We know you just sent your child off to start their Fall semester of at Vandy and you’re probably adjusting to a house that feels a little more quiet; therefore, money matters may not be on the forefront of your mind. However, teaching your student to be financially responsible is an important part of transitioning them to college. Please share this article with them, as well!
Bulldog Bucks/Paw Points:
Paw Points purchases can be debited from some meal plans. The points are also designated for purchases at Dining Services' locations and Vending only. A convenient, secure, and widely-accepted way to pay for all of your day-to-day expenses is the Commodore Card. Money can be deposited to your student's Commodore Cash account and spent using their Commodore Card just like a debit card. Commodore Cash can be managed by downloading the app here! It can also be used for many on-campus and off campus locations from printing to restaurants and pharmacies. Learn more here.
Create a Budget:
Helping your student write a budget down on paper to estimate potential expenses each month will not only assist in determining how much money they will need each month, but also help guide them on how much is appropriate to spend on various things. UGA also offers a personal finance course. Even if finance isn’t your student's area of study, handling money is something they'll always have to do.
There are so many different apps that can be downloaded to easily track purchases. Looking back on transactions can help to determine if soo much money is being spent on certain things (eating out, clothes, entertainment).
Once your student gets in the groove of classes, it’s not a bad idea for them to consider getting a job. There are many job opportunities on campus and around Athens for UGA students and are very accommodating of their class schedules and school obligations. This will really help to get them acclimated to being responsible for maintaining a schedule, building up their work ethic and appreciating the value of a dollar and how hard work pays off, literally! Just make sure they can maintain good grades and have enough time to study. Above all, they are here to get an education!
Basically, regardless if you're giving your son/daughter a monthly allowance or if they are working to support themselves through college, it is important that you help them to be financially responsible. Have expectations, provide guidance and help them to be prepared to do this on their own once they graduate from college and enter the workforce!