Stephen Meyer Key Bank

Personal Budgeting Tips for Your Teens Before Sending Them Off to College

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When budgeting and planning for college, parents and students often focus on the major expenses such as tuition, room and board, meal plans, and dorm essentials. But once school is in session, students can average an additional $5,000 in spending per year on items that are frequently overlooked and not necessarily planned for. For example, gas money, campus activities, University apparel, laundry, dorm room cleaning supplies, Taco Tuesday’s with friends… the list goes on. With the excitement and freedom that comes with the ‘college experience,’ it’s easy for students to get carried away with their spending. Before they know it, they’re running low on funds and having to ask parents for more money.