August looms a mere eight weeks away, bringing with it the giant sucking sound of your cash being drained away as your child leaves for college. Maybe you have a high school student with college aspirations and want to start saving. How much do you budget? A touch of preparation saves a ton of dough and much Zanax, folks- trust this mother of five.  What are these costs?

Almost all parents with college bound kiddos can quote tuition fees, (around 15K annual room and board & tuition for state schools). I, too, knew these statistics, but breathed a heavy sigh of relief when there were ample grants, scholarships, and student loans to get my child’s foot in the door of the University of her choice. Whew! That fiscal hurdle was crossed.  I thought. I mean, the tuition covers room and board, how much more could they need, right?

That was about six years ago. I am far smarter these days, having three children with college experiences.

For starters, let’s talk getting them there. Pre-college there are SAT’s, which many students take two or more times and keep their best score.  You can plan on spending about $30-$50.00 each for these.

Application Fees: Applying for colleges takes in many cases, non-refundable application costs, which can range from $25-$200.00 or more, depending on the school.  Most kids apply for four or more schools.

 Then the “Letter of Acceptance “comes. This is the day you celebrate with joy, (and you should, because it is quickly followed by several other letters asking for fees, one upon the other). 

Yet More Fees: There will most likely be a student fee and a housing fee. Countless letters will ask for cash in a myriad of ways, some required, some merely sales pitches. There will be an orientation, which is typically mandatory for freshmen and usually comes with a price.  And F.Y.I, even if your son or daughter are on a full grant or scholarship, these upfront fees may not apply to the “free ride” and most often are still out of pocket.

Crazy Mandatory Fees: This week, I took child number three to Ball State University for her mandatory orientation. After coughing up something like $225.00 already to BSU for above costs, I become very crabby over additional fees. I know that an education is worth every penny, I just hate parting with yet more of my money.  It’s primeval in me, I know. I become ugly.

At this recent event, the required cost of eating there was around fifty bucks for a day and a half (two lunches, one dinner, and a breakfast). Granted it was for my daughter and I, but still this is for a family of people who eat a yogurt and a granola bar for breakfast and consume ramen noodles as a staple food group. We’re cheap.

Me: What if I don’t eat that much? Do I get a rebate?

Orientation Leader:  You will find that money will go quickly, given the cost of our food.

Me: If it’s expensive, I would be happy to look at ways to reduce your budget, I do that for a living.

Orientation Leader:  Umm.

Me: Hey, I am on a restricted diet.

Orientation Leader: We have a variety of ways to suit your diet. What are your restrictions?

Me: My daughter and I only eat things that cost a dollar, it’s genetic.

Orientation Leader: That will be $50.00. We take cash, check or credit card.

If you stay with your kiddo at these orientation gatherings, you will most likely be charged a fee to sleep in an un-air conditioned dorm, where you will make your own bed and sleep on a rubber mattress coated with the DNA of countless college students.  This is not to mention the cost of road trips to drive there.  (Nor the parking costs often charged to park while paying for the orientation experience).

Then there are lab fees, student parking passes, etc.  Health exams, vaccinations, sports fees. You are also “encouraged” to visit the bookstore, where fifty dollar sweat shirts beg to be purchased.

What I suggest to counter these unexpected fiscal gems is to be aware in advance and to start saving if you have a high school student. I anticipate spending from high school senior year to college entry around $500.00, for SAT’s, applying to colleges and required entry fees.

Then I plan on another $200.00-$300.00 for added costs, such as orientations, fuel to get there, student ID’s, parking passes for students, and up front lab fees.

Also, a rule of thumb regarding books and financial aid- typically financial aid is not released to the school until a few weeks after the semester starts, so plan on having cash to buy books each semester. This is around $300.00- $500.00. I have never lucked out paying less, given a combined eight years of college for my kids thus far.

If you know there are a couple of colleges your kiddo is aiming toward, try contacting the schools and ask for these costs. Or search websites for info.  Bottom line:my budget just to get the critters off to college- $1,300.00 (without dorm expense).  You may adjust yours as needed.

Got a college student? I would love to have your input on budgeting!

Next blog stop on the money train, “Dorm-land”.

They weren’t in the car yet, but I girded my loins to prepare for battle. Brightly colored papers clutched in my youngest daughter’s hands bore evidence of impending drama.  Extracting one she proclaimed, “Mom!” “There’s a gymnastic camp right here in town!” “It’s only $200.00!”  

From middle daughter, aka, the “Cool Teen”, a more stealthy approach: “Hey Ma, can I hang out with my friends this Friday?”  It took some pushing on “Cool Teen” to discover “hanging out” was at an amusement park, (estimated cost, $70.00 for admission plus food).

A third country in the Allegiance of “Spend Mother’s Money Faster Then She Earns It” was heard from later that day.  “Like, there’s like, a Warp Concert Tour, like, next weekend!”  (Tickets for this hard core, head banging, extravaganza were, “like,” $50.00)

It was 4:10 p.m.  If I calculated correctly, my children had designs on $320.00 of my money that day alone.  Calgon take me away!

 I happen to love summer vacation. It’s an opportunity to spend time with my kids, not live by a schedule and be carefree. But there’s one seasonal area, I have come to dread- the fiscal drain.

Why do parents feel compelled to shell out so much money for kids?

 Because we don’t have backbone, that’s why!

 Think back to your childhood, do you remember being bored if you weren’t entertained?

 Boredom? What the heck was that?

How do we escape with sanity and our budget intact?  Often it’s not the big purchases, like a pricey camp, that do us in- it’s the nickel and diming of summer time-ice cream, movies, arts and crafts, etc.

My advice is two-fold:

First- budget! Second- be fair, but strong.

Here’s what I do:

If my income allows, I permit each child to pick one “big” ticket item such as a camp experience, for the whole summer.  This means I don’t have to work continuously to provide constant “fun”. And it teaches them about choices.  As adults, what gets us in trouble fiscally is feeling like we deserve it all. Why not teach kids that financial planning means choices?

 I also budget an extra $21.00 per week for small extras, split between all three girls.

Yeah, this sounds like I am being a tight wad. $7 a kid a week?

What will seven bucks buy?

A regular movie ticket (or a matinee plus small popcorn)

One round of miniature golf

Roller skating (skate rental plus admission)

“The Works” fast food combo meal at most chains

Bowling (two games plus shoe rental)

It’s what I can afford without breaking the bank.  If the kids do not use this amount, it carries into the next week and so on.  Hence, they need to (gasp) work for extra, save, or find “free things” to do.  I still have to remind them of this every summer. They grumble, but fall in place eventually.  

I do not “give it” to them as an allowance, as we also may elect to use this money for family purchases such as zoo or water park visits.

This helps me stay in budget and also gives them a medley of things to do, without feeling deprived.

 Parents, embrace your inner tightwad!

Don’t give your budget a summer vacation. Use this time to teach kids about money management.

Got a summer budget strategy to share with the class? I’d love to hear it!