Reply to Appropriate Allowance for Freshman in College

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Nothing. I saved every dime either of them got for holidays/birthdays/baptism/etc. They added to it with summer jobs. Each one had/has upwards of $25k. If they spend all of it, that’s over $600 a month per school month if they add nothing else to it for 4 years plus they still get $ from various relatives for birthdays and Christmas.

My parents did the same thing and I was told from an early age that it was for everything tuition, room, and board wouldn’t cover…so school books, food out, movies, beer, etc. I left for college with $15k and graduated with $12k. I was able to buy my first car (used) with that which I needed for grad school and put down security and first month’s rent on my apartment. [/quote]

So, the answer isn’t “nothing,” it’s $25,000. If we had saved every dime my kid had ever received as a gift, plus summer job $$, there’s no way it would be close to $25k.  You have a generous family. Good for you. [/quote]

Sure, my family is generous but I don’t think overly so. They benefitted greatly from several years of good returns since I invested their money for them. Even just the $25/kid/holiday and birthday from birth to 18 from 2 aunts, an uncle, and 2 godparents was $4500 alone, they worked 3 full summers, and had odd jobs babysitting and such before that. Conservatively I’d say each kid banked $12k from jobs, then the birthday and holiday money gets you to nearly $17k. Then returns and one off gifts for baptism, first communion, high school graduation, etc. It added up. [/quote]

You're still clueless. "Even just" cash gifts from at least 5 people for every birthday and event from birth?  You do realize that many families don't give cash gifts at all?

And either you gave your kids an allowance or you paid for everything because they spent nothing from their savings before they went to college?

The money still had to come from somewhere. You just changed the definition and called it "their" money.   [/quote]

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