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The importance of budgeting

Writer: The Parents' Guide toThe Parents' Guide to

With university fees at almost £10,000 per year plus living costs on top, the prospect of committing to three or four years studying can seem as if the financial burden outweighs the benefits. But graduates earn more than school leavers and payback terms are linked to earnings so it can be a worthwhile investment.



Here are some useful tips to help your child manage their finances:


Teach them how to budget. If you’re supporting them financially, don’t budget on their behalf by paying bills direct or limiting their money to a weekly allowance – in the long run it won’t help them. Teach them how to budget for rent, bills, course materials, food and entertainment so they understand what expenses are coming up and how to put aside money so they have enough to cover the cost of living. We recommend using the Which? University Budget calculater to help with this.


Make sure they apply for student discount cards, such as the National Union of Students (NUS) card and a 16-25 Railcard;


Encourage your child to find part-time work, ideally during holiday-time, but term-time too if money is a significant issue. However, make sure your child is not neglecting their academic studies as research shows working more than 20 hours each week during term-time can have a negative impact on academic performance;


Encourage your child to speak to a student money advisor at their university;


Give your child tips on money saving ideas, such as buying non-branded food items and attending free social events.


Speak with your child’s bank about extending their interest free overdraft.


 

To find out more about what you can do to support your child after they leave home, check out The Parents' Guide to University.



Vanessa Green
Darius Bluck

Meet the founders: Vanessa and Darius first met working in a school. Darius taught sixth formers and parents would catch him after school, asking him what they could do to help their teenage children make the right choices.

 

We looked online to find what resources were available specifically for parents and were surprised that, given how much information there was for children, there was very little guidance for parents. So we decided to write our first guide, and this marked the start of The Parents’ Guide to …​   

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