Reply to College student - credit cards, limits, Ubers, food

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[quote=Anonymous]We pay for [b]everything[/b] for our kid except his tuition as he goes in-state and has full tuition merit scholarship.  We are UMC and  could pay for fully pay for private college and medical school - if my kid wanted to go that route.

There is still cost of board (dorm or apartment), transportation, food, mess hall, electronics, socializing, club dues, travel and vacation, haircuts, clothes etc.  We pay for all of that.  Actually, he has access to our credit card, Amazon, store accounts, Starbucks, google pay, Uber, subscriptions etc, and he pays as he needs. We do get notification as he makes payments.

Would we have been so generous if he had not gone in-state or got merit scholarships or if we were not UMC?   I think we would have helped our kids with our time and our resources to the best of our abilities even if we were LMC.  We started saving and having backup plans for our children from the time they were born. There have been lean years of rice and beans for us and we have been fine with it.

Why have such a high level of trust on my kid? Actually, both of my kids have done us proud. They are high achievers, thoughtful, strategic, hard working, frugal, resourceful, self motivated, super disciplined kids and I would label them as smart nerdy frugal social kids, who hang around with other smart nerdy frugal social kids.  Sure, there are occasional parties, splurges and occasional spring break traveling, but they are kids who consistently make good choices.  So, if my kid had behavioral issues, made dubious choices,  had a sense of entitlement or a case of affluenza - I would have tightened the purse strings substantially.

Does he have any money of his own to spend? Sure. He makes decent amount of money through his internships, and he puts all of it in retirement and savings accounts. [/quote]

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