Higher Education (University +). How To Make A Budget Plan For My Daughter Living At Campus?
Higher Education (University +). My Daughter Who Is 19 Is Always Having Money Problems. She Can Not Manage Living In University Campus. It Is Disrupti
Higher Education University : How To Make A Budget Plan For My Daughter Living At Campus
My daughter who is 19 is always having money problems. She can not manage living in university campus. It is disrupting her health and studies. Please advise how to make a budget plan for a student living in campus. ~~~ BK29 ~~~
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She's getting it very wrong if she's living on campus - budgeting is the easiest there. You know the rent, the books are bought at the beginning fo the year, it's just then allocating money to food, activities and extras. As for disrupting her health and studies, I hesitate to suggest that she needs to be more disciplined. If she cannot concentrate in her room, the libraries are normally open for very long hours, or there may also be dedicated computer rooms.
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Answer 1Just a thought -- is there some sort of university financial counseling service? Perhaps they could help her; maybe you could help her get together the information she'll need to go there. At nineteen, she might prefer (and be more ready to listen to) advice from a stranger than from a mother.
Answer 2She's getting it very wrong if she's living on campus - budgeting is the easiest there. You know the rent, the books are bought at the beginning fo the year, it's just then allocating money to food, activities and extras. As for disrupting her health and studies, I hesitate to suggest that she needs to be more disciplined. If she cannot concentrate in her room, the libraries are normally open for very long hours, or there may also be dedicated computer rooms.
Answer 3Living on most campusses is pretty easy. I had a meal card that fed me breakfast, lunch and dinner. That required no budgeting which was easy. I would suggest you give your daughter a card from Wal-Mart or a grocery store (better because she can only buy food) with $50 per week and maybe $25 cash extra in spending or more if she doesn't have a meal plan. If she has other needs, you can fill those as needed. if she is working and is irresponsible with her own money, you can't really help her with that unless you teach her by letting her mess up.
Answer 4The first step in making any budget is to do an honest assessment of where your money is going. Those $ lattes each morning add up! Tell/Ask your daughter to write down everything she spends for a week on small expenses, drinks, vending machines, food on campus, etc. Then collect all of her bills for the month - any rent, utilities, etc that she has to pay. Be sure to include credit cards and student loans if she has them. Figure out the weekly amount she spent, and multiply by (because there's 30/31 days in the month, not 28.) Add this to all of the other bills to get the total that she is spending. Compare this to her income, or the $ you are providing. Once you've done this, you'll need to go back and set limits on what can be spent. Bills like rent and utilities always come first... get all of those set up to come out of her income. Whatever is left over is 'discretionary' income that she can spend how she sees fit. I'd encourage her to start a savings account if she doesn't have one, and count that as a required expense just like the bills. You should always pay yourself first! It's amazing how the small expenses add up. When I sat and worked out where my money was going, I found that, between me and my husband, we were spending upwards of $2500 a year on eating out - bagels for breakfast, an occasional dinner out, a coffee on the way to some place. These little luxuries add up fast!
Answer 5start with how much she will have or make in a month. break it down to weekly. then arrange her bills by when they are due each month and deduct them from whichever week it falls in. she will need to be diligent and patient. once she sees that money isn't always available, she will begin to become more responsible. try to encourage a 10% savings each pay period. allow for "free" money...so she won't feel confined to a strict budget, but...she will need to be able to follow through when there is a period where she can't have free money. be patient yourself...it will take time for a "new adult" to find her way...but if you have confidence in her, she will be fine. don't forget that she will make mistakes...allow her to make them AND suffer the consequences of them too. She won't learn if you are always there to pick up the pieces. Good luck!
Answer 6I think a bit of tough love is required here. Firstly i would get a letter from your daughter to give to her bank to say that you can have access to her accounts (with online banking it's easy to see exactly what's going on with an account). This way yo can monitor very closely what's happening. When you are at uni the banks throw money at you so it's very easy to take on lots of debt. You should take part of her money and buy her food for her each week and also keep hold of her her keep the rest of the money but tell her when it's gone there wont be any give her any extra if you are providing for her, that way she'll know that if she doesnt have the money then she cant borrow off you. Dont let her have her passport so that she cant apply for a loan without your approval. Make her get a part time job ( just a few hours per week, not enough to interfere with her studies) so that she can learn how hard it is to earn the money that she squanders). I know some people will say that nineteen is old enough to be sorting out your own problems but i was in exactly the same situation. She hasn't lived on her own before so it's going to be a massive culture shock. Plus there really are tons of things to spend money on when you are at uni, there's always books to be bought and beer to be drunk, parties to go to etc etc. Dont be too hard on her but dont let this get out of control. And dont forget that a lot of people go through this and come out fine on the other end. Good luck X
Answer 7Budgeting at any age is about discipline. You can make as many suggestions and lists as you want but the person involved must be able to carry it out. Start by making a list of all her income, then the same with outgoings. The hard part is then trying to balance it. If the outgoings are bigger then you have to find a way to cut expenses. It is probable that as a student it will be impossible to get it spot on and so consequently she will run up an overdraft but hopefully by doing this it will keep it to a minimum. Try and suggest good healthy options for home cooking instead of takeaways. can she combine her meals with other people by paying into a communal pot as it is always cheaper to cook for several people rather than individuals. I am sure it is difficult if all her friends are spending out of control and she doesn't want to get carried along on the tide with them, but if it is making her ill then she must say she can only afford x number of nights out a week and stick to it, who knows maybe if she is strong enough to do this then others may be grateful that she has spoken up and join her in staying in some evenings. Whatever happens I wish you all luck I know how stressful as a Mum it can be.
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