You know that feeling when your college sophomore calls home in early Fall, voice slightly concerned, asking if you can “help me figure out this budget thing”? I remember getting that exact call from my daughter Alexis just last month. She’d been doing well managing her money at North Carolina A&T State University in Greensboro, but the transition from freshman dorm life to apartment living with two roommates had introduced expenses she hadn’t fully anticipated.
When it comes to budgeting for college students living off campus, it’s important to plan for unexpected expenses.
That phone call wasn’t about crisis management. Alexis is actually quite good with money, especially when she’s spending her own hard-earned cash from her Washington D.C. internship this past summer, where she saved over $4,000. But it reminded me why October isn’t just about homecoming games and midterm exams. It’s when the rubber meets the road financially for both you and your college student.
Why October Hits Different
By late September or October, the novelty of college has worn off, but the financial reality is just setting in. Your student has had six or so weeks to establish spending patterns, and you’ve had roughly six weeks to see how those semester expenses are actually playing out versus what you budgeted back in the summer.
Here’s what I’ve learned from advising parents and students through my writings, media appearances, and books like my “College Secrets” series: October is when your carefully crafted college budget meets reality, and reality usually wins.
Understanding the nuances of budgeting for college students living off campus can significantly alleviate financial stress.
In this context, it’s essential to focus on budgeting for college students living off campus to help them navigate their finances effectively.
Think about it. Your student has now experienced their first round of sticker shock (why do some textbooks cost more than $100?), figured out that campus dining gets old fast, and discovered that college social life often comes with a price tag you didn’t anticipate.
For students like Alexis who’ve moved from freshman dorms to apartment living, there are new expenses like splitting utilities, buying household supplies, and managing grocery shopping on a full-time basis for the first time.
The October Money Reality Check
This is the perfect time to sit down with your college student – whether over FaceTime or during a weekend visit – and conduct what I call a “financial reality check.” Don’t wait for that confused phone call about unexpected expenses.
Start by reviewing their actual spending from August and September. Most banking apps make this easy. You can see exactly where the money went. When I’ve done this with my children, we’ve sometimes discovered that they were spending more on apartment essentials than we’d budgeted. For example, cleaning supplies, paper products, and basic household items that were provided in the honors dorm last year now need to be purchased and split among roommates.
Creating Your October Action Plan
First, acknowledge that your original budget probably needs adjusting. I’ve never met a family whose August projections perfectly matched October reality. That’s normal, not a failure.
Look at these key categories that tend to surprise families:
Housing transition costs: If your student moved from dorms to apartments like Alexis did, there are new expense categories. Apartment living means splitting utilities, buying cleaning supplies, and often purchasing furniture or household items that weren’t needed in dorm life.
Food beyond the meal plan: Your student is likely spending more on groceries and off-campus meals than you anticipated. Alexis discovered that apartment living gave her more freedom to cook, but also required learning to grocery shop efficiently and manage food waste.
Social activities: College isn’t just academics. There are club dues, campus events, and social activities. Build this into your budget rather than treating it as an emergency every month. Alexis is a high-achieving student and very involved on campus. But she’s learning to be selective about activities, especially when they cost money, choosing experiences that align with her interests and career goals.
Academic extras: Beyond textbooks, there are printing costs, supplies for specific classes, and technology needs you didn’t anticipate. As a political science major, Alexis needs access to research databases and has sometimes paid for printing specialty items.
Teaching Money Management in Real Time
Here’s where October becomes a teaching opportunity rather than just a financial adjustment. This is when you help your student develop real-world money management skills they’ll use for life.
My husband Earl and I have always taught our children the four ways you can use money: save it, spend it, invest it, or donate it. Alexis has internalized this framework beautifully. She’s learning to be frugal, especially when spending her own money, and she’s proud of the savings she built up from her D.C. internship.
Consider establishing clear expectations about which expenses you’ll cover versus which ones your student should handle from their own savings or earnings. Alexis uses her internship savings for discretionary expenses and personal items, while we handle the remaining tuition, housing, and essential living expenses that her scholarship funds don’t cover.
The Emergency Fund Reality
If you don’t already have a college emergency fund separate from your regular emergency fund, October is the time to establish one. Unexpected college expenses will happen: a laptop breaking right before finals, a medical issue, or an internship opportunity that requires interview travel.
I recommend setting aside $1,000-$2,000, if possible, specifically for college-related emergencies. This isn’t money for your student to access regularly, but it prevents college surprises from derailing your overall financial plan.
Looking at Success Stories
I’m fortunate to see how these October financial conversations pay off long-term through my older children. My daughter Aziza graduated early from UT Austin in 2018 with her marketing degree and now runs her own successful business, AtoZedits, helping high school students with college essays and college access. My son Jakada graduated from NC State in 2022 with his industrial design degree and is now teaching AP art to high school students in New Jersey.
Both learned financial responsibility during college through similar check-ins and boundary-setting conversations. They now make thoughtful financial decisions as young adults, understanding how individual choices fit into bigger financial pictures.
Looking Ahead to Spring Semester
Use October’s lessons to plan better for spring semester. You now have real data about your student’s spending patterns and your family’s college costs. Spring semester often brings different expenses, like spring break planning, internship application costs, or summer housing deposits.
Alexis’s spring break trip last year with her boyfriend and friends was planned in advance, with clear expectations about costs and contributions. That advance planning made the experience enjoyable rather than stressful.
The Bottom Line
October’s college financial reality check isn’t about restricting your student or feeling guilty about college costs. It’s about being intentional with your money and teaching your student to be intentional with theirs.
Watching Alexis navigate her sophomore year with increasing financial independence makes Earl and me proud. She’s learning to make smart money decisions, balance her desires with her resources, and plan ahead for major expenses. These October conversations aren’t just about managing current costs. They’re building life skills that will serve her well long after graduation.
So think of your October money checkup as a course correction that will benefit your family for years to come, just as it has for our family through three college experiences.
FAQs:
Q: Why is October a critical time for college students’ finances?
A: October marks the point where the novelty of college wears off, and financial reality sets in. Students have had time to establish spending patterns, and parents can compare actual expenses to summer budgets. It’s often when unforeseen costs—like textbooks, off-campus meals, and apartment living—become clear.
Q: What are some new expenses students face when moving from dorms to apartments?
A: Students encounter new costs such as splitting utilities, buying cleaning supplies, managing groceries, and furnishing an apartment. These items were typically covered or unnecessary in dorm life.
Q: How can parents and students conduct a financial reality check in October?
A: Review actual spending from August and September using banking apps or statements. Identify categories where spending exceeded expectations and discuss adjustments. This check-in helps avoid surprises and creates a more accurate plan moving forward.
Q: Why do original college budgets often fail by October?
A: Budget projections made in August often don’t account for real-life expenses like social activities, apartment costs, or academic extras. These surprises are common and adjusting the budget is normal.
Q: What spending categories commonly surprise college families?
A: Categories include housing transition costs, off-campus food expenses, social activities, and academic extras like supplies or printing fees. These costs add up quickly if not planned for.
Q: How can parents teach money management through October budgeting talks?
A: Use October as a learning opportunity. Teach students the four ways to use money—save, spend, invest, donate—and clarify which expenses are their responsibility versus the parents’. This develops lifelong financial skills.
Q: What is a college emergency fund, and why is it important?
A: A college emergency fund is a dedicated $1,000–$2,000 reserve for unexpected expenses like broken laptops, medical issues, or travel for internships. It helps avoid financial disruption without tapping into regular savings.
Q: How have financial lessons helped the author’s other children after college?
A: The author’s older children, Aziza and Jakada, learned financial discipline during college through similar October conversations. These habits carried into adulthood, helping them make thoughtful, informed financial decisions.
Q: How can families plan better for the spring semester based on October insights?
A: Use fall semester spending data to adjust for spring expenses, including spring break, internship applications, or summer housing deposits. Planning early reduces stress and promotes intentional spending.
Q: What is the main takeaway from having an October financial check-in?
A: October financial check-ins aren’t about guilt or restriction; they’re about intentional money management. They prepare students for real-world financial independence and foster skills that last well beyond college.
