ChickSpeak

Most college-bound teens and parents have an idea of what their monthly expenses will probably be when they head off to campus. But just as with life, you just never know what you’ll get until you get there. Christie Crowder walks us through some simple ideas on budgeting and gives us tips on evaluating our spending habits so we can get the biggest bang for our bucks and build better relationships with Mom and Dad in the process.

A common misconception among parents is that living on campus means you don’t need any additional money past what’s on your campus card. Take it from me… my poor parents thought I could live on $45 a month! When I was in school, campus cards got you food from the cafeteria and that’s it! I more than understand that there is life beyond sanctioned school activities and meals. So the magic question is… how to ask your parents for more money? Here are some ideas…

First thing is be honest with yourself and what you really need. More beer and/or party money does not count! In most cases your parents are not going to just hand over extra money without a good reason. So, before you ask, assess your actual finances and create a budget.

o Start with your meal card. Your and your parents already know how much they put on your card but take a good look on how and on what you are spending it. Can you live without a venti latte from your campus Starbucks every morning? Probably not, but maybe you can get a tall or grande coffee of the day instead and splurge on the venti once or twice a month. These days some campuses allow books and other items at the school bookstore to be purchased via the campus card. Your parents have probably taken that into consideration but did you really need that $15 notebook with the pink fur cover? Your spending habits are probably able to be viewed online and seeing too many frivolous purchases is not going to make a good case for you to get extra money. Keep track of your campus card money as if it were your checking account. Keep impulse purchases to a minimum.

o Next, determine what your other 100%, can’t live without expenses (not covered by your campus card)… for example… telephone/mobile phone, prescription medications, toiletries, laundry detergent, gas money, etc. You know these have to be a part of the budget but you can find ways of trimming those as well… for instance, going with a pre-paid phone plan and generic prescriptions and products instead of name brand.

o Now comes the miscellaneous/emergency items… in room munchies, party admission, the occasional cool outfit, parking tickets, etc. Based on your past spending behavior on these items, you can see exactly where you go overboard on unnecessary things. Okay, so now you have a handle on your spending habits. It is time to match them up with your “income”… your meal card, what you currently have in the bank, and your allowance from your parents. If after working out your budget, you are still coming up short (and getting a job is not an option), time to hit up the folks for cash!o Well, lucky for you, you have already done a budget which is the first step in asking your parents for money. Most likely after you say “Mom, Dad, I need more money”, their reply is going to be WHY? Your newly created budget is the answer to that question and the proof (provided you did not fudge the numbers) of what you need extra money for. o Lay out the budget and show them where your (and their) money is going. BE HONEST!! I cannot stress that enough! Be prepared to answer questions about your purchases…especially if it was a total impulse. The fact that you created the budget at all shows that you are preparing to be more mindful of your spending.

o Show them where you have already adjusted your spending habits (substituting coffee of the day for your usual latte) prior to coming to them. This further supports your case for more funds. Hopefully these tips will get you a few extra bucks per month and if not, the one thing it may do for you is prove to your parents (and to yourself) your ability to be a responsible adult. If not immediate cash, you will get their utmost respect.