Here’s what students can do to help budget in college

COLUMBUS, Ohio ( WCMH ) — Move-in week just finished up on The Ohio State University’s campus, and among settling in and starting classes, many students and their parents are also thinking about finances.

College is a huge financial undertaking, but Duke Dickerson, a professor of finance at Capital University, said there are things students can do right off the bat to save money. Dickerson suggested students make a budget they can stick to, use student discounts whenever possible, get a part-time job and use cash or a debit card for spending money.

“When you get to college, they have these small pieces of plastic known as credit cards and they are very useful, very helpful, but at the end of the day you don’t want to start off your life’s experiences in debt,” Dickerson said.

Another big money-saver is making coffee at home instead of going to a café every day.

“You do not have a job, remember, so maybe not a coffee every day,” parent Staci Smith said.

Her daughter Natalie responded: “I have those graduation gift cards.”

Dickerson said parents should make sure students do not spend too much money right when they get to campus and end up out of cash or in debt. Parents on Ohio State’s campus said that is something they have tried to make sure their college student is aware of.

“We’ve just talked a lot about budgeting and we talked about sort of weekly spending money and what would be reasonable,” Lyndsey Menning, a parent of an Ohio State freshman, said. “Then also going through the whole student loan process and all of that so a lot of different areas that we’re trying to cover.”

“The biggest advice that I give all my kids is, ‘Make sure it’s got a purpose.’ Like, don’t just spend money if it doesn’t have a purpose,” Smith said.

As much as parents want to help their kids, Dickerson said building these good habits is really up to the student. But he does encourage parents to check in on students and their bank accounts.

“It’s kind of the cornerstone of growing up and living life,” Dickerson said. “The world revolves around finance.”

He also encouraged people to look at school as an investment instead of an expense because a degree can open many doors after college when it comes to job opportunities and salary.

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