Estimated monthly savings: $1120
Your child going off to college is a dream come true, but when you think of the college tuition, fees, and monthly living expenses that go with it, your heart may flutter. Luckily, there are ways to save money on your college kid.
Keep applying for scholarships
Even if your child didn’t get one before going to college, keep applying for scholarships. Scholarships are available at every stage of a college education. Don’t be discouraged by early rejections. Make sure your child keeps their grades up and keeps applying throughout college.
Get your kid to take a part-time job
Your child is no longer a baby. Encouraging your kid to work part-time will save you from paying monthly allowance. It also helps your child become more responsible and develop a greater appreciation of the value of money and their education. This gives him or her an opportunity to become accountable. If your student is able to work only 10 hours a week, and makes 8$ per hour, that means 320$ per month that you save.
Start college closer to home
Living off campus is usually cheaper than living on campus. The average on-campus rent for a student at a public university is $9800 per year.Â That equals more than 800$ per month for a shared dorm room. The average off-campus cost for a shared room is 450$ per month. If you go a step further and have your child attend their first year or two at a local junior college, not only will you save substantially on tuition and fees, but also on rent as he/she can continue living at home. College costs are intimidating, but investing in your child’s education is well worth it.