(WTNH)– For college students heading back to campus or moving in for the first time, it can be daunting to figure out how you’re going to pay for everything that comes with it. We are stretching your dollar with tips to help college students manage their money.
As students move back on campus, they have more to think about than just dorm rooms and classes. For many, this is the first time they’re supporting themselves financially.
And Key Bank representative Ada Myteberi says the reality of how much everything costs can often times come as a surprise.
“The little things that are going to add up. On the average, they can add up to $5,000 a year,” said Myteberi.
That’s on top of what you think you’re prepared for.
“We’re prepared for tuition and board, we’re prepared for books. The things that are normally overseen are the laundry detergent or the little trips, the concerts, the movies, right? The social aspect of it,” said Myteberi.
She says it’s why it’s important to go into it with a plan. One that includes some oversight from a parent or guardian. She suggests having a mutual bank account everyone has access to.
“Parents can absolutely be a vital part of it, vital part of this process in terms of monitoring the accounts and giving tips and clues as they go through the first steps of financial life,” said Myteberi.
Do a financial check-up each month and adjust accordingly. Students should also try to put some money into a savings account each week.
Learning to save now with only make them a better saver later and a cushion to fall back on if they don’t land a job right away.