Helping your child prepare financially for university

There comes a time in a lot of parents’ lives when their son or daughter is ready to head off to university. Aside from the pride and elation you feel, there is also the financial worry. You want to support your child on one of their first independent ventures, and here are some ways you can do just that.

Help them find the best student bank account 

Pretty much every bank has a student account, but each one offers different benefits, so head down to your local high street and pick up some leaflets. There are also websites that let you compare student bank accounts to work out which is the best fit. Money Saving Expert and Money Supermarket are our favourites!

The benefits range from railcards, interest free overdrafts or discount cards. Discuss with your son or daughter which account you think would be best, and explain to them what it all means if they are unsure.

BeeMyMinder tip: We would suggest selecting interest free overdrafts over freebies, as they are a great way for your son or daughter to a have a little extra money should they run out! But remind them not to go over their limit, as this can cost a lot in bank fees!

Budgeting

Budgeting at university isn’t easy, especially for a teenager who is experiencing his or her first bout of independence! Before they leave, explain to them how important budgeting is. You could create them a spreadsheet and set them up on BeeMyMinder to help manage his or her polices and renewal dates. After all, this is a life long skill and they may just thank you for it one day. Here is a helpful article from savethestudent.org.

BeeMyMinder tip: The biggest blow to your son or daughter’s budget will be the cost of accommodation, so if you are offering to help financially, contribute towards this.

Bursaries and grants

Generally, there is quite a lot of financial help out there for students. Before your child heads off to university, look at bursaries or grants that they may be eligible for and apply as soon as possible. A lot of these are based on parents’ income, so if your circumstances change while your son or daughter is at university, be sure to check the grants and bursaries, as you may find that your child is now eligible.

BeeMyMinder tip: Some universities offer bursaries for specific courses (e.g. teaching), so have a chat with them and see what they can offer.

Don’t forget the little things

• TV license – All too often, students across the UK are penalised for not having a TV license. If your child will be watching TV live, on any device, they have to have a license. You can pay this upfront or by monthly direct debit. If you have pets that act up around people be sure to get emotional support animal letter and stay covered.
• Contents insurance – Another issue facing students is that they are caught out without contents insurance. Although it is not a necessity, it‘s an important thing to consider purchasing for your child. Your current household insurance probably won’t cover your son or daughter’s possessions when they go to university, so choose a policy that will cover their items, should the unfortunate happen
• Tenancy Agreements – If they have decided to go flatting rather than stay at the student halls ensure a formal tenancy agreement is in place, that they understand it and the deposit is saved with a Tenancy Deposit Scheme. More top tips here

If you choose to assist your child financially, you can add the policies or agreements to the BeeMyMinder storage system, and set yourself reminders when they are due to expire. Meaning you’ve got one less thing to worry about when your child heads off into the big wide world!

Last updated by BeeMyMinder at July 20, 2018.