One of the biggest challenges for parents and college students is money management. Many parents and extended family want to help students financially, but there’s always the concern that if they give them a lot of money up front, they’ll quickly spend it. Fortunately, there are several ways to financially support students without being overly concerned with poor money management.
Prepaid Debit Cards
One of the best ways to provide money (with limits) to a college student is by having them use a prepaid debit card. Prepaid debit cards can have set monthly limits, and can be easily reloaded by parents. These type of cards not only provide money, they also encourage (force) students to operate within a specified budget.
Gift Cards
Gift cards are another solution for providing funds for students. They are also an excellent alternative to giving cash for family and friends. Gift cards are available for almost anything, including restaurants and retail stores like Target. However, if you want to provide a gift card that will provide the most options, consider getting them an Amazon.com Gift Card.
Meal Plans
Most schools have an on-campus cafeteria and provide meal plans. Utilizing a meal plan will – at the very least – ensure they eat well! Meal plans are always cheaper than eating out for each meal, so it’s a smart financial choice for parents and students.