How much allowance money do you send your kid each week/month at college?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Mine used to send me 1,200/month in 2001, so that's around 2k now.

Crazy! A kid in college needs a $24,000 income, when their dorm and dining are paid (or perhaps I misunderstand??)

My kid has a credit card linked to my account. I pay for things she "needs." She pays for things she wants/extras (with savings, from summer job).

Why not? I'm their daughter and they could afford it.

So many reasons why not, honey.

Like what?

[Anonymous]

Anonymous wrote:Debit card I assume.

We pay for their tuition, room and board, books and school supplies. They are responsible for their spending money. So no allowance.

[Anonymous]

$0

They can get a job if they want spending money.

[Anonymous]

Anonymous wrote:DC has a part-time job (10hrs/wk) and use it for whatever he wants to do for entertainment. We pay tuition, fees, housing and food

this is my plan for my kid too. plus working alot in the summer to build up her bank account

[Anonymous]

My kid worked all summer but I still gave DC a bit of $$ for books and incidentals. I gave a lump sum at beginning of year because I want DC to budget, and definitely no sharing of cc here. Next year I will do the same with rent $ because I am not going through the physical actions of paying DC's rent. I will give a one-time security deposit, so it's up to DC to keep it, or DC will have to pay it out of pocket the following year.

[Anonymous]

Not a set amount. They have their own Amex and we just encourage them to be responsible. Generally seemed to be a few hundred dollars a month. But they don't even really spend out money past freshman year. The other years they have good money saved from their summer internships. We don't force them to get jobs during the school year, unless they pursue a research assistant position, which could help them with letters of rec and graduate school.

[Anonymous]

It would be helpful if folks could specify whether the choice to send spending money or not is based on what they can afford or on other factors.

To me there is a big difference between a parent who says 0$ because they are already contributing their max and a parent who says $0 on principle.

It seems like such a different choice when money -- and then you have to make an intentional choice -- and when it's more about finding the optimal way to allow resources in order to provide for a famiily's needs.

[Anonymous]

Anonymous wrote:It would be helpful if folks could specify whether the choice to send spending money or not is based on what they can afford or on other factors.

To me there is a big difference between a parent who says 0$ because they are already contributing their max and a parent who says $0 on principle.

It seems like such a different choice when money -- and then you have to make an intentional choice -- and when it's more about finding the optimal way to allow resources in order to provide for a famiily's needs.

We can afford to pay for books and spending money without any doubt. (that is what we expect our kids to cover). But we want our kids to have some reasonable financial responsibility in college. We want them to internalize that college is a big deal financially, it's a choice, and that it's in their best interest to take advantage of it. I cannot imagine sending my kid $500 per month for spending money! IMO, part of the "college experience" is learning to be creative with limited resources and frugal with money. To me, everyone is kind of looking for a deal in college and you have that in common with others. It would be weird to be the person always wanting to go out for dinner/drinks and everyone else is like "can't afford it."

[Anonymous]

My kid is very responsible.

I don't give her an allowance per se.

She has a credit card, which is linked to mine. When she needs something (like shampoo), she charges it and I see the bill.

She seems to have great internal judgement about stuff she wants but does not need. Or like a gift for her friend. She pays those from her debit card (which is linked to her summer savings). I have always felt that that is fair, and she has not taken advantage of the situation.

(Note that when she landed good summer internships, we discussed a fair breakdown of the earnings-which included her chipping in a percentage towards college costs. That was not necessary, but I wanted her to learn how to break down costs into savings, responsibilities, fun, even retirement.)