College Bound: Financial Savviness for the Back-to-College Season

Every year around this time, I get a call from a parent or a college student in panic mode. The excitement of college move-in fades and reality hits: money is tight, unexpected costs keep popping up, and the financial stress starts to weigh heavy. One of my clients, a first-gen college student named Jordan, called me freshman year saying, “Coach, I thought I had enough, but I didn’t know I had to buy all this stuff!” And just like that, their bank account was already in the red. That’s when I realized—we’ve got to stop sending our kids to school with new sheets and laptops, but no financial game plan.

As the summer sun gives way to fall, the college journey begins—not just academically but financially. Before your student even steps foot on campus, the first step is sitting down together to build a realistic budget. That budget should cover everything: tuition, fees, books, dorm supplies, transportation, meal plans, personal spending—you name it. When students see the full picture, they begin to understand the value of money and how quickly it goes if it’s not tracked.

Next, take time to explore every financial aid opportunity. Scholarships and grants aren’t just for straight-A students or athletes—there are thousands of options out there, but they require action. Encourage your student to apply for five scholarships a week. Treat it like a part-time job that pays off big. And don't overlook on-campus financial aid offices—they're there to help navigate loans, grants, and work-study programs.

Textbooks can sneak up as a silent budget killer. Instead of hitting the campus bookstore first, teach your student to compare prices. Renting, buying used, or using digital versions can easily cut costs in half. A little research goes a long way here. The same principle applies to furnishing a dorm room. Make a list before shopping and stick to what’s truly needed. Gently-used items or splitting the shopping list with roommates can prevent overspending.

If your student will be cooking for themselves, this is the time to teach them the magic of meal planning. Show them how to shop with a grocery list, avoid impulse buys, and make meals in bulk. A college student who can cook rice, beans, and chicken three ways is already ahead of the game. Eating out every day will crush their budget fast.

Transportation is another area where families should talk honestly. Is a car on campus realistic, or is public transportation more cost-effective? Add up the insurance, gas, parking, and maintenance costs, and make the decision that supports both convenience and cash flow.

A lot of students ask me about working during school, and I always say: if your schedule allows and it won’t harm your academics, go for it. A part-time job can help cover personal expenses and reduce loan reliance. It also builds discipline, time management, and work ethic—things you can’t learn in a classroom.

Now, let’s talk about credit cards. They can be a blessing or a curse. If your student is getting one, make sure they understand how to use it responsibly. No carrying balances, no maxing it out, and absolutely no treating it like “extra money.” A credit card is a financial tool, not a lifestyle upgrade.

One of the most overlooked but powerful steps is connecting your student to financial literacy resources. Whether it's a campus workshop, a trusted podcast, or an online budgeting app, these tools can help your student develop smart money habits that will last beyond college. And finally, stress the importance of building an emergency fund—even if it’s just $300 to start. A surprise trip home, a flat tire, or a medical co-pay can ruin a student’s month if they’re not prepared.

Sending your child to college is a major milestone, but it’s also a prime opportunity to teach them how to manage money wisely. It’s not just about grades anymore—it’s about grit, growth, and gaining real-life financial skills. As a parent, coach, or mentor, this is your chance to equip them not just for school, but for life.

And because I want to see your student win this season, I’ve created a FREE College Financial Readiness Checklist—a simple tool to help you and your family get clear, get prepared, and stay in control of your money before move-in day.

👉🏾 Download your copy here📩

You’ve prepared them to succeed in school. Now let’s make sure they succeed with their money.