My other BIG financial change this fall is that Princess is going to college. And our goal is to get her through college without debt. (Mine or mine, I mean theirs and mine.) We’ve talked about it for ages!
So I am very happy to announce that we have officially fully covered the first semester. The balance after their Pell Scholarships and the HOPE Scholarship for tuition, fees, room and board is $ 3,813.
Your father has agreed to pay this fee, but if not, I have a budget to cover it in full. (He also said he bought her a car for years and we’ve never seen that bear fruit, so I’m used to it.)
According to the school’s website, the year will cost about $ 27,000. That includes personal money, car, tuition and fees, I mean everything. So there is definitely some flexibility based on lifestyle and life choices.
She’ll be living in a dorm, not the cheapest but reasonable for what it is. Your meal will be covered by a meal plan. But there will be cost of living AND since she doesn’t have a car, there may be transportation costs.
After discussing with her and adding some thought, we decided that she would receive $ 300 per month. That’s $ 75 a week for fun money, personal items, transportation, etc.
This is mostly her money that she saved … so it doesn’t come out of my pocket, I just help manage it while she gets used to the freedom. (Her savings would have covered all of the first and final semesters, but her wrecked car cost her nearly $ 600, so I’ll step in to make sure she can count on that money year round.)
She is responsible for everything outside of this allowance. She will also apply for the part-time course. And she’ll be able to work when she’s home on her summer job on weekends and holidays, as long as she gives them enough time to put them on the schedule. (It’s nice when you work where your older brother is the manager.)
One semester less
I told her I would only commit to this school year. It’s going to be the kind of thing I have to check every year to see how much I can add, especially since gymnast will most likely be going to college in 2 years.
We’re assuming tuition / fees / accommodation will be the same for the next semester, so I’m adding these savings to my budget for this fall.
I want her to settle in and get used to college life without immediate financial stress. We discussed how important it will be for them to work full time next summer and save, save, save.
The Cost of College first appeared on Blogging Away Debt.