College age allowance

[Anonymous]

Anonymous wrote:Starting a new thread, because I feel like this question is a little different. How much do you give your college student monthly or weekly? In an apartment so no meal plan. And how often do you help them with new clothes or events like small trips that type of thing. I find it really tricky to navigate the financial space at this age.

$125 a week, plus $500 in the spring for clothes and $500 in the fall for clothes. He also works in the summer.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Starting a new thread, because I feel like this question is a little different. How much do you give your college student monthly or weekly? In an apartment so no meal plan. And how often do you help them with new clothes or events like small trips that type of thing. I find it really tricky to navigate the financial space at this age.

$125 a week, plus $500 in the spring for clothes and $500 in the fall for clothes. He also works in the summer.

This seems more accurate!

[Anonymous]

You should not be doing this, they are an adult they need to give you a budget they think they need and then you decde whether to fund it.

We paid rent utilities and food. They worked summer jobs and jobs at breaks for everything else.

We could easily pay their way they need to learn how to budget and control their budgets.

[Anonymous]

Anonymous wrote:You should not be doing this, they are an adult they need to give you a budgetwe they think they need and then you decde whether to fund it.

We paid rent utilities and food. They worked summer jobs and jobs at breaks for everything else.

We could easily pay their way they need to learn how to budget and control their budgets.

This is what did/do. We pay all tuition, apartment and utilities. Flights home, any medical things, etc. Stipend for food to learn how to budget. If they blew the food budget on something else, either dip into their own money from summer work or figure it out. That's all part of learning how to become an adult. Like PP, we could easily pay their way and give them virtually unlimited access to money, but what would that teach them? Nothing good.

[Anonymous]

A little off topic but we financially supported our kids going to (flying) to visit each other. At least once, made sure they had visited each other's campus. Generally for travel to see family or travel home, we tried to be very generous if it made a difference in it happening.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We pay Tuition, Room and Board. Kids will graduate with no debt. An aunt gave them each a $1000 Amazon gift card to cover books. We cover medical expenses and anything else that is truly necessary.

Kids are expected to work summers and/or 5-10 hours a week during school to cover other expenses.

One thing I do do. If a child has a summer non-paying study abroad or unpaid internship *that will meaningfully advance their degree of career goals*, I will pay them $400/week for that time ($10 and hour * 40 hour week). I don’t want to pay $200,000 for college and then not have them take advantage of opportunities that will help them long term. For example, DD is doing a 5 week immersion this summer in a critical foreign language. She is an IR major, minoring in the language. So, she will “earn” $2000 spending money for that time. They are expected to seek funding from the university or department first.

Does the Aunt know that books are not really a thing in college anymore?

.?? My college kids buy books. Not in the same way I did. They usually rent electronic copies. Amazon is one way to do that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We pay Tuition, Room and Board. Kids will graduate with no debt. An aunt gave them each a $1000 Amazon gift card to cover books. We cover medical expenses and anything else that is truly necessary.

Kids are expected to work summers and/or 5-10 hours a week during school to cover other expenses.

One thing I do do. If a child has a summer non-paying study abroad or unpaid internship *that will meaningfully advance their degree of career goals*, I will pay them $400/week for that time ($10 and hour * 40 hour week). I don’t want to pay $200,000 for college and then not have them take advantage of opportunities that will help them long term. For example, DD is doing a 5 week immersion this summer in a critical foreign language. She is an IR major, minoring in the language. So, she will “earn” $2000 spending money for that time. They are expected to seek funding from the university or department first.

Does the Aunt know that books are not really a thing in college anymore?

Of course they are for many kids! My kid pays around $300/year in rental fees for required books.

As far as other expenses, DC covers about $7-8k/year of tuition, room and board, and fees and we pay the rest. We also pay for about 3/4 of the car expenses and all of the cell phone plan, travel to/from home and summer storage. DC pays for entertainment, discretionary travel, clothing and everything else.

[Anonymous]

Anonymous wrote:Starting a new thread, because I feel like this question is a little different. How much do you give your college student monthly or weekly? In an apartment so no meal plan. And how often do you help them with new clothes or events like small trips that type of thing. I find it really tricky to navigate the financial space at this age.

Do what works for your budget and their needs.

[Anonymous]

No allowance but we allow them to use our credit card for groceries. We also pay for tuition, housing, books, medical expenses and transportation to/from our house. Any other expenses- clothes, going out to dinner, doing things with friends, spring break, etc are on them. They worked over the summer and while home on breaks. One has a job at school as well.

[Anonymous]

If your parents couldn't help because they had less or were miserly, doesn't mean you shouldn't help your kids. There are many ways to teach responsibilities, making them suffer isn't the only one.

[Anonymous]

Anonymous wrote:No allowance here either. We pay for tuition, books, and room and board (meal plan) when on campus.
Next year will be off campus, we will pay rent (it is equivalent to dorm fee). Since we also paid for the meal plan when on campus, we will pay that same amount towards food next year, when off campus.

All other spending money, for going out, for going on trips to visit friends or significant others, any kind of pizza and beer money, is on them. They have a summer job that earns them plenty - it's a great way to learn budgeting

This here too. Tuition, room, board but room/board equivalent to what would be with the college dorms/meal plan and rest on them— so if they decide to live somewhere more expensive than equivalent, their choice, their some. Any other expenses they pay for with their job $.

[Anonymous]

We pay for EVERYTHING for our kids. We will continue paying for everything for our kids until they finish all their education. We expect them to continue staying at our house and saving all their money for at least a couple years. The day they leave our house after getting a job, either because they married or their job takes them to another place, no more access to our credit cards. We do not expect 'yo-yo' launching. We will support them and give them a foundation so that they do not fail.

We will probably want to pay for 1st car, wedding (however we want to organize and pay for), and down payment for house (with an upper limit). None of these things are owned to them, of course. Our expectation is that they will continue to be worthy. Why? Because, its our money and our wish, Please go and get triggered and lose your collective minds. Yes, Asian American parents here. And no, we don't care if your kids don't date or marry our children.

[Anonymous]

No set allowance. We pay school expenses, reasonable clothes and such, and give money occasionally for treats. She has a PT job and pays for her own fun money. She’s really good at budgeting and saving. Older child was the same way but even more frugal

[Anonymous]

$600 a month for freshman ds to spend or save. He will get a job next summer for the next year’s spending money. He is in school in an expensive city.

[Anonymous]

Anonymous wrote:No set allowance. She has a credit card that she uses as needed. We pay the bill.

Same. We started out telling him that he could spend $X per month (that DCUM raked me over the coals saying it was WAY too low) but he didn't even spend that much. So now we just let him spend what he wants, it's nowhere near what we thought was reasonable.