DD & saving money

[Anonymous]

Anonymous wrote:

Anonymous wrote:Couldn't she just leave you out of it and just set up a savings account at her bank? My son has one that he can't access via debit card.

Also, it's been some time since we went to grad school but DH and I both paid tuition for our M.A. degrees (international relations and similar field). I had a partial tuition grant based on high GPA and test scores - it was not the norm to go "for free."

She has a savings account that she puts a portion of her paychecks into each month. The problem is that she can transfer money from savings to checkings as easy as a few buttons on an app/online banking and thus spend the $$.

NP. Yep, it's so easy to move money around like that and swear to yourself it's "just this once."

OP, it's a good sign that she is willing to admit that she has a problem with spending!

First, praise her for recognizing that and trying to think about solutions to protect her money more maturely.

Then go with her to her bank and talk to a banker (not a teller, a banker--make an appointment, maybe a virtual video appointment at this time) to discuss types of accounts and access that will prevent her from being able to move money around this way. Surely there are some. She should take the lead but in your shoes, since she's actually asking for your help, it's fine for you to be there when she meets with a banker so you too know what's being suggested to her; you have more experience and savvy with banking and there is no shame in her turning to your experience for help and advice.

If there really isn't such a thing as a way for her own bank to keep her mitts off her money, yes, agree to salt it away for her yourself.

Sorry so many PPs are not actually answering your question but are instead judging whether grad school should cost anything....