Let’s Talk Monthly Budgets

In this Issue:

• Tuition is Due
• Weekly Message for New Families and where to find the Orientation schedule
• Results from our survey of current families about setting monthly budgets for their students

HOW. IS. IT. AUGUST. ALREADY? Did the summer fly by for anyone else?!?!? I’m not ready! And today I am jam packed with meetings, so we’ll get right to the meat of the news today.

Tuition is Due

Tuition is due today, and I hope that everyone has already made their payment. In the event that you have not, please do that ASAP; see payment methods.

Weekly Message for New Families and Where to Find the Orientation Schedule

For our P’27s and Transfer families, we have this week’s Weekly Message for you here.

If you need the Orientation schedule, instructions to get the app are below:

• DOWNLOAD THE APP:  Go to your APP or Google Play store and search “WFU Orientation Programs” to access the New Deac Welcome Week 2023 guide or simply scan the QR code below.

• On a laptop/desktop computer or unsupported mobile device, visit the following link to access the content in your web browser.
  
• In the top left menu, choose Schedule by Tracks > Parents and Families to see your schedule (students will choose the First Year or Transfer track as applicable).

Results from our survey of current families about setting monthly budgets for their students

Last week, I put a survey in the Daily Deac asking a couple questions posed to me by a new family: assuming that a student’s meals are already accounted for via the meal plan, and the family will purchase the student’s textbooks, they asked “how much will they need each month for “extras”? and “what were the ‘extras’ they spent money on?”

Many thanks to the families who responded to this survey. I am posting your answers below, unedited. (Selfishly, this is helpful for me too!)

Of course, every family has to set a budget within their means and within the values of their family. So as the kids would say, you do you 🙂

How much will they need each month for “extras?”

• $200
• $200??
• $400/month.
• $300-400
• $400
• $200/month
• $250
• 150
• I sent my kid $275 a month. She got a job in the library within a month to augment that amount and I think she did just fine.
• $400
• Zero. I’m the mean mom. My son got no extra spending money – his “extras” had to be paid out of his summer earnings. He spent almost nothing extra – just a couple meals out and one weekend camping trip. But then, he doesn’t drink so that saved money!
• Our son had his own spending money from summer work and we added $300/month to cover gas, haircuts, date money, pizza, etc…
• 300
• 125
• 300
• $5000 full school year for social life, ubers, transportation home (airfare),
• $250
• $400
• We did $250/mo, knowing our deac might out-eat his meal plan, and he got a campus job. We increased to $300/mo for an overseas semester and senior year (he had a car senior year).
• Whatever they budget from summer job
• Our son had very few expenses as a Freshman.  We gave him $50.00/ week, but he never used all of that as a Freshman.
• I follow the University’s estimated cost of attendance, so I give $1770 for personal expenses.
• $100- $150: for meals off campus, movie tickets, haircuts, toiletries, etc.
• 200
• 250 from us and then they are on their own. We make ours cover Greek life dues. We also cover parking and gas separately.
• $300 may be on the high end
• I love this question!  My dad helped me with this when I went to college, and I helped my current Wake daughter do the same.  I asked her to provide to me a spreadsheet showing categories and how much she wanted to spend each month in each category.  She put together a Google Sheet and had the following categories: Food (non-food plan/weekends), Toiletries, Entertainment, and Clothing.  She chose the categories and chose the amounts.  I approved the categories and amounts and gave her 4 months worth of funds at the beginning of semester.  She managed it beautifully!  She used a Google Budget to track her spending, discovered she spent practically nothing on clothing, but did enjoy renting Zip cars for weekend jaunts.  I did the same with my dad 32 years ago and it set me up on a positive trajectory for life!  What a wonderful way to learn how to manage money – rent is paid, food is paid, it is all extra.  So grateful my dad did this for me!
• 15 dollars
• $100
• 400
• 100
• $500
• $25 a week
• It think it depends on each individual kid. I can say that between my two sons, I have one that spends $20 a month and another that spends $200.
• We said $200 but after our daughter’s first 2 years it has been much (much) less. Picking the appropriate food plan is most important.
• TBH, I’m not sure my approach has been the “norm” but generally speaking I leave it up to the discretion of my student. My son tends to spend more $  junior/senior year; my daughter spends on trips to Target for toiletries /personal items etc. One thing they both spend on is Uber/DoorDash, 1/week off campus restaurants. If the spending get “out of control” easy enough to have a convo with your students to dial it back
• Our son is not a spender, but we send him $50 a month, and that, plus whatever he earned the summer prior, takes care of his needs.
• 250
• 300.00
• 200 dollars
• Depending on comprehensiveness of meal plan, $100 to $200 a month.
• 400
• $125
• $300
• $400 per month
• $250
• 200
• no budget…  he knows that if he needs something he gets it.  When our oldest got sick, his over the counter meds added up. He knows he can go out with his friends on the weekend to normal college type places, or every once in a while he will ask permission to go to a game or something.  Most of the time they just hang out in different rooms or places within school.  So far that has worked for us, trusting that they will manage responsibly
• 100 dollars a week
• 100$
• $400
• $100 per month for toiletries, eating off campus, room snacks, recreation, etc
• My daughter (’25) spent about $75/month her first year, which was largely what she had saved for with her summer job.  Her biggest expenses were generally unnecessary with a meal plan, but allowed some fun – a few dinners out for pizza, late night ice cream, and coffee runs with friends.  There was also some at spending at Target for forgotten school supplies and new contact solution, shampoo, and the like.  She definitely appreciated the random gift cards Grandma sent as well! 
• My first-year had a car and seemed to enjoy Target runs and nice meals out. So gas and extras per month maybe ran about 300 dollars. She picked up some dog sitting gigs to help fund these extras.
• $1,500
• 200 per month
• 100.00
• $25
• 200
• 150 a month and pay for all Uber rides.
• $500
• $100 per month was more than enough for our first year son this past year for personal expenses. Not counting haircuts or ubers to/fro doctor’s appts which can vary by student but would be something worked out with parents.

What were the ‘extras’ they spent money on?

• Toiletries, snack, going out money
• Dry cleaning, dinner put, Ubers, ??? Trips?
• Dinner/drinks out with friends. 
• Movies, eating off campus, chipped in for gas for friends’ car
• Restaurants bars target
• Eating out with friends. Late night snacks
• Beer, extracurriculars, snacks, dinner in town
• Movies, meals off campus – friends birthdays etc., just fun money to spend as they see fit
• Dough Joes, thrifting, some meals out (not many I don’t think), drugstore items, target runs.
• Eating out on weekends, club merchandise, toiletries, snacks, shopping at the mall
• Gas, haircuts, date money (dinner/movie), pizza, beer, Uber, snacks for his room, video games, personal hygiene items
• Going out, presents, toiletries
• (Girls). A little money for walking outings to Renalda Village. At least one dinner out on weekends (food is cheap in WS), and some Ubers if they don’t take shuttle. Some at Amazon/Walmart/Party City kind of places for last minute theme events. Some for Wake gear, tailgate clothes, dressy functions.
• Eating out
• Going off campus to eat. Gas. Weekend events such as movies, seeing local bands
• Gas, food/activities off campus, groceries, sorority dues, any incidentals
• Toiletries and groceries, haircuts, subscriptions for gaming and music, gas (when he brought his car), travel with friends (airbnb at the beach, etc).
• Fraternity/sorority fees, weekend road trips, out to eat occasionally
• Occasional meals off campus.  Deacon sportswear. Target runs for personal items.  Off-campus movies.  Concert tickets.
• Extra food, entertainment (i.e. movies, concerts, etc.), online shopping.
• Meals off campus, toiletries, haircuts, movie tickets. Things they might get at Reynolda- coffee, doughnuts, dumplings.
• Food, transportation (when having fun) and fun!
• Greek life, eating out, uber, movies, nails, coffee out with friends, clothes (we buy lots but not all clothes, snacks, concerts
• Gas, Walmart/Target/CVS hygiene to medicines and favorite snacks for the room, out to eat $, Activities Movies, bowling
• She planned for off-campus Food, Toiletries, Clothing, and Entertainment.  The Zip car was a surprise!
• Going out to dinner with friends or grocery shopping.
• Gas, golf, movies, order in food, snacks, etc.
• Gas, Off Campus Food, Off Campus Events, Decorations, medications, snacks, clothes.
• Eating out, gas money (if they ride with a friend – we didn’t send a car with them), but they are expected to get a job if they want more spending money. Their clothes and bathroom supplies they came to school with will last a semester.
• absolutely anything else she wants – clothes, meals out, movies, extra food, anything!
• Movies, coffee drinks, fast food, books
• Food: Snacks for their dorm and dinner with the boys one night a week
  Sports: Bowling, mini golf and regular golf along with traveling to Wake games that are in close proximity. Lots of different events at the Coliseum.
  Frat dues: is a big one if they decide to join.
  Donations: Lots of great community service activities to take a part in
• The occasional target run and extra food dollars for on campus eating.
• Target, Uber, DoorDash, restaurants, (girls like Mani/Pedi etc)
• outings with friends, snacks in the vending machines, odds & ends. We do send him with the clothes and shoes he needs, as well as some snacks for his dorm room.
• Personal care, coffee w/friends
• Eating out, social stuff
• Extra food, gifts, clothes.
• Food, fun and entertainment (movies, bowling) and other weekend activities
• Target, Pod, out to dinner occasionally
• Haircut, nails, clothes, food
• This is mostly “going out” money for socializing plus other incidentals like all the things you get at Target. It does not include travel expenses. 
• Food out, entertainment
• Food beverage transportation decorating
• Over the counter medicines, phone charger, a couple of times they went to the city and splurged on a nicer restaurant (something other than fast food)… but it was only a couple of times during his entire semester
• Food, transportation, toiletries, hair cuts
• Target supplies, odds and ends for get togethers, gas.
• Mostly fast food and going out on weekends
• Toiletries, room snacks, target runs, off campus eating at fast food restaurants, uber
• See above – I answered all the pieces together. 🙂
• Food, thrift shopping and Target runs. She also went to the local rodeo and went ice skating. I was pleased she got out and about to get a sense of Winston-Salem. Wake organized and subsidized a Carowinds (amusement park) field trip which she loved.
• Restaurants, transportation, groceries, supplies, parties.
• Food, incidentals and dare I say alcohol?
• Coffee, eating out clothes, medications
• Dinner out, snacks.
• Groceries, experiences w/ friends, gas
• Goodwill shopping, toiletries, eating out, coffee. Be sure to pay for their Uber rides no questions asked so they can leave any situation and never be in a situation where a driver has been drinking.
• Gas, eating out off campus, personal items. our son also pledged a fraternity and that was added expense
• Target runs with friends along with Chipotle (or similar type restaurant) a couple times per month. A dinner out in W-S with friends less than once monthly. Ubers to games (unnecessary given shuttle but it happens). I am not counting urgent care visits off campus–lots of sickness first year and getting into health clinic wasn’t as fast. But I count those as family decisions and not allowances.