Lots of my friends have kids going to college for the first time this year and they are sad and excited all at once. As most moms know, planning for your kid’s big move to college can be an emotional and stressful time for both parent and child, especially preparing your finances to pay for tuition, college housing, books and food.
Even if your child may be years away from going to college, it’s still important to prepare yourself financially for these major costs. According to The College Board®, the average tuition increase from 2014 to 2015 was 3.7 percent at private colleges and 2.9 percent at public universities. Fortunately, there are many options to help you pay for college such as subsidized and unsubsidized loans, grants and scholarships, as well as savings plans to help you put aside enough money to fund your child’s education.
However, tuition is just one part of college expenses. College housing can eat up a major portion of your budget as well. With so many options for today’s students, deciding between dorm-life and apartment living can be a toughie! To help you out, here are a few tips to consider when planning for the best and most affordable home for your future college student.
Preparing For the Big Move To College: Tips For Affordable College Housing
- Compare housing costs: When you’re researching housing, you may hear all sorts of information about how cost-effective off-campus living is. However, many people are unaware of the hidden costs, such as food, utilities and gas, associated with living in an apartment and can sometimes end up spending just as much or more as compared to living on-campus.
- Look for included utilities: If you do decide that an off-campus house or apartment is the best route for your child, try searching for apartments that include utilities in the rent. This allows you or your child to account for how much money is left for other expenses rather than waiting for an electric or water bill to arrive. Not to mention, this can save money during the summer or winter months when utility bills tend to be the highest.
- Roommates are a great option: Roommates are also a great way to share costs including rent, utilities, furnishings and even groceries. Plus, if your child selects a roommate that he or she gets along with, they can have a friend at home while they’re making the adjustment to college life.
- Set up your child’s new home: For many kids, one of the most exciting parts of moving to college is setting up their new home. If you’re looking to save time and money when it comes to furnishing your child’s new dorm or apartment, furniture rental may be a great option! By renting furniture, parents, students and roommates know the exact cost of their furnishings for the entire year and do not have to factor in hidden expenses such as moving vans, fuel prices, storing furniture and replacing broken items. Rental packages start at $99 per month, and the cost can easily be shared between roommates. Plus, renting offers you high-quality pieces for your bedroom, living room and dining room at a fraction of the cost. Not to mention, furniture rental can make move-in and move-out day stress free because the furniture will be set up before you arrive and picked up at the end of the school year at no extra cost!
Sending your kid to college is an exciting milestone, but making sure they have a smooth transition doesn’t come without extensive planning. Making the right decisions about housing can truly make the difference in helping your child have the best college experience possible!
7 Important Benefits Of Family
My stepson went off to college this year, but is long gone already. Colleges here start before Labor Day 🙂
I am SO glad I have a few years before I need to worry about this. I think that I will just pack myself in his bag and stay with him! I don’t think I could handle him going yet! These are all great tips to keep in mind though once he does get there.
Of all the things about going off to college that scared and excited me the most it was my housing prospects. This is a great reminder to consider all the options- roommates can truly enhance the college experience and make the transition easier!
These are great tips. I can’t imagine how much you’d have to think about when preparing your kids to go off on their own for the first time.
Sending your kids off to college away from home is going to be hard. My daughter is in her last year of high school and I’m glad for these tips.
Great tips! My daughters are far from going to college. They’re still in elementary school. I know I won’t be ready when they head off to college. Housing is definitely something huge to think about while they’re in college.
oh my, I don’t even want to think about this! This is a really great list though, for someone with college bound kids!
I have to say, this is one part of life I am not looking forward too! I love these tips which are very helpful for planning purposes.
I remember the first day I moved into a dorm room. I agree, one of the best parts was setting everything up and decorating by myself for the first time!
My daughter is a junior in high school, so this resonates with me. Looking for utilities included is a smart idea.
The switch from my the kids living in dorms to living in apartments was a big one! This is some great advice!
I still have some years before my kids are college ready! But these are good tips to have for the future!
We just went threw this with my Daughter. She started her first year of University and had to move into a dorm room. We spent the summer getting ready for the move.
I have a few years yet before my kids go to college. There is so much to do before they move. I will share this with my friends with kids that age.
I remember doing all this stuff with my mom before I headed off to college. It is so important to know what you are really paying for!
College is such an exciting time in a young person’s life! They’re usually off on their own for the first time and discovering a lot about themselves and the world around them!