How do you handle spending money for your college student?

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02/12/2018 16:49

Subject: How do you handle spending money for your college student?

quote

Anonymous

Anonymous wrote:

Anonymous wrote:We don't provide any spending money. We pay for tuition, room, board, books, sorority dues, and supplies for the dorm/apartment. They pay for everything else- beer money, uber, concert tix, incidentals that come up (tampons, toiletries, snacks, groceries once they got off the meal plan, etc.), any spring break they want to go on. I think it is GOOD for kids to have skin in the game.

m

You pay for sorority dues but not tampons. LOL.

Well, we never specifically said "I won't pay for tampons" but if they need to run to Walgreen's on a Wednesday night (whether that's for tampons, contact solution, or condoms), no, we do not specifically give money for those incidentals.

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02/12/2018 16:50

Subject: How do you handle spending money for your college student?

quote

Anonymous

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We don't provide any spending money. We pay for tuition, room, board, books, sorority dues, and supplies for the dorm/apartment. They pay for everything else- beer money, uber, concert tix, incidentals that come up (tampons, toiletries, snacks, groceries once they got off the meal plan, etc.), any spring break they want to go on. I think it is GOOD for kids to have skin in the game.

OP here - I agree! So do your kids make their spending money by working summers and during the winter break, or do they work during the school year too?

Both of them worked 40 hours/week during summer. DD worked about 10 hours/week at an on campus job starting sophomore year, DS did a 20 hour/week internship his junior year but didn't work during the year otherwise.

But for people on financial aid, all that money goes against your aid. You have to be very aware of it.

My daughter babysat and tutored under the table instead.

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02/12/2018 17:09

Subject: How do you handle spending money for your college student?

quote

Anonymous

One has a credit card and bank account for job related earnings that can be drawn upon. Number 1 rarely spends money. The other has cash that I give for spending. Number 2 rarely spends money.

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02/12/2018 17:16

Subject: How do you handle spending money for your college student?

quote

Anonymous

Visa debit card with summer job savings. We give him $150 a month as well. Transferred to the account on the first of the month. It's his first year. It seems to be working well. Some months he hardly touches it. Some months he spends more than the $150 and is dipping into his savings.

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02/12/2018 18:07

Subject: How do you handle spending money for your college student?

quote

Anonymous

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We don't provide any spending money. We pay for tuition, room, board, books, sorority dues, and supplies for the dorm/apartment. They pay for everything else- beer money, uber, concert tix, incidentals that come up (tampons, toiletries, snacks, groceries once they got off the meal plan, etc.), any spring break they want to go on. I think it is GOOD for kids to have skin in the game.

OP here - I agree! So do your kids make their spending money by working summers and during the winter break, or do they work during the school year too?

Both of them worked 40 hours/week during summer. DD worked about 10 hours/week at an on campus job starting sophomore year, DS did a 20 hour/week internship his junior year but didn't work during the year otherwise.

But for people on financial aid, all that money goes against your aid. You have to be very aware of it.

My daughter babysat and tutored under the table instead.

Not ALL that money. No matter what she earns DD is obligated to pay $2000 per year towards her own tuition per financial aid. So, it’s to her benefit to earn more than that as she can use that for what she wishes.

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02/12/2018 19:10

Subject: How do you handle spending money for your college student?

quote

Anonymous

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We don't provide any spending money. We pay for tuition, room, board, books, sorority dues, and supplies for the dorm/apartment. They pay for everything else- beer money, uber, concert tix, incidentals that come up (tampons, toiletries, snacks, groceries once they got off the meal plan, etc.), any spring break they want to go on. I think it is GOOD for kids to have skin in the game.

OP here - I agree! So do your kids make their spending money by working summers and during the winter break, or do they work during the school year too?

Both of them worked 40 hours/week during summer. DD worked about 10 hours/week at an on campus job starting sophomore year, DS did a 20 hour/week internship his junior year but didn't work during the year otherwise.

But for people on financial aid, all that money goes against your aid. You have to be very aware of it.

My daughter babysat and tutored under the table instead.

You cannot generalize like that. We were on financial aid and work-study was included in it - meaning she could either take it or leave it (the opportunity to earn up to $2.5K/school year). Whether or not she took it had no effect on her grants.

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02/12/2018 19:17

Subject: How do you handle spending money for your college student?

quote

Anonymous

Tuition, board, books, fees, and small amount for toiletries. Anything beyond that come from their summer and winter break jobs.

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02/12/2018 19:31

Subject: Re:How do you handle spending money for your college student?

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Anonymous

We pay tuition, room & board, books, some clothing purchases, and transportation to and from school. DC pays for all discretionary expenses -- entertainment, eating out, toiletries, whatever--out of summer earnings and on-campus work-study jobs. DC received the maximum work-study award, but has not always claimed it all, as academic commitments have always come first. Luckily, DC made big $$ over the summer and was prudent.

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02/12/2018 19:55

Subject: How do you handle spending money for your college student?

quote

Anonymous

2 DSs in college. The junior spends $2k/month plus rent and the freshman spends $200/month.

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02/13/2018 13:42

Subject: How do you handle spending money for your college student?

quote

Anonymous

Anonymous wrote:2 DSs in college. The junior spends $2k/month plus rent and the freshman spends $200/month.

$2K per month!

What are they spending all that money on?

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02/13/2018 13:49

Subject: How do you handle spending money for your college student?

quote

froggymom
Member
Joined: 02/22/2017 18:14
Messages: 52
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I pay tuition, books, room and board. All other spending money he makes by various jobs during the year or in the summer. It makes him accountable and more responsible to himself for being careful with money.

profile p.m.

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02/13/2018 13:52

Subject: How do you handle spending money for your college student?

quote

Anonymous

Anonymous wrote:

Anonymous wrote:2 DSs in college. The junior spends $2k/month plus rent and the freshman spends $200/month.

$2K per month!

What are they spending all that money on?

Beer.

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02/13/2018 13:53

Subject: How do you handle spending money for your college student?

quote

Anonymous

Anonymous wrote:

Anonymous wrote:2 DSs in college. The junior spends $2k/month plus rent and the freshman spends $200/month.

$2K per month!

What are they spending all that money on?

Disgusting - you are teaching them nothing but entitlement

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02/13/2018 14:13

Subject: How do you handle spending money for your college student?

quote

Anonymous

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:2 DSs in college. The junior spends $2k/month plus rent and the freshman spends $200/month.

$2K per month!

What are they spending all that money on?

Beer.

No, beer for all his friends whose parents are smart enough to not hand them endless money. He is probably buying fake friends

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02/13/2018 14:23

Subject: How do you handle spending money for your college student?

quote

Anonymous

We pay tuition, room/board, meal plan, books & supplies, any fees associated with their classes (some have extra lab fees or certification fees) not covered under the semester tuition, insurance (car & medical), prescriptions, phone, and we cover clothes/shoes during the shopping trip before fall semester and one while home for winter break.

She has one of our credit cards that she can use for food from the grocery store, gas, and toiletries. We've told her to stick to $100/month and she's never gone anywhere near that.

Concert tickets, trips, movies, dining out, clothes she wants while at college, etc. all come out of her own money that she earns during summer and winter breaks.

We don't allow her to have a job during the school year, which is why we cover pretty much everything.