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Home / Blog / A College Budgeting Guide for Students and Parents
September 8, 2025
The Cost Breakdown – Not just tuition!
According to College Board data:
These are averages and real costs can fluctuate. That coffee you grab between classes, streaming services, pizza delivery, and laundry add up fast.
Know Your Expenses
By tracking all your spending from textbooks and Uber rides to streaming and snacks you can understand where your money truly goes.
Use Budget Tools and Rules
Consider the 50/30/20 rule: 50% for needs, 30% for wants, and aim to save 20%. Try using budgeting apps on your smart phone to categorize spending.
Limit Eating at Restaurants
While the dining halls are not always the most appealing, stretching your meal plan can make all the difference. Try to budget a small amount for off-campus food.
Find Affordable Fun
Free campus events can save students so much money on entertainment. Also, plenty of services offer student discounts, so make sure you are using these resources to your advantage. Budgeting for occasional splurges to avoid guilt or impulse buys can impact your wallet and wellbeing substantially.
Clarify Financial Responsibilities
It is important that each party knows their responsibilities. Having a clear conversation with your student can reduce shock later. For example, “We’ll cover tuition and housing, but you’re on your own for books, food, and extras.” Just a simple conversation can help build expectations leading to trust between sides.
Set Up an Emergency Cushion
Life happens-medical expenses, travel, and unexpected costs can sneak up. It’s important to encourage a modest emergency fund from the start.
Model Smart Financial Behavior Use real-life examples such as groceries, utility bills, or saving for vacations. This allows your children to see budgeting in action
Encourage Income-Boosting Efforts Part-time jobs or campus work-study can help students manage money and teach responsibility.
Budgeting isn’t meant to be restrictive. It is a tool for independence. Students learn to prioritize, save, and make confident decisions. Parents on the other hand reinforce trust, resilience, and good money habits.
Fidelity Bank is here to support this journey. From teen checking and savings accounts to budgeting resources, we help students and families start strong, both financially and personally.
Good luck this semester! May balance, awareness, and a little cushion backed by Fidelity Bank be on your side!
Continue Learning
To view additional videos and articles covering a wide range of financial topics including personal finance, identity theft prevention, cybersecurity, business advice and more, visit our Financial Education page.