Create a budget

This is the primary thing. There must be a monthly budget that your child needs to follow. Even our country has one. All the sources of income must be listed. How much will you allot, how much is the amount of scholarship (if any!), how much will they have to pay (by picking up some part time jobs, off course!), all has to be taken under scrutiny! Then create a list of expenses. Meals, clothing, study material, personal care, social meetings, all will need green papers being exchanged for. Consider them all! Now work on how much money comes in and how much goes out. Rework your numbers if expense in greater than income.

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