Helping your teen budget for university!

*This is a collaborative post

Teen heading to uni? Help them keep on top of their finances with these 4 simple tips!

Student life is usually made up of late-night parties, plenty of drinks and take-away food, all with the occasional lecture and essay submission thrown in for good measure! So, it’s natural to feel nervous when your teen has plans to head to university. It’s their first taste of freedom and probably the first time they’ll experience financial independence – another scary thought for parents planning to say goodbye.

Sure they’ll have a student loan, but once rent, food and study materials are paid for, there isn’t much left over – especially if they’re going out every night. If your child is lucky enough to have any savings in their name, then you can find out more about Junior ISAs through Wealthify – click here to visit the site – then they could be used to help them with their time at university.

If you want to help your teen gain financial independence and understand the responsibility of budgeting and being careful with their money, then there are other actions you can take.

Show them how to budget
As adults, we all know that budgeting is the best way to help us manage our money. So, with your teen receiving limited funds via their student loan every semester, it’s vital that they learn how to make a budget and stick to it! Show them how to figure out their outgoings, how much they’re going to spend on food, money they need for rent, or for public transport and of course money for socialising. Helping them create a budget will give them a sense of responsibility and show them how to be accountable for their actions. If they don’t stick to the budget and  for the next feel the strain for the next few weeks, they definitely won’t do it again!

Help them to be money savvy
Teach them to take full advantage of every coupon, voucher code and discount offer that they can. From reduced washing powder to cheap deals at their favourite takeaway. Show them where to find vouchers, and how they can use their student card to get their hands on plenty of deals. Once they’ve gotten used to the idea, they’ll find that being thrifty is incredibly rewarding.

Encourage them to find a job
Many teens head to uni without realising that getting a job is the best way to keep a source of income flowing. As a student, they’ll find that plenty of businesses, from cafes to bars are all pretty flexible when it comes to students and their availability. Encourage them to find a job whilst they’re at uni – they’ll love having that extra bit of revenue to play with.

Encourage them to save
Saving money at uni doesn’t sound realistic, however, if they’re savvy with their money, sticking to a budget and earning a little on the side, they can put some aside for a rainy day, or for an emergency. Out late at night and missed the last bus back to their accommodation? They can use their extra money to get a taxi instead.

There’s no doubt about it, taking responsibility for their own finances for the first time is a huge step but with the right support and tools to help them, they will soon have the independence that they crave!