New Budget Phase

[Southernmiss]

We've got 2 in college and a high school senior. One is graduated with his Master's, no debt, married, fully in his own.

Honestly, any basic household savings for the kids being away is absorbed when we get together with going out to eat or doing family activities together. We just enjoy each other's company a lot.

We find the college years to be plain expensive helping our kids transition to adulthood. More than earlier years. We have adjusted jobs to have more income to help them. Dh 'retired ' 5 years ago and started career #2. And draws a retirement check and a bigger paycheck. I went to work fulltime 5 years ago after many years of part-time. We also paid off our house last year to ease the budget. Threw $ in savings to replenish the hit.

2nd son has his bachelor's, however, he has 3 more years to his pharmD. We still pay a lot. He had full scholarships for year 1 to 4. Now, he's got student loans for these next 3 years. We do pay his rent, medical, cell phone, auto insurance and repairs.

We will do the same for son #3 entering year 3. He also has full scholarships for years 1 to 4, but will have pharmacy or med school student loans.

All have had part time college jobs for their food, gas and extras.

Dd is exploring colleges. She'll go where she can graduate with the least amt of debt in her field (whatever that might be) like her brothers.

It's a long slog, but we enjoy our young adults and will keep them.

 

[barkley]

This year car will go there-$1000 for dorm parking spot. But DS 18 will come off our insurance and DD will turn 21 so it could be close in insurance saving. She/he will pay for gas.

a tip-check to see if you can buy inexpensive renters insurance through your insurance company. reason being-if a car is broken into the contents are NOT covered by your auto insurance but your homeowners. now, most people have HIGH deductibles on their homeowners and NEVER want to make a claim if they can help it but student's cars are appealing targets b/c of the possibility of expensive textbooks and electronics so a renters policy can provide for coverage w/ a much lower deductible (and it wouldn't put a ding on you homeowners if you have to make a claim). i know some dorms push private companies that sell special dorm renters policies but many of those don't cover car contents so it's worth it to check with your carrier (we paid about $190 a year for a $250 deductible policy and around $20K in personal property coverage).

People tell you there are all kinds of scholarships that are not awarded each year but I don’t believe it. The application and accompanying letters took so much time to complete and he got nothing.

i still think it's worthwhile. maybe it's b/c at dd's university there was one 'super' application for every scholarship the university administered so it was 'one and done' w/app and letter but we were surprised a couple of years during dd's time to get award letters as late as the beginning of second semester for at least a prorated scholarship. the university doled out the scholarship $$$$ at the beginning of each term so if a student didn't keep up their academic requirements or decided to drop out/transfer to another school the remainder went to whomever was next in line on the awarding list (i want to say she got like 2k out of the blue senior spring term and learned of a $2600 scholarship immediately before another).

 

[kymom99]

a tip-check to see if you can buy inexpensive renters insurance through your insurance company. reason being-if a car is broken into the contents are NOT covered by your auto insurance but your homeowners. now, most people have HIGH deductibles on their homeowners and NEVER want to make a claim if they can help it but student's cars are appealing targets b/c of the possibility of expensive textbooks and electronics so a renters policy can provide for coverage w/ a much lower deductible (and it wouldn't put a ding on you homeowners if you have to make a claim). i know some dorms push private companies that sell special dorm renters policies but many of those don't cover car contents so it's worth it to check with your carrier (we paid about $190 a year for a $250 deductible policy and around $20K in personal property coverage).




i still think it's worthwhile. maybe it's b/c at dd's university there was one 'super' application for every scholarship the university administered so it was 'one and done' w/app and letter but we were surprised a couple of years during dd's time to get award letters as late as the beginning of second semester for at least a prorated scholarship. the university doled out the scholarship $$$$ at the beginning of each term so if a student didn't keep up their academic requirements or decided to drop out/transfer to another school the remainder went to whomever was next in line on the awarding list (i want to say she got like 2k out of the blue senior spring term and learned of a $2600 scholarship immediately before another).

His was a universal application as well which required 2 letters of recommendation. But then some of the individual scholarships wanted letters specific to their award. These are the scholarships which are memorial type scholarships. We had to comb through the list and see which ones he might qualify for in case they did require letters or essays. It was quite a chore. And in the end he didn’t get anything. I guess though some of the ones he wouldn’t qualify for might have been so specific that no one applied who was qualified.

The university scholarship he receives is based solely on GPA and ACT. The has to keep a certain GPA to keep the scholarship. The Kees award works the same way.

We are fortunate for the scholarships he gets. Just don’t go in expecting lots of awards. Plan as if you won’t get anything.

 

[barkley]

We are fortunate for the scholarships he gets. Just don’t go in expecting lots of awards. Plan as if you won’t get anything.

absolutely-and incoming freshman tend to get the lion's share b/c the universities want them to enroll. many are nonrenewable after year 1.

 

[kymom99]

absolutely-and incoming freshman tend to get the lion's share b/c the universities want them to enroll. many are nonrenewable after year 1.

That’s right. Around here they said freshman awards are the absolute best. Transfer awards are available but can’t touch those for first year students. That’s why we agreed our son should go away first because if he transferred, it would be back home where he would have no dorm costs. Trying to go the other way would have made no sense. As it worked out, our gamble worked because he is sticking with his major, which is only offered at the school he chose.

 

[barkley]

That’s right. Around here they said freshman awards are the absolute best. Transfer awards are available but can’t touch those for first year students. That’s why we agreed our son should go away first because if he transferred, it would be back home where he would have no dorm costs. Trying to go the other way would have made no sense. As it worked out, our gamble worked because he is sticking with his major, which is only offered at the school he chose.

dd seriously considered doing her general ed at the local community college but we encouraged her to look at the local university and at least apply to see what kind of financial awards she could get there. the freshman year offer was enough that it was a wash on the difference in cost between the 2. going there her freshman and junior year also gave her the opportunity to snag 3 student jobs at different points in time which further helped her reduce her costs.

 

[kymom99]

dd seriously considered doing her general ed at the local community college but we encouraged her to look at the local university and at least apply to see what kind of financial awards she could get there. the freshman year offer was enough that it was a wash on the difference in cost between the 2. going there her freshman and junior year also gave her the opportunity to snag 3 student jobs at different points in time which further helped her reduce her costs.

Community college is great for some programs and especially for those who need some remedial classes. My son had 15 hours in college credits going into freshman year, so we didn’t even look at that route. One of his friends is there though and is also working full time. So it’s great for some but not all, as in your case.

 

[AnnieBearJamboree]

I second what another poster said about budgeting for overdraft fees. I embarrassingly overdrew from my bank account a few times in college and once it resulted in my mom calling me in a panic - IN THE MIDDLE OF A DATE. It’s a funny memory now, but at the time we were both furious.

Your kids are learning to budget and manage their own money, sometimes for the first time ever. Count on a few mistakes.

 

[Southernmiss]

I second what another poster said about budgeting for overdraft fees. I embarrassingly overdrew from my bank account a few times in college and once it resulted in my mom calling me in a panic - IN THE MIDDLE OF A DATE. It’s a funny memory now, but at the time we were both furious.

Your kids are learning to budget and manage their own money, sometimes for the first time ever. Count on a few mistakes.

My kids have overdraft protection where the bank pulls $ from their savings to cover any oops.It has worked for them. Dh and I tried to teach about $ along the way when they were young

 

[2TxAgs]

Our experience with travel abroad for a semester was much like described above - the overall cost was about the same as a semester at DD university, so don't assume that experience is out of your student's reach.

Big surprise for us - when they moved into apts, each child's area required a one year lease. They did not have 9 month 'student' leases. So if your child planned to come back home for the summer, rent was still due on the vacant apt. One of mine was able to find a sublet and came home, the other did not and unexpectedly stayed at school to work that summer.

 

[kymom99]

Our experience with travel abroad for a semester was much like described above - the overall cost was about the same as a semester at DD university, so don't assume that experience is out of your student's reach.

Big surprise for us - when they moved into apts, each child's area required a one year lease. They did not have 9 month 'student' leases. So if your child planned to come back home for the summer, rent was still due on the vacant apt. One of mine was able to find a sublet and came home, the other did not and unexpectedly stayed at school to work that summer.

That’s what we found. One place actually required a 13 month lease. We crunched the numbers and with the security deposits, year round rent, cost of laundry and internet, which are included at school, renting an apartment is not a bargain. Plus the fact he would have to drive to campus and search for a spot every day. After looking at those factors it was much less attractive. I will add that in our case my son would have been renting and living alone. He does not know anyone well enough to enter into that sort of agreement. On campus, if he gets a problem roommate he can request to move. So far his previous 2 roommates, who were strangers to him, have been fine.

 

[dreamin_disney]

Our Dd will be starting her 3rd year next month. We learn as we go.

Freshman year
My DD took out the subsidized loan got and 4 scholarships. Most of 1st semester was paid for but in July I had to pay $1100 for tuition because the loan didn’t kick in right away. Plus 1st month of housing is due in July even though she doesn’t move in until the end of August. They credit the tuition amount I paid loan straight toward housing.
The meal plan is mandatory for freshman living in dorms. It cost $3500 for the year which was a rip off it totaled 10-12 meals a week. My daughter didn’t use all the meals like most of the kids with full time classes.
Another cost was all the stuff she needed to live in her dorm like bed beg cover, sheets, cleaning supplies, toilet paper, paper towels, shower shoes, bath stuff, school books, laptop, ipad(one class required it)
Class- she bought her own art supplies for class projects , tb test
Parking sticker

2nd year-
she lived in an on campus apartment . She need a dish set, toaster, air fryer and water filter pitcher. She had left over cleaning supplies.
Main things bottled water, toilet paper, personal hygiene stuff. We bought her groceries which were a lot cheaper than the meal plan($3600 went up $100).
Class- tb test, books, science project, science experiment supplies
Parking sticker

3rd year-
July I had to pay for 1st month of housing and portion of tuition. Move in and school isn’t until end of August.
Parking sticker
Applying for student teaching she had to pay $50-$70 for finger prints and paperwork, she will have to pay for CBEST and some other test not sure the cost on those yet.
We just need to buy main things like toilet paper, hygiene, groceries , books

Dd saves up all her bday money for spending money and we give her some money when we go visit.

To me the 1st year was super expensive because there’s a lot we had to buy and the dang over priced $3500 meal plan 10-12 meals a week which I think was 10 meals.

The 2nd year was expensive because we need to buy stuff to transition to apartment living

Dd is an only child so we are able to help more and I saved up 6 months of housing before she entered college. She’s in a special program that she earns a degree and credential in 4 years instead of 5. She has a full load and has to do volunteer hours at the local elementary school for her program. She would love to work and help out more but we tell her just focus on school.

When she graduates I joke that I will feel/ be rich lol! All that housing money, grocery money will be left over money because I’ve been living on a budget. It’s actually been good living on a budget

Btw I did surveys and reciept apps to earn money , that used towards dd’s groceries and the rest out of pocket. It was a big help
Free grocery money
1st year free app/ survey money = $250
2nd year $225
3rd year $231

 

[barkley]

Plus the fact he would have to drive to campus and search for a spot every day.

the one fee i felt was a HUGE bargain each term for dd was the $20 per quarter 'transportation fee'. this was an unlimited bus pass for the regional bus system so when she was scouting out apartments she purposely went with one that had a bus stop right in front of the complex so she could catch the bus and not have to purchase a parking permit (or search for parking). the only time she took her car was if she had an evening obligation on campus-she would take the bus home in the late afternoon, grab her car and drive it back to campus to the metered lot where she would only have to pay for a couple of hours before free parking kicked in.

 

[kymom99]

the one fee i felt was a HUGE bargain each term for dd was the $20 per quarter 'transportation fee'. this was an unlimited bus pass for the regional bus system so when she was scouting out apartments she purposely went with one that had a bus stop right in front of the complex so she could catch the bus and not have to purchase a parking permit (or search for parking). the only time she took her car was if she had an evening obligation on campus-she would take the bus home in the late afternoon, grab her car and drive it back to campus to the metered lot where she would only have to pay for a couple of hours before free parking kicked in.

That’s a nice feature. My sons campus has a shuttle around the campus, which is fairly spread out, but I don’t know about the bus system in the town itself. His parking permit is a relative bargain though. $100 a year. The university near us charges more than double that amount for a parking permit. I’m pretty glad he is satisfied living on campus. He’s not like the majority of kids his age. He is perfectly content with his old Buick, doesn’t go out and party or otherwise cause us worry.

 

[barkley]

His parking permit is a relative bargain though. $100 a year

that's a great bargain-the local u here charges from $200-$400 per year (depending on the proximity to the buildings) while the other state university in seattle charges-get this................$6.75 PER DAY (each quarter's permit rate is different depending on the number of academic days-no matter if you have classes all those days or no) while dorming students pay...........$135 PER MONTH a neighbor's kid took their car freshman year, it came home after the first quarter when they looked at how much it cost vs. how little it was being used.

 

[StephMK]

Our water bill dropped once D19 left as well. I expect our food bill will drop once DS leaves next month.

Extra expenses-flights home, off campus housing. The rent is more expensive but she will save money getting her own groceries.

Unexpected-week off due to hurricane that changed fall break. I was also surprised to find out off campus rents. We hadn't given that much thought but being in a city, it is much higher than at her sister's school.

If your kids are going more than 100 miles away without a car, see if your insurance company gives a discount. Several parents in the school FB group reported significant discounts.

 

[Tys Nanny]

This thread brought back memories. We bought DD coordinating comforter, sheets and towels at BB&B before her freshman year. I noticed doing laundry yesterday that we’re still using her towels and they’re in very good shape, and she’s using the comforter for picnics. She graduated in 1998. Think we got our money’s worth.

 

[PollyannaMom]

This thread brought back memories. We bought DD coordinating comforter, sheets and towels at BB&B before her freshman year. I noticed doing laundry yesterday that we’re still using her towels and they’re in very good shape, and she’s using the comforter for picnics. She graduated in 1998. Think we got our money’s worth.

I love it!! - My college comforter is also my car picnic blanket - and I graduated in '92!

 

[MumziMom]

Our daughter just graduated with a degree in graphic design (specializing in user interface). There will always be unexpected expenses - our son was happy with us coming up to drop him off/pick him up, and worked a lot on campus while he was in school and in Model UN. He tended to pay for his own expenses beyond the basics. Our daughter had more expenses and less time to work, so we helped out more. They both went to private colleges, and they ended up costing us less than sending them to our state universities. What I noticed about the state school our daughter ended up not attending was the following; fees were much higher; the costs after freshman year for "room" was a LOT higher - they only had dorms for freshman year, then after that they would have needed to sign a year around lease in Boston, so with sharing an apartment/utilities, and for 12 months, she would be looking at at least $12,000 for the year, just for "room" - where she went cost at the most $7,500, and that was the expensive year. (You just can't count on someone subletting, as SO many students are moving out of Boston in the summer.) In her private college, she had to sign out a private room in the library - it was free - to Skype for an interview. It would have cost close to $100 at the public school. She had to do this three times. She will always have access to certain alumni job-finding help - it ends after one year at the public college.

It is always important to think about beyond the first year when looking at the costs, especially about housing.

 

[barkley]

just another pitch to say 'don't toss those old textbooks immediately'. dd is in an uncluttering mood and came across a few textbooks she couldn't sell back a few years ago. she called me to ask about tossing them so i did a quick on-line check and found that while no one would pay a penny for them a few years ago one is now sought by amazon to the tune of $49.75 printed up the free shipping label and will send it off next week. that's a nice little gift card credit to have on hand. in the process i also found that her former university has on-line sell back pricing search for their store so if your kiddos are still in school/live near one they could also search those resources as well (amazon was the clear winner-the uni bookstore was only offering about $16).