College means more independence for many students, but it also means more financial responsibility. Before your teen goes off to college for the first time, it's important to talk about spending and budgeting.
Paying for a college education means more than just covering tuition costs. "Good Morning America" financial contributor Mellody Hobson recommends setting up a budget with your kids ahead of time, so college-bound kids know exactly where their money is going and what money is coming in.
Making Your Budget
The first step to creating a college budget is considering expenses. There are many costs to take into account, including room and board or rent, books and supplies, food and groceries, transportation, personal care (cosmetics, toiletries, prescription medications, etc.) and more. Don't forget to set aside funds for entertainment -- things like dining out, going to the movies, or big events like birthday celebrations or travel plans.
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