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Reply to "College student spending of mom and dad's money"
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[quote=Anonymous][quote=Anonymous]My dd's bank account was linked to mine when she opened it as a minor, and we have kept it that way through college. She has her own debit/credit card but does not have access to our account. I can transfer money into her account if needed for agreed on expenses. No reason for a college age kid to have open season access to your bank acct for their Chipotle habit, but it is useful to be able to transfer funds when that is part of your financial arrangement with them for rent, groceries or whatever spending money limits you set.[/quote] This is what we did, but in your defense OP, we found the hs to college transition and money management tricky with our oldest kid. He’s 20 and he just opened his own checking account that we can no longer see and got his own credit card with a small limit. We’ve kept the shared checking account to transfer money into as needed, but we’re trying to teach him more about budgeting. Oh, and they work and will work year round starting this coming school year. [/quote]
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