Teen Budgeting Tips
Parents — Teaching your teen budgeting tips before you are in the middle of the college search process is advisable.
You don’t want to go through the entire college search process only to discover the single school your child wants to attend is the one that is least affordable — or worse, entirely out-of-reach financially.
Do you ever get the feeling that your teen has no idea what things cost?
Help your child understand simple financing concepts (not just the “bottom line” tuition and fees posted on college web sites). Discuss the Net Price Calculator figures for each college of interest for a start, and be honest with them about how much you can afford after financial aid and scholarships have been awarded. But BEWARE — not all net price calculators are created equal. They are a good tool, but you need to know what you’re dealing with on various sites.
You also want to be sure that they understand cost and budget issues before they are suddenly on their own after college. Teach your teen to budget now with these helpful suggestions from Parent College Coach Suzanne Shaffer.
Once your teen is away at college, our Frugal Student Tips series may be helpful in keeping spending within your budgeted amount.
College-bound teens are typically very good at advanced math concepts, but sometimes basic budgeting escapes their attention — especially with all of that algebra and calculus homework taking up their time.
A little bit of time working with them on teen budgeting tips will go a long way — after all, they really are good at math!