How much spending mo why do you allow your freshman college student?

[Anonymous]

He has a credit card for emergencies but a monthly budget which I thought was reasonable but he overspends every month. I just want to know if we’re in the right ballpark. This is just for food/going out. Ubers/clothing/school requirements are not included.
I want him to be able to manage a reasonable/slightly tight budget and even save from it for and keep some aside for unexpected expenses and presents for his girlfriend etc.
Google says $200-$300 but we give him a bit more than that.
Thanks

[Anonymous]

My guess is that he doesn't appreciate the money because it's free. He certainly isn't going to prioritize saving if you allow him to overspend with no consequences! (And why would you be funding his presents for his girlfriend?)

[Anonymous]

Anonymous wrote:My guess is that he doesn't appreciate the money because it's free. He certainly isn't going to prioritize saving if you allow him to overspend with no consequences! (And why would you be funding his presents for his girlfriend?)

I’m thinking of imposing consequences such as deducting any over spend from the next month but I want to be sure I’m giving him a reasonable amount first.
WRT girlfriend, we are currently his only source of money so I expect him to put some of that aside for such expenses.

[Anonymous]

LOL, I had a budget of zero when I went to college, just birthday cash. Room and board were covered, mom bought me clothes when I came home for holidays.

$200 is plenty. Give it to him in cash or direct deposit to his checking account: when it's gone it's gone.

[Anonymous]

You can ask him to draw up a budget for a couple of months to track his expenses. It's a useful skill, and it will show all of you whether he legitimately needs more money or not, and if not, where he needs to cut back.

[Anonymous]

If its just food and going out $50 a week is plenty. Tell him to get a job.

[Anonymous]

We give our son 0. With that said, we pay room, meal plan, phone, car insurance, books, school fees/tuition, and would send him anything on Amazon that he needs.

He doesn’t need clothes or shoes. Eating out other than the $500 in his food plan for spending at campus stores, is on his own dime.

I’m not supplying junk, beer or weed money.

[Anonymous]

We gave each of our kids $200 a month when they went to college. The first month we deposited $200 in their account that they had a debit card for. At the next month, we'd look at how much they had left, and bring that balance up to $200. Maybe we were putting in $40, and maybe we were putting in $180.

They are 28 and 25 now. 28 went out and ate off campus once a week, almost religiously. 25 did a lot more Starbucks and random toiletries she wanted but didn't need.

[Anonymous]

If they eat in the dining hall, I was okay with a pizza purchase once a week. Clothes, no. I generally sent them with enough toiletries for the semester. Spending money is what summer jobs are for.

[Anonymous]

Having a job in college helps them manage their time better and gives them a sense of what it means to earn money. They are spending more time socializing than studying, so don’t freak out about a job making them unable to maintain good grades.

[Anonymous]

I would give enough for a pizza on the weekend. Anything else they can get a part time job on the weekend.

[Anonymous]

I had a summer job and was expected to use that money for my expenses during college. I also had a campus job. No allowance. I turned out great. Next summer, make sure he gets a job.

[Anonymous]

I have a college freshman and a college junior.

Freshman: Lives in dorm on campus with a BIG meal plan (unlimited trips to the dining hall + several hundred in dining dollars that can be used at other locations on campus like the food court, coffee shops, etc.) We also let him use our credit card to buy any books and school supplies.
That's it. He never asks for any money beyond that.

Junior: Lives in an apartment within walking distance of campus, shared with a roommate. We gave me a total of $1000/month which had to cover rent plus food. His share of the apartment (he has his own bedroom and bathroom, but of course they all share the kitchen and living room) is $650/month, so he still has $350/month for food. In his area you can find shared apartments for as little as $375-400 a month/person but they are far off campus and he does not have a car.
We also allow him to pay for books/class materials with our credit card.
He never asks for additional money beyond this.

[Anonymous]

I got no money from my family when I was in college. I had a job. My oldest had a job - we paid his expenses, but he paid for his own spending money. You are giving your son like $75 to $100 a week? That's a ton of money. It's really nice of you. But, honestly, I would have taken the credit card first time he exceeded his allotment. Having a credit card requires that you be trustworthy and your son is not. Kids don't need a credit card for an emergency. There is nothing that you can't do from a distance for him in the event of an emergency.

[Anonymous]

We want our kids to focus on their studies and also enjoying the school experience. Our kids also are all athletes so in addition to their academics they basically have a second job in participating on their teams. None of them are at schools that provide aid to athletes. Basically they have a credit card to use as they want and we put $2k into each kid's checking account at the beginning of each semester. We haven't had any problems with overspending.

FWIW I worked all through college even though I pretty much had the same financial set up as our kids (at lower amounts because obviously it was 20-30 years ago). I remember using my parents' credit card for a lot more than is mentioned here. I used it all the time for clothes and stuff for sorority events. I usually told my parents but every once in a while I would forget to say something and my parents would get a little jolt when they opened the bill (!!!) but they didn't really seem to mind. It wasn't like they were flush (military) but I wasn't frivolous. And I just put the money I earned into a savings account.

I think that was the best lesson I could have learned was that having savings is important. I had a lot socked away when I graduated and it gave me a level of flexibility my friends didn't have because I knew that I had that nest egg set aside. To this day I am still a big saver. My husband jokes that we bought our first car in cash with our grocery savings and that isn't too far off from the truth. Even now after grocery shopping I transfer money into the savings account after I see the "savings" from purchases at Safeway or CVS or Walgreens. It all adds up.

I guess my point is that you can teach your kid a lesson about savings if you're willing to. IMO learning how to be a saver is a better lesson than learning how to be poor.