5 Tips For Parents With Children Heading To University

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Starting university can be a challenging transition, but with a few lifestyle changes and careful planning, it can be a much smoother and enjoyable experience.

Here are five tips that may help your children prepare for their new environment, stay healthy and productive and manage their finances.

Prompt them to create a budget

Teaching your child the importance of budgeting will set them up for both uni but also life. Help them understand their income (e.g., student loans, scholarships, part-time work) and expenses (e.g., tuition, rent, food, transportation). Encourage them to track their spending so they leave enough for food and not just partying!

Living within their means

Start with creating that budget in step one how much money they will have coming in and going out each month, then remind them to live within their means. Remind them to be wary of credit cards – it is easy to spend money you can’t see and while in certain circumstances they can be helpful, they can also lead to debt if not used responsibly. If they have a credit card, ensure they use it wisely by paying off the balance in full each month

Ensure they prioritize sleep and establish a regular sleep schedule

Getting enough sleep is essential to our physical and mental health. Establishing a regular sleep schedule can help students stay energized and focused, and better manage their time

Help them to develop healthy eating habits

This includes incorporating plenty of fruits and vegetables – Eating a balanced and nutritious diet is important for our physical and mental wellbeing. Maybe teach your child at least one healthy meal recipe they cook alone, to help ensure they get their 5-a-day at least once a week

Consider helping them find a part-time job

A part-time job can provide extra income to help cover university expenses. It is also a great way to meet new people and gain useful experience of a working environment before your child graduates and enters the working world full-time.

Whilst helping your child with their budget is something we trust you have in hand, we can help you prepare to pay for their study fees or for your future children or grandchildren. Reach out to us and see how we can help you.

Articles on this website are offered only for general information and educational purposes. They are not offered as, and do not constitute, financial advice. You should not act or rely on any information contained in this website without first seeking advice from a professional.

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