College age allowance

[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?

What world do you live in. All my kids classes require textbooks.

[Anonymous]

Anonymous wrote: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.

LOL, not Asian but we too cover everything for DS. He is very practical and reasonable with his spending. Has always been and we are in a position to provide. I don't want him to miss an opportunity to go out and grab dinner with friends because he's got $7 left until his next check or transfer. T&F covered by a 529, he earned a scholarship, and has a major-related job on campus of 10-15 hrs./week. Worked over the summer. He banks his money.

[Anonymous]

Anonymous wrote:My kid is a sophomore at UCLA. Last year we paid tuition+book+room+board and gave DS $250/month. This year he is living by himself in a single apartment and he doesn't want to cook so we contract with a local chef to bring him healthy food everyday. We also give him $350/month for spending. It is working out well so far.

You don't say! I'd love a local chef to bring healthy food every day to my home.

[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 is what we do.

Between part-time work on campus and summer jobs, DC uses that for spending money.