College Budgeting 101: Who better to tell new students about the ins and outs of budgeting for college than those who have recently lived the experienceâ€”you. Suppose you are advising incoming freshmen, or those living off campus for the first time, on money matters and how to live within a budget. 1. Provide a list of typical expenses for a new college student living on campus. What is different about a student who is living off campus? 2. What advice should parents give to new students before sending them off to live on their own for the first time? 3. Which expenses should be split between parents and students? How will they be divided? 4. Which expenses can be reduced? How? 5. What role should work play? 6. What are the advantages and disadvantages of credit cards? 7. How would you suggest handling a situation where a student has spent more than his or her budget? Should parents bail the student out? 8. If the student were living off campus with several other roommates, what options do they have for handling expenses such as utilities, rent, and food? How would you advise them? 9. What should a student do if a roommate is not financially responsible and does not pay his or her share of expenses? 10. What do you do with a roommate who eats or drinks more than his or her share?