out there. When they can manage their money after college, they will thank you. Well, they probably won’t thank you, but knowing they are eating and sticking to a reasonable budget is thanks enough. By the way, don’t expect them to take you to these budget-friendly places when you visit. That is when they will be hoping for a meal at all the restaurants they presently can’t afford.
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