As most of you reading this post probably know, the discussion with your parents regarding money while you’re in college is definately a sensitive one.  If they are helping you out, however much, while you’re in college, it is their money.  If you are paying for the majority of your expenses, then because you’re in college, you “don’t know how to handle money”, so it is pretty much still their money.  That is rightfully so, because frankly, you probably don’t!  Arguments about money can lead to deep resentment between you and your parents if you aren’t careful.  You might really hurt their feeling by saying “you aren’t giving me enough”, and they can hurt yours by saying “you have no idea what you’re doing”.  Here is a list of how to avoid those arguments before they begin.

1. MAKE A FINANCIAL PLAN - I cannot stress the importance of this.  While it may be hard to think of all of the expenses you will have during college, here are some broad categories: Food, Books, School Supplies, Living Supplies, Clothes, Computer Stuff, Cell Phone and Alcohol (if you choose!).  Also, if you have a car, there are oil changes, gas, etc.  The first few months before college, write down EVERYTHING that you spend money on, and the things your parents by for you.  Now, multiply this by 1.5, because you’ll use more of everything, and undoubtedly lose some stuff, because you are a college student.
2. WRITE IT DOWN - Make a “contract” between you and your parents, outlining exactly what you will buy, and what your parents will help you out with.  If they say “we’ll help you out with your cell phone”, have them specify if this includes paying for the bill, or paying for half of it when you need it.  Get all of the specifics, because it will get tricky over the next couple of years!
3. EXPECT THE UNEXPECTED - There will be a lot of things that you spend money on that may make your parents question your fiscal responsibility.  This includes, but is not limited to : unlimited text messages, protein for the gym, that new purse you just had to have, Chipotle 6 times a week…you get the idea.  But some of the more unexpected stuff may include a REALLY high gas bill (if you live in a big old college house), a new computer (if yours crashes…or if you drop a Starbucks on it during finals week…yep…), gym memberships, really really expensive books (pre-med students know what I’m talking about), security deposits, and parking tickets.   Now, you can either deal with these on a case-by-case basis, or at the very least, come up with a plan for when these occur.
4. PLAN AHEAD - If the financial plan is working out, do it on a quarter-by-quarter basis or a yearly basis so that for the rest of college you can ‘expoliate’ your expenses.  You will also get a good idea of where most of your money is going!
5. SHOW PROGRESS - If your parents think that you’re wasting money on things, show them progress!  Say “I realize that going out is costing me a lot, so I’ve cut it down to one night a week”, or “I’m cooking a lot more at home” or “I’m buying my books used online now instead of brand new at the bookstore”.  Any progress is good!
6. ASK FOR THE TRUTH - Now, undoubtedly in the back of your parents mind all throughout college is “When can I cut him/her off?!?!”.  Ask your parents the truth about this.  If they are planning to ‘wean’ you off of their money, ask them when they plan to start doing this, with what payments, and when.  The worst is when your parents, out of nowhere, say “we aren’t paying your cell phone bill anymore”.  Quite possibly, you could argue that it now qualifies as an “unexpected expense”.
7. HELP OUT - Get a job!  Whether your parents are helping you out or not, its important to get a job.  Whether its an internship, babysitting, caddying, or working in a bar a few nights a week, this is very beneficial.  Employers always like to see work experience, and the fact that you held a job down in college is always a bonus point!  Also, a lot of students find that having a job actually helps with time management - you know exactly which times you have to study and do homework, so you aren’t wasting time!  But BEWARE - having a job is sometimes a double-edged sword.  Your parents might think that because you have a job, you can assume some of your bills and debt, althewhile you’re spending money on more “stuff” because you have more $$$$!
8. BE HONEST WITH THEM - If you spent too much money out last night and it cut into your grocery money, tell them!  If you took your girlfriend out to dinner last week instead of paying your cable bill, tell them!  There is nothing worse than obtaining your own credit card, maxing it out, and having to explain it to them after its 6 months past due!
9. BUDGET - Be SMART with your money!  Check out our budgeting section to help you better manage your income and expenses. Click here for budgeting articles.
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