The Bank Of Mum And Dad – Can You Cut Down Opening Hours?
When your child goes off to university it can be a worrying time. Not only is there the detachment of your young one flying the nest, but there is also the fear of how well you have prepared them for the outside world.
If you want to encourage your children to learn to stand on their own two feet and take responsibility where money is concerned, try to educate rather than continually bailing them out when they get themselves in a muddle.
Use a Budget Planner
Some students give in to temptation as soon as they receive their loan by blowing it all in the first month on extravagant and useless items. Offer to sit down and go through a budget of monthly outgoings so that they can see how much they need to keep aside in order to manage bills.
Encourage your child to take up a part-time job to bolster their student loan. You could even offer them an incentive to save up instead of splurge. Negotiate a deal if they pay half of their wages back to you during their summer and Easter holiday breaks, you will add a percentage on, like a bank. It is a really helpful lesson in money management and prevents them relying on the Bank of Mum and Dad.
Protect Your Belongs
Students are especially reliant on their smartphones and laptops, as they need to produce essays and may have important coursework stored on there. It is imperative to make sure you have covered these items with a good insurance policy. One-Sure have a variety of policies to suit all circumstances. Equipment like this can be expensive to replace, so it’s better to be safe than sorry.
Teach Them Some Tasty Meals
Students are notorious for their dietary choices of pot noodles and beans on toast. They want cheap, simple meals. So why not send them to university with a catalogue of basic recipes that are cheap and nutritious?
Encourage your children to budget for food and to keep the basic staple foods – such as potatoes, rice and pasta – in the cupboard. A lot of supermarkets now offer a good value range which is priced competitively and will half a shopping bill.
Of course, it is said that the bank of Bank of Mum and Dad never really shuts forever, but it does help to try and get your children to take responsibility for their finances, they will be grateful in the long run.