Teens: Count each college dollar

I have an 18-year-old home for the summer from college. She is working to get some spending money in the bank before she heads back to school in August.

In the meantime, she's created a list of stuff she needs for when she goes back. Instead of waiting until last minute, we've been working on finding specials over the summer to help save money. For example, Office Max recently had a coupon for a free package of highlighters. We have bought her clothes at JC Penney and Kohl's using coupons and sales. Instead of buying all of her supplies in August, I've also bought a little each week and put it aside, using a master list we created.

If your child is heading off to college this summer, figuring out what is a necessity and what is simply something they have to have because everyone else has it can drive you crazy. You'll need to set up a mini-household for your child, not just worry about tuition and meals. Students have fees for microwaves and refrigerators and they'll need money for books, visits back home and even Netflix rentals (a big thing on campuses).

How much your child needs will depend on where they are going to school and what the college offers. Even saving money from part-time jobs doesn't guaranett the money will last. They'll be movies out with friends, shopping when they have some down time and other expenses as well. Kids have to learn the responsibility of budgeting their money. Parents need to set limits in advance. Many kids don't make it at school because they don't know how to control themselves financially.

Here are just a few things you'll have to make sure to add in:
* Food: not just the meal ticket. Consider late night snacks, stops at the fast-food restaurant and more.
* Phone: cell phone bills, internet charges if necessary and other expenses.
* Social: If your child likes to see movies, go bowling or travel back home, social activities can range from $50 to over $200 per month.
* Dorm: TVs, refrigerators, furniture, lamps, rugs and other comforts.
* Clothing: extra boots, jackets, etc.
* Computer: If your child wants or needs one, add it in. See if your child's school gives one to those who attend.

Plan for next year. My daughter and I talked about a summer job in January. Discuss a savings objective to reach by the end of the summer. For example, to have $1,000 spending money. develop a spending plan and check in with them about the differences between wants and needs.

Don't wait until August to start shopping. Instead make a plan, look for coupons and online coupon codes and get to work. You can save a fortune.