Cheap Tricks
We’ve talked about “Parent Plays” in a few of these tips. While some may look at these as cheap tricks, and most were simply attempts at humor, the truth is parents are your most obvious source for financial help while attending college.
But everyone’s parental situation differs. Some of you may be getting a full ride to college with a parental allowance to boot. Others may have parents that, as much as they’d love to, just don’t have the means to help at all. Most of you probably fall somewhere in between.
You’re in an important transitional phase right now. You’re going from a life where mommy and daddy supplied most everything, to a life after college where you’re all on your own sucker. Some parents figure you’ll learn self-sufficency quickly enough once you graduate. However, I’d guess most parents see college as a transition and will aid that transition by offering to pay for some of your expenses as long as they don’t see it as impeding your progress to self-sufficiency..
In most cases I think you’ll find your parents to be fair. They just want to see you succeed, and they know that the key to success is to be responsible. If you treat their efforts to pay for your college, and any money they give or loan to you, with gratitude and use it responsibly, while bringing home good grades, chances are they’ll be more than willing to help you as much as they can. But keep in mind your folks aren’t made of money. Children are often the last to know how much their folks are sacrificing to get them thru college. Parents will usually help as much as they can within the constraints of their ability and parenting philosophy.
Having said all that, here are some areas you may not have thought of where your folks might help out.
Clothes. Most parents don’t want to see their kids looking like bums. Ask and they might be willing to help out.
It seems fair to me that parents, if able, should help pay to bring their kids home for the holidays. At a minimum, ask your folks to help you select the flight so they’re personally vested in getting the best deal and will appreciate how much you’re sacrificing to come home. On the reverse, if your folks pay for your trips home, but leave the reservations up to you, then show your appreciation not only by thanking them but also by working your butt off to get the best fare.
If you’re taking a car to school just so you can come home occassionally then it seems only fair that your parents should at least pick up half the cost, if able. However, don’t take their unwillingness to do so as a personal rebuke but rather a hint to how hard they’re already sacrificing.
As mentioned before, if your folks have a home equity line of credit (HELOC) then they may be able to loan you money at a rate lower than you can get elsewhere. However, if you do borrow from them, be appreciative and make sure you treat that loan just as you would a bank loan. Make regular payments on time.
One last word of advice - don’t let being cheap trick you. We all have our own collection of faults. One of mine is being too cheap at times. Good advice for folks like me could be used by others as an excuse to feed their overspending habit. I trust you’re mature enough to know whether the following advice applies to you or not.
Be frugal, but don’t lose sight of the big picture. Don’t let an important life experience pass you by because you were trying to save a buck or two. You’ll have opportunities in college you’ll never have again. It would be a shame to miss them because you’re trying to save a dime. There have been a handful of situations in my life where I really missed out on what could have been important experiences just because I was too cheap, or didn’t want to borrow a few bucks. Keep things in perspective.
You can become a slave to money in many ways, debt being the most obvious. But some people are no less slaves to their frugality. Maintain a healthy perspective and enjoy those truly valuable opportunities that come your way.
Bank on it.
