When children head off to university, they often don’t truly understand the costs of living and how to achieve a good work/study/life balance so learn these tips on How to Financially Aid Your Child During University.
Being able to help your child financially during university can take away some of this pressure and allow them to do well and have a life whilst studying for their degree. Here are a few ways you can aid your child financially during university.
Make Savings Beforehand
If you can, create a savings fund before they go to university, which can help them in emergencies or when they need a little extra help with rent.
You can even create a savings fund with your child, telling them you will match what they put in.
Not only will this spur them on to save more, they will learn the value of money more if they are starting to save for their future.
If you don’t have much to spare, speak to them about birthday and Christmas money from family being saved into a university pot.
Give Them Things to Take from Home
The easiest way to save money and help your child financially is giving them spare things to take from home when moving.
Often, if your child is moving out, you won’t need as many plates or kitchen utensils, meaning they can take them to university with them.
This can save a lot of money in used things.
If you have plenty of tins and perishables, let them help themselves when they come home so you know they have a freshly stocked food cupboard.
Help with Food Shops
If you don’t want to give your child money outright, you can choose to take them food shopping.
Even if they don’t have any money to go for a night out with friends (student priorities), you can sleep safely knowing they have a full belly.
If you don’t live locally, consider getting them a gift card instead, especially if you’re worried that they won’t spend the money you give them on food.
You can find an Asda Gift Card, for example, at sites like www.GiftVouchers.co.uk.
Teach Them the Value of Money
We all know how easy it can be when you head off into the real world and spend money on all the wrong things.
For many students, the temptation of going out with their flatmates is higher than cooking a decent meal, so teaching your child the value of money will help them balance their priorities better.
If they’re struggling, give them an allowance each week that they need to learn to live by and don’t keep helping whenever they ask for it, or you’ll find yourself out of pocket whilst they continue to not learn the value of each penny. Help them with finding a part-time job at university and encourage them to earn their own money too.
This guide can help you to aid your child financially during university.
Helping them with essentials can keep you at ease, as you know they have a full fridge.
Helping to teach them the value of money will help too and encourage them to get out there and find their own way of making money.