There's no greater joy for a parent than being able to send a child to college. Helping your children earn a higher degree sets them up for a more positive future, with greater chances of landing jobs and advancing in career fields.
Going to college is an expensive endeavor. While most people fret about the cost of tuition and the rising price of textbooks, it is often room and board that can sink many college students financially. The average annual tuition in the United States at a four-year, public institution is $9,139 for in-state students and $22,958 for others. The average annual tuition at a private, non-profit school is $31,231.
When children head off to college, they are leaving the nest for the first time. This is the first experience many will have with taking care of their own living needs, shopping for groceries and household goods, and also the first time many will encounter their own fiscal decisions. Once your child graduates from college, they are going to face numerous financial challenges. Helping them start a budget to keep track of their finances is the best tool you can give them. If you are unsure of where to start, here are some tips to help them setup a budget to follow.