In today’s world of rising tuition, higher cost-of-living, and lower employment rates, it is getting tougher and tougher to pay for an education without breaking the bank. Just when you start to think you have saved enough, though, think again. Paying for college is a long and winding road with hidden costs waiting to hit you at every turn.
Before shipping your kids off to the new and exciting world affectionately referred to as “college”, there are a few important hidden costs that you may want to prepare yourself for down the road:
Legal costs: For those late-night phone calls that start with “Mom, don’t get mad, but…” Though we all want to think that our darling little angels will steer clear of the long stick of the law, it is nearly impossible for college students to graduate without at least a parking ticket nowadays. Items such as jaywalking, rowdiness and the ever popular underage drinking are just a few charges to look for when writing the check to student legal service or the local law offices. Make sure to set aside an “oopsies” fund for incidents just like these as well as “emergencies” (not what you think) such as running out of beer or macaroni and cheese shortages. Your kids will thank you later for this.
Fake ID’s. It is hard to get through college without one, plus they are bound to get taken away at one time or another, which means your son or daughter is going to need another one. Typically these small pieces of plastic run between $75 and $100 nowadays. Save accordingly!
Spring break…more like Spring broke. Expect your collegiate to play the “poor college student” card right around the months of February and March when funds start to run out and the deposit on the hotel room in Panama City Beach is due. Spring break is an experience that all students should have at least once. Let them blow off some steam with their friends on the beach, but don’t let them blow too much cash! Set a budget for the trip and make them stick to it.
Tickets and tutors. Sporting events are extremely popular on most campuses, especially at larger schools. Students flock to football, basketball and other popular pastimes en mass; why wouldn’t the school charge an arm and a leg for those nosebleed seats way in the back of the arena? Another necessity that flies under the radar to most parents is the importance of a good tutor. If your child needed tutoring in high school, you had better believe that tutoring in college is a must. Luckily, many tutors are students and will not charge too excessively for their services.
Formals, Parents Weekends and Graduation, oh my! As fun as it is to visit your children at college during parents weekend, help them get ready for an important formal for their sorority or fraternity and watch them graduate in a sea of proud parents, all of these events become quite expensive. Between the cost of travel, hotels and taking your children out for “special dinners with the family” one could accumulate quite a tab for a weekend visit with your college student. Make sure to plan accordingly before your visit and set a budget for all of your traveling necessities to avoid getting off track financially.
An experience they will never forget…with a price tag you will never forget. Who could ever forget their semester in Spain or their year in England, their Spanish teacher in Mexico or their late nights in Prague. Studying abroad is becoming more and more popular among college students, with a price. A semester abroad is almost twice as expensive as a normal semester at most schools. Between travel costs, living costs and fees for enrollment in two different schools in two different countries, things can get pricy. If your student is planning on studying abroad, encourage them to start saving ASAP and make sure they are aware of all upcoming expenses before they embark on their trip to save you from an expensive international phone call begging for more spending money.
College students are constant targets for spending. Many will find themselves losing important items throughout the year as well as victims of theft (think laptops, keys, wallet etc.) Having a backup fund for hidden costs may seem unnecessary now, but will be greatly appreciated when your student forgets they have to pay their rent deposit or just has to have the newest version of Microsoft Powerpoint for their new class. Bite the bullet, save the money and start to expect the unexpected.
