Usually the time of college or further education is also a time when the important lessons of life are learnt. At such a time children who learn the importance of developing financially independent the sense of being responsible for themselves. Hence, at the time of getting your child ready for college life, encourage them to find ways to sustain their own expenses and in a way that would not hamper their studies.
Set them up with the essentials
While you want your child to develop a sense of financial independence, remember that focusing on studies is more important. This will ensure that they complete their college education successfully. Hence, provide essentials for uni as well as provide a steady source of funds that will cover for their rent and food as well as transportation requirements. However, keep the funds to a minimum that will increase the need in them to earn some more for them. The need to have more to enjoy with friends usually encourages students to take up part time jobs. Even if you do encourage the same, ensure that the kind of work they do does not make them tired to attend classes and becomes a reason for them lagging behind in their courses.
A balanced approach will serve better
It is important to allow freedom for your children when they are in college. Hence, besides giving them the essential items like student bedding sets for college give them a budgeted sum to manage. Set some rules regarding the funds not being run out of when they are using the money you provide them for managing rent, food and other essential expenses like transportation. Encourage them to take up assignments to earn money, but on the condition that their grades are not affected.
Being frugal is fine
College education is expensive and there are more expenses to bear in terms of accommodation, travel, investing in computers, books, transportation and other requirements for your child. Indeed, many parents struggle with keeping up a lavish lifestyle for their kids in order to meet their needs and help them have a comfortable student life. However, one needs to take a frugal approach at such a time of their child’s life. It is a stage when you need to inculcate the realization that parents cannot fund everything and certain aspirations need to be met by one’s own efforts. As your child is legally ready to work at such an age, encourage them to find the means of earning pocket money or something additionally to what you can provide. If they wish to have luxuries in life, it is time that they earn the same for themselves.