Effectively reducing your teen's recreational spending can be difficult. Begin by having your teen separate necessary expenses and luxuries. Explain that food is a necessity, but ordering take-out is generally more expensive than grocery shopping or school meal plans, for example. Show him how to lower cell phone use and entertainment expenses without cutting them out altogether.
Food Expenses
College students frequently have different meal plan options to choose from at the school cafeteria and dining facilities. Meal plans may allow a buffet-style unlimited amount of food each meal or charge per item. Your student may cook for herself if she has an available kitchen. An off-campus apartment may have a better kitchen and make cafeteria meals inconvenient. Teach your student to make a list when grocery shopping and how to avoid buying items on impulse. Discuss eating and cooking habits with your teen, and address choosing the right payment method. Devising a simple income and expense budget, with a clear amount available for each month's food spending, is a great, simple way to stay on track with meal spending.
Cheap Entertainment Options
Colleges and college towns frequently have free or cheap entertainment options, including student theater and performance productions, sports events, school sponsored events (such as movie showings), events run by school clubs and community events geared toward the student audience. Movie theaters and other businesses frequently offer discounts to students to get their business, so encourage your teen to keep her student ID with her and be prepared to show it when asked. She can use school and local libraries for movies, books and other media rather than renting or buying.
Budgeting
Help your teen differentiate recreational and necessary spending. Emphasize debit card use to avoid over spending, and encourage budgeting a certain amount of cash for recreational expenses each week, based on available income (from student loans, work or savings). Some students (and some adults) benefit from a cash-only arrangement, where you set aside, in cash, amounts to spend on necessary and discretionary spending--that makes it easier to see exactly what's left in the monthly or weekly budget. College students may not want their parent's financial advice, but making a monthly budget together can help them take control of their own finances. Cell phone, credit card and other companies frequently offer special discounts, rates or plans geared toward students, and may have discount arrangements with the college or university. Restaurants, hair salons, retail stores and other businesses may only give the discount if your student asks, instead of advertising it widely. If your student is overspending, try to help her find expenses--like clothes buying or meals out--that can be reduced through discounts. Taking advantage of college student discounts for your teen can significantly reduce costs and give her a bit more to spend on recreation while being financially responsible.