Camilla Foster on how to make sure they know how to manage their finances before they fly the nest Going to university can be a real financial eye-opener for young people (Stock image) The newfound independence at university can be overwhelming for many teenagers who are used to relying on their parents for food, laundry and money. Meals and clean clothes don’t just magically appear when you live in university halls, so make sure you teach your child some important life lessons before they go. Starting university in a new city far away from home comforts can be a scary prospect for many young people, so here is some budgeting tips you can pass on to them to help get them off to a flying start.
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Plan a monthly budget Help them create a monthly budget before they leave as preparation is key. “This includes estimating their income – factoring in their student loan, part-time jobs, or any parental support they may receive – and their expected outgoings,” explains Tom Church, co-founder of the money-saving community LatestDeals.co.
uk. “It should take into account monthly expenses such as food shopping, rent, and course materials, allowing students to gauge what they can afford to spend.” 2.
Set spending limits for nights out “If they are going to indulge in student nightlife, apps like Monzo are great for setting spending limits,” recommends Nick Drewe, discounts expert at online e-commerce platform Wethrift. “Alternatively, they can opt for taking out a se.