We know what you’re thinking: it seems like it was only yesterday they were running round in nappies, doesn’t it? And now, they’re starting university! Sending your not-so-youngster out into the world can be an emotional time for everyone. But, it’s also a crucial opportunity to impart some all-important parental knowledge, setting them up with the skills and supplies they need to make it in the world without you there to look after them on a daily basis! As a parent expected to fund setting them up for success at university, though, where do you start? Our top tips can help you make sure your son or daughter has what they need, without it costing you the earth:
Smart shopping
Creating a home-from-home
When your son or daughter first moves to university, there’s a good chance they’ll be living in halls of residence. And if there’s one piece of information you send your child into halls with, it’s that there’s simply no point in having nice things. If it’ll be shared with the rest of their household, expect it to come back in a sorry state at the end of the year – or not at all. Crockery will get chipped, pans will come back burnt, and you’ll be lucky if any drinking glasses make it home at the end of the year at all!
Instead of forking out for them to have brand new kitchenware, check out local charity shops for cheap dinner sets, drinking glasses and kitchen pans. After all, students don’t tend to mind if their crockery doesn’t all match! Or, you could use their starting university as an opportunity to treat yourself: upgrade your own kitchenware, and pass the old stuff on to your newly independent teenager.
Where you might want to spend a bit more money kitting your child out for university though is with stuff for their own bedroom. This will be their haven of tranquility while they’re away from home, so it’s nice to have some creature comforts. A good mattress topper to disguise the waterproof mattresses provided in university Halls is a must-have. Multiple sets of bed linen and bath towels are also useful. Expect the dirty ones to find their way home for you to wash at the end of semester, though!
Course kit
Depending on what your child is studying at university, they may need to have quite a lot of equipment or books for their course. Student loans don’t usually come through until they’ve officially enrolled during fresher’s week, so the first semester’s kit will need to come from a different pot of money. Encouraging your son or daughter to save some of their wages from summer work to cover the costs is a good exercise+. What they need can range from anything from lab coats, goggles and shoes to a dozen or more very particular, and expensive, text books. All of this can – and does – add up very quickly! And that’s before you’ve considered that they’ll probably need their own laptop to produce their coursework on, too.
Before you go shopping, it’s worth taking a good look at the list supplied by the university, and even speaking to your child’s course administrator, to find out which items are essential, and when each item will be needed during the course. This will help you spread the cost out over the semester, rather than pay for everything upfront.
Once you know what they need now and what can wait, it’s worth considering options for “pre-loved” items to save money. For example, many university bookshops offer “buy-back” schemes for students looking to offload their unneeded course books (handy for your freshman to know about next year!), and then sell them on at discount prices. You can also check out course forums on social media; students who are further into their studies or have recently graduated are often keen to flog textbooks and other course materials they no longer need, many of them barely used. And of course, it goes without saying that university libraries are an excellent resource and don’t cost a penny to use.
An education in economics
For many university freshmen, starting university and moving away from home is their first real taste of what it is to manage their own financial affairs. Student loans tend to be deposited in one lump sum each semester, which can be too great a temptation to splurge for some. After all, it’s likely the most money they’ve ever had in their bank account at one time! Before your child leaves for freshers week, take the time to help them work out how that lump sum breaks down into a weekly budget that lasts the semester.
Much as you’d work out your own budget, start by listing all their sources of income, from student loans and bursaries or scholarships to contributions you may be making to help out, to wages from a part-time job. Next, list and calculate their main expenses – the things they can’t skimp on or avoid, like rent and bills, as well as setting a weekly allowance for groceries. Make sure they know how much their halls of residence will charge them to use the communal laundry room, if they charge at all, as it’s unlikely their digs will have a washing machine!
Then, carve out a pot to cover any costs that arise after they’ve started, like trips and subscription fees. The rest, then, is theirs to spend on all the things that students enjoy – like socialising with their new friends and joining university societies!
Learn to love your empty nest
If your son or daughter starting university leaves you with an empty bedroom, then you may be wondering what to do with it. After all, they’ll be back for holidays and the odd weekend, so you can’t turn it into the home gym you’ve always dreamed of just yet! Instead, you could think about renting their room out as a way to make some extra cash. Perhaps you could list the room on AirBnB, which gives you total control over when you make it available to visitors.
Or, many people who work away from home are looking for somewhere regular to stay for a couple of nights a week rather than fork out for hotels. This could be an ideal way to make a bit of extra money on the empty room and make sure your child’s room is still free if they want to come home for a weekend.
