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[quote=Anonymous][quote=Anonymous]I am one of the PPs who supported keeping her money in savings. Too many people miss the broader picture when teaching personal finance[b] - learning to save is as important as living within your means. While I get the stance that earning their own spending money teaches responsibility, there is also a learning cost to focusing only on spending and not how to save and invest. [/b]

Again, whatever spending money you provide will eventually be replaced by her paycheck. If you haven’t already started teaching her about saving/investing, these last few years “under your roof” are a great last chance to do that.

I am grateful my parents provided a similar approach - providing a great foundation for a healthy financial life.

Ultimately, how financially responsible your child will be is influenced by what they have learned throughout their entire upbringing, not just these four years. Best wishes on the start of college[/quote]

These are not mutually exclusive.

Learning to save means taking your earnings, putting a portion of that aside and then budgeting the rest. Learning to save and manage money wisely is not saving your own money and spending someone else's. What exactly is the lesson there?

My kids have been taught to set aside 20% of every single dollar earned. Once they became w-2 employees at age 16, I committed to matching every dollar they saved so they could open a roth. As a result my 19yr old son still saves 20% of what he earns, has over 9k in personal savings and still is managing to not come back to the parental ATM for his spending money.[/quote]

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