“Financial Survival 101″Being in charge of their own finances can overwhelm college students. Thom Johnson, financial officer at the University of Michigan Office of Financial Aid, has some hints for college students from their first year to graduation.

First, set up a local bank account. “In most college towns, it is virtually impossible to cash a check without a local account,” Johnson said. “A local account also lets you ‘talk to your bank’ in person if there’s a problem.” But don’t forget to maintain your account. “Schedule one hour a week to take care of money tasks—balance your checkbook, pay bills—and write home for more money,” Johnson said.

Budgeting is critical, according to Johnson. “It’s not hard. Know how much it costs. Know how much you have. Subtract.” Buying smart can make budgeting easier. “Look for used books and generic supplies. They can save you a lot of money,” Johnson said. “Also, buy necessities—shampoo, detergent, extension cords—before you come to campus. Campus stores generally have higher prices than just about anywhere.”

“Except New York City. If you’re from New York, wait.”

Contact Johnson at teej@ofa.umich.edu.

What to do when your little baby is all grown up and off to collegeEveryone knows that going to college for the first time can be stressful for students—but also for parents. Communication is the key to smoothing the transition, says Todd Sevig, clinical director for Counseling and Psychological Services at the University of Michigan.

“The overall issue that both parents and students are dealing with is adjustment,” Sevig said. “In particular, both parties have to renegotiate their relationships with the student as an adult. Students have to go through a more general ‘who-am-I’ type of adjustment, while parents have to perform a balancing act—allowing students their freedom without dropping out all together. After all, they’re still your parents.”

Communication is the secret to this re-negotiation, said Sevig. “Parents, allow your student to make their own decisions about how often to call home or visit, in addition to choices like which classes to take. But make sure they know you are there for guidance and input, that you are still there to support their decisions,” said Sevig. “Students, talk to your parents. Use good communication to make this time easier.”

Contact Sevig at (734) 764-8312.

Move it!Moving into a dorm can be a hassle—making an already stressful time that much harder. Alan Levy, director of public affairs and information for the University of Michigan Housing Office, has tips to make the move-in process smoother.

“Most college students bring too much stuff,” said Levy. “U-M, for instance, hasn’t built a residence hall since 1968, but the number of items students bring, like computers and CD players that didn’t even exist in 1968, grows every year. Also pack what you will need first, like bedding and linens, on top of the trunk or in the back of the van.”

Parents can help make the transition easier, too, according to Levy. “Current students recommend that families say their main goodbyes the night before so that parents can make a quick exit after everything is moved in,” said Levy.

Finally, students and parents should consider insuring the student’s belongings. “It’s important to remember that many universities do not cover damage or loss of personal items,” said Levy. “I’d strongly suggest that students protect their property with insurance.”

Contact Levy at ajlevy@umich.edu.

Office of Financial Aidteej@ofa.umich.edu.Todd SevigHousing Officeajlevy@umich.edu