Anonymous
07/12/2025 09:25
Subject: College student spending of mom and dad's money
You know your kid and you know your finances. Do what you think is best for them.
Anonymous
07/11/2025 09:15
Subject: College student spending of mom and dad's money
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Yes, Kiddo. Also, Kiddo is not an authorized user.
Anonymous wrote:Anonymous wrote:Here is how we set the budget:
- at average utility bills for 12 months (and then divided by 12) to get a monthly rate.
- assumed a certain amount every 2 weeks for groceries, then multiplied by 2.5 for a month.
- Added in the fixed prices for internet, etc.
- Added in about $20 for gasoline.
- Added in about $20 fun money per month.
Kiddo's exact rent amount is transferred on the 25th (due to landlord on the 30th) and the above amount is transferred on the 1st. Kiddo knows if they spend MORE than the fixed amount, they pay for it. Kiddo knows if they spend less, they keep it.
Kiddo is not an authorized user on our credit cards because that just leads to mooching off mom and dad. Kiddo has a their own credit card and impressive credit score for a 20-year old with only a minimum wage job a few months a year.
Kiddo??
Yes, Kiddo. Also, Kiddo is not an authorized user.
Anonymous
07/11/2025 09:14
Subject: College student spending of mom and dad's money
I always had my own credit card and my parents drilled into my the importance of paying the balance off in full every single month.
The reality is if she wants the perks like that, she needs to learn how to earn them. Eating out, new clothes, those are luxuries. I still have the dress I saved up for months when I was a freshman in college. We were always finding ways to make money, taking on serving shifts at parties, babysitting, etc.
I've seen college students with big hustles, my kid's babysitter is booked solid, his team's swim coach is constantly booked with private lessons. They can make money.
The reality is if she wants the perks like that, she needs to learn how to earn them. Eating out, new clothes, those are luxuries. I still have the dress I saved up for months when I was a freshman in college. We were always finding ways to make money, taking on serving shifts at parties, babysitting, etc.
I've seen college students with big hustles, my kid's babysitter is booked solid, his team's swim coach is constantly booked with private lessons. They can make money.
Anonymous
07/11/2025 08:55
Subject: College student spending of mom and dad's money
Anonymous wrote:I’m amazed that people give their kids credit cards. My kids have bank accounts and debit cards and I pay a fixed amount per month for food etc when they are at school. How else are they going to learn to budget?
This. I reimburse for medical/prescriptions, car repairs, etc. I also deposit $100/month for toiletries, household supplies, etc. Kids have worked since they were 15y and spend their money on food/entertainment, etc.
We did put the kids on one of our credit cards to build credit, but we never gave them the actual card/number.
Anonymous
07/05/2025 23:57
Subject: College student spending of mom and dad's money
Our kids may use the credit card we provide for only the following unless they ask permission:
Medical visits
Prescriptions
Car expenses
Groceries (fixed monthly budget)
We do not pay for restaurants/take out unless we have given permission and that’s usually a situation where I send them to pick up food for all of us or it’s a special occasion so I tell them to treat themselves. For clothing, I will give permission if they have a legitimate need but not for a want.
Medical visits
Prescriptions
Car expenses
Groceries (fixed monthly budget)
We do not pay for restaurants/take out unless we have given permission and that’s usually a situation where I send them to pick up food for all of us or it’s a special occasion so I tell them to treat themselves. For clothing, I will give permission if they have a legitimate need but not for a want.
Anonymous
07/03/2025 23:23
Subject: College student spending of mom and dad's money
Anonymous wrote:My 20 year old has a debit card that deducts from her bank account. I made her put her earnings into a Roth. She can see how it performs, as well as her UTMA.
She works in the summers, and works very part-time while at school.
Most of the money in her account is her earnings. We will sometimes pay for things, like plane tickets for certain programs she wants to undertake, or a new laptop for school. But sundry everyday expenses are on her. She would come to us if she needs more cover but she doesn't.
We can afford to float her however DH and I are at odds about it. He wants to give her whenever she asks and I'm the one who says no, she needs to think about whether or not something is worth the money she worked for. I really believe that at this age the patterns become set so if a person has been floated, they will continue to expect it going forward. I want to throw cold water on that expectation.
My kid eats at home unless she is having dates with friends. She does indulge in skincare products.
If a college kid opens a Roth, does she have to file income taxes even if she doesn’t earn enough money from a summer job to have to file otherwise?
Anonymous
07/03/2025 20:59
Subject: College student spending of mom and dad's money
At 20, they should have a job and their own credit card.
Or, if you prefer to give them an allowance, give it to them in cash or on a prepaid card so they can learn how to budget.
Or, if you prefer to give them an allowance, give it to them in cash or on a prepaid card so they can learn how to budget.