How can you help your child budget their money?

If your child is heading off to uni this September, it could be their first time managing their own budget and doing things like the food shop, their washing and making their money last.

Here are a few tips that I did with my parents that helped me before I went to uni:

1. Do a Practice Food Shop Together
One of the biggest regular expenses as a student is food shopping. Luckily, food on campus at BCU is really cheap, so I can always grab and affordable lunch for around £3! But obviously, it's good to have a stocked fridge for when I am at home.

A great way to get your child thinking about money is to do a mock food shop together. Take a trip to the supermarket and go through what a typical weekly shop might look like.

Look at price comparisons between branded and store-label goods, explore deals, and discuss how to choose healthy options that are affordable.

Doing this ahead of time gives them a realistic sense of how much to budget each week and helps them avoid the trap of overspending in the first few weeks.

2. Practice Some Affordable Recipes
Once they’ve bought the groceries, help them learn how to use them! Before going to uni, I'd never made a proper meal, so I tried some out on my family so I had a couple of favourites before starting uni. These included a pasta bake, chickpea curry, stir fry and a chilli con carne as they all make lots of portions for a low price, so I freeze them or eat leftovers over a few days.

Practising making meals that make more portions will help them avoid expensive takeaways and food waste.

3. Help Them Build a CV and Practice Job Interviews
Many students work part-time to help fund their studies and gain experience. You can support them by helping to build a CV that highlights their skills, school achievements, and any volunteering or part-time work they've already done. Because I had a CV ready, I could apply for student roles as soon as uni started, even though I was busy!

Go one step further and do a mock interview with them. Practice answering typical questions and help boost their confidence in talking about their strengths.

4. Create a Budget Based on Their Maintenance Loan
Once your child knows how much maintenance loan they’ll receive (and any other sources of income, like parental contributions or part-time work), sit down together and create a monthly or termly budget.

Break it down into key categories such as:
- Rent and bills
- Food and toiletries
- Travel
- Course materials
- Socialising and hobbies
- Savings or emergency fund

There are plenty of budgeting apps out there that can help track spending. Encourage them to keep an eye on their accounts regularly and adjust their spending as needed.

Here are some links that might be useful to start budgeting and thinking about finances when it comes to uni:

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