What's the point of saving if you can't touch it when you're in college? I mean, was there a specific savings goal?

My high schoolers currently are saving for college spending money. It would be strange to say they can't touch it.

Credit card and checking account are musts.

We told our children ahead of time that they were responsible for their pin/fun money. They are not big spenders and the older one spent about $1k his freshman year the younger one closer to $750. This was mainly one meal off campus a week and incidentals. Each had the full meal plan. IMO, this helped them figure out budgeting and monitoring spending. They both ended up working at Safeway for the summers after freshman year and hated it. There is great value in the summer crappy job and it gave the older one incentive to find a paying internship for the next summer. The younger one is just now headed for his sophomore year.

Wait to get the credit card at college. They all set up in the student unions. When I was in school I got the Amex it camenwuth teocfree airline tickets per year for 4 years plus two after. 6 years / 12 Free round trips on continental.

I’m sure they must offer up some deals now for college sign ups. Huge pile of points or something.

Anonymous wrote:18 yo headed to Florida for college. Room and Board is covered. She has 3k in savings of her own money we don’t want her to touch. She has no other income. Aside from the essentials like books, what $ monthly budget are you giving your teen? She doesn’t have a car.

Also, should she apply for a credit card for emergencies and to get a credit history started? If so, which one and why?

Thanks!

May depend on part of Florida -- very expensive in some parts.

In addition to room/board/books, DD has our credit card for Ubers, toiletries, extra food/snack. She twice has asked if she can use it to go out for dinner. We also cover the sorority costs, but some families don't. She has to use her savings from her summer job for her other expenses. She spent about $1500 first semester and $500 second semester because that is all she had left. I don't give her a monthly allowance, she is responsible for allocating the money herself,

Also in Florida, DS earned about 2K over the summer and used that as his spending money. He also had a credit card that we paid to use for necessary items like deodorant or an off campus meal or prescriptions, things we normally would pay for at home. Seemed to be about the right amount.

Yes, definitely for credit card. I would have her get one in her own name and stress the importance of only using it for certain expenses and not going wild, and make sure she pays it off monthly. It will definitely help build credit history. My parents also gave me one of their own cards in my name, which was for emergencies only. I think I always had it, but they really wanted me to have it for study abroad. It had a high limit so the thinking was, if I needed to be airlifted out of somewhere or something equally crazy and serious I would have a high credit limit to just pay. I never really needed it, thankfully, but it was good for peace of mind. Depending how you feel about paying for her expenses, I was also allowed to put things like groceries on it or pre-approved things I asked to use the card for (blazer for internship, etc.)

Op, we put about $150/mo into our son’s bank account. Some weeks he uses more, some less, but it has worked out. He’s in Virginia private in a rural area/low COL.

Yes to a credit card. You can also add her to one of your accounts. (There are some ways to do this that limit her spending, or allow you to "pre-load" money onto her card--I'm not sure on which are the best, but that will also go into her credit history so might be a good way to start before she tries to apply for her own card.)

No idea on spending money since my kids aren't old enough for that yet. But maybe some starter monthly amount for the first semester until she gets a job, and from there she's responsible for it on her own?

We pay for room, board, and books. They are on their own for spending money.

Anonymous wrote:$0.00. She works during the summer for spending/entertainment money.

Yes, get your daughter a credit card.

Op again. Was hoping to hear from folks who have calculated/established a spending money budget for their kid(s). Thanks.

$0.00. She works during the summer for spending/entertainment money.

Yes, get your daughter a credit card.

Anonymous wrote:This is a weird post

Why is it weird?

This is a weird post

18 yo headed to Florida for college. Room and Board is covered. She has 3k in savings of her own money we don’t want her to touch. She has no other income. Aside from the essentials like books, what $ monthly budget are you giving your teen? She doesn’t have a car.

Also, should she apply for a credit card for emergencies and to get a credit history started? If so, which one and why?

Thanks!