In just a few weeks time thousands of fresh-faced students will be heading off to university for the first time.
Plenty of them will have spent the summer weeks working, doing what they can to build up a pot of savings ready to flit away on beer (or whatever students drink these days) during freshers week.
However, we wonder how many of them have considered the real cost of living away from home – rent, bills, food etc?
A recent survey found that it is in actual fact parents who are absorbing the biggest financial blow when their child chooses to study at university with many having to use their own savings or get second jobs to foot the bill.
According to a survey of more than 800 parents, four out of five parents contribute to living expenses and are paying in the region of £360 each month to support children at university.
The survey by Which? found that many were being forced to dip into their own savings or were having to take on other jobs to help their child meet the costs of rent, food and study materials.
With the cost of living continuing to rise year on year, it’s fair to assume that the expense of supporting a child through uni is not going to get any cheaper.
However, as is often the case, early planning can help to soften the financial blow.
Being prepared and understanding the costs involved with studying away from home, is always a good starting point.
From the outset it’s good to talk to your son or daughter about what costs you expect them to cover and what you are willing to contribute on a monthly basis.
This way they might be encouraged to get a part-time job or be more prudent with their spending.
As a parent it’s never too early to start thinking and saving for your child’s future but we know sometimes it’s not easy to navigate your way through the myriad of savings options and products on the market.
If you need help arranging your finances and in particular advice on specific planning for university costs, visit www.robertnicholas.co.uk or call 01952 820155.