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[quote=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.[/quote]

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