How Much Money Should Parents Give University Students?
Going to university is a significant decision that requires financial support, and many parents opt to provide their child with cash and a prepaid VISA card to manage expenses. However, determining the right amount of pocket money can be challenging and depends on various factors. A budget should be created to differentiate between needs and wants, fostering financial responsibility.
What Expenses Do You Envision?
Discuss with your family to decide what the pocket money will cover, including books, travel, clothes, social activities, and other potential expenses. Living in different cities can impact costs, but online shopping might offer convenience. If you plan to have a car on campus, consider additional expenses like parking permits, insurance, and maintenance.
How Much Money Should Parents Give University Students?
Start with a reasonable amount, perhaps between $75 and $200 monthly, to cover essentials like books and clothing. As you gauge your expenses, you can make adjustments and contribute to your finances. Review the allowance after a year and decide whether you or your parents will manage any earnings during college.
Where are You Going to University? The city where you study affects how much pocket money you need. Consider factors like cost of living, availability of transportation, and specific expenses related to the city. Keep track of your spending for a few months to plan effectively.
Will You Stay on Campus? Living on campus in a dorm may limit everyday expenses, requiring about $200 a month in many cities. However, off-campus accommodations might involve additional costs for gas, transportation, and rent. Cheaper cities can ease the financial burden for your parents.
How Much Will You Spend on Food? If you have a meal plan, your monthly expenses on food might be limited to a couple of hundred dollars. Alternatively, cooking for yourself can be more cost-effective, allowing for a little extra pocket money. Learning to cook and budget can be valuable life skills.
Are Your Parents also Paying for Tuition? If your parents are already covering tuition costs, they might encourage you to find a part-time job to earn your pocket money. International students may face restrictions on off-campus employment, but on-campus or seasonal jobs can be viable options.
Earning your own pocket money will not only teach you the value of money but also provide valuable real-world experience.
