We know you just sent your child off to start their Fall semester of college and you’re probably adjusting to a house that feels a little more quiet; therefore, money matters may not be on the forefront of your mind. However, teaching your student to be financially responsible is an important part of transitioning them to college. Please share this article with them, as well!
Flex/Express:
The easiest way to save money during freshman year is using Flex Dollars and Express to purchase food/items on campus. At the start of the semester, students already have $250 uploaded to their Flex account. If their meal plan doesn’t cover it the food they'd like to purchase, use Flex! Instead of feeding the washer and dryer with quarters, pay with Express money using student Ole Miss ID card. Anything they buy on campus can be paid for via Flex/Express, so take advantage of that, especially while living in the dorms!
Create a Budget:
Helping your student write a budget down on paper to estimate potential expenses each month will not only assist in determining how much money they will need each month, but also help guide them on how much is appropriate to spend on various things. Ole Miss also offers a personal finance course. Even if finance isn’t your student's area of study, handling money is something they'll always have to do.
Track spending:
There are so many different apps that can be downloaded to easily track purchases. Looking back on transactions can help to determine if soo much money is being spent on certain things (eating out, clothes, entertainment).
J-O-B:
Once your student gets in the groove of classes, it’s not a bad idea for them to consider getting a job. There are many job opportunities on campus and around Oxford for Ole Miss students and are very accommodating of their class schedules and school obligations. This will really help to get them acclimated to being responsible for maintaining a schedule, building up their work ethic and appreciating the value of a dollar and how hard work pays off, literally! Just make sure they can maintain good grades and have enough time to study. Above all, they are here to get an education!
Basically, regardless if you're giving your son/daughter a monthly allowance or if they are working to support themselves through college, it is important that you help them to be financially responsible. Have expectations, provide guidance and help them to be prepared to do this on their own once they graduate from college and enter the workforce!