Reply to College student spending of mom and dad's money

Forum Index » Adult Children

Reply to "College student spending of mom and dad's money"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]Hello OP!  It is never too late to have a conversation with your child about financial matters. Sit them down and talk over what you are happy to cover, and what you expect them to cover. Communication and clear expectations are key. This can be remedied. My oldest (home from his 1st year at college) rarely spends anything. He has access to a credit card in his name that we pay - we tell him to put school books and food on this card, his own credit card (that he pays), and his own savings and checking accounts. We are more than happy to pay for pretty much anything for him, as he wants very little. Our high school age daughter, has a credit card in her name that I pay (under my card), and a savings account. We pay for a lot of her fun activities, although she gets an allowance. We did sit down and discuss what we think is fair with her, and she is on board. In our case, we will pay for a few lunches/dinners with friends a week. After that, she has to cover them. Sometimes, I offer to pay for extras for her and she is always appreciative. She did just secure her first summer job (starts in a few weeks) and we are encouraging her to put the money that she earns in a ROTH IRA instead of asking her to use it for extras. When our oldest gets an internship next summer, we will encourage him to put the max into a ROTH IRA and not to use the money he earns too. Every family has different ways of handling finances with kids, but the key is deciding what works for you all and then clearly communicating it to your child. It might be that you say you'll pay for 2 meals out a week and she asks you to pay for 3 instead. Speak with your spouse before you have the conversation with your child and decide what you both are comfortable with. Good luck![/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics