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Helping the Young Student Prepare for School Costs

budgeting school costs

At one time it was the parent’s responsibility to pay for a child’s education.   It was something that almost every parent held as a priority and a responsibility.   Out of all the things they want for their children’s life education was one of the most important, although greater emphasis was put on a young man’s education rather than a girl’s.   This was mostly due because of the roles each of these genders was to play in the family relationship.

It used to be that the man was the bread winner while the woman stayed home to cook meals, tend to the house and children.   This in the view of society at that time didn’t require much education on the girl’s part.

All of this made for a happy lifestyle, until it got to the point where one bread winner in the family wasn’t enough.   It got to the point where it took both adults to hold down full time jobs to provide a decent living.   Nothing elaborate just decent.

This now meant that both the boys and the girls of the modern day family require an education and there is just no way the average parents can afford to cover the total costs.   This means having to prepare the kids for the expenses that their education is going to incur.

One of the big problems is while the kids are living at home they are not really being taught to budget.   Many don’t have to pay room and board and whatever part time income they generate they are basically allowed to blow.   This is because the parents feel that the hard times of having to budget is going to come soon enough.   In essence though this type of approach is not doing the kids any good.   By the time they have to leave home to attend college it is a real shocker that their money just doesn’t last.   Now not only do they having living costs but they have tuition to cover as well.

There are many grants and loans that they may have an opportunity to get, but often this is given in lump sums and before the semester it is meant to cover ends the kids are out of money and don’t even know how they are going to afford their next meal.   As a result they soon end up eating on a shoestring budget that often means a less than wholesome diet.   This really doesn’t help the student who needs proper nutrition to be able to function and study properly.

Learning to budget should be started at the earliest age possible, so when reality sets in it not such a shock to the young person.   It is a pattern they have developed and should help to serve them well throughout their school years.

 

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Sam Seidman, CPA, CA, LPA
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