College bound niece. Need advice on gift.

[emmagata]

Our niece is heading off to college this fall and my wife and I want to help her out with expenses.

What we came up with is this.

Open account in our name but allow her to access it via a debit card. What we would do is automatically transfer a set amount of money at the beginning of each month (maybe 1/2 the monthly amount twice a month).

Does this sound like a good idea?

Thanks.

 

[jamsmom]

WOW. What a nice aunt and uncle. That sounds like a good plan. OR yuo could give her a gift card once a month to a grocery store or something similar. Your way would be easier, though.

 

[CEDmom]

What you're doing is really kind and generous. Unexpected college expenses can really be tough. Another idea besides what you suggested is to have your niece open an account when she gets to school and you could arrange with your bank to wire money into her account each month.

 

[kejoda]

The really a wonderful idea. I think Visa has something set up like that so she couldn't oversprend. Not sure if she would be able to do it with the debit card. Find out so you won't get hit by overdrafts.

 

[SoonerKate]

Wow! I got an alarm clock from my aunt and uncle!

That sounds like a great idea. There are always unexpected things that happen in college -- projects with long lists of supplies are always given out when you're especially poor, and cars have a way of knowing when you don't have money as well!

You might want to look into a Visa Buxx card or any of the "credit" cards like that. Basically, you just send an amount to Visa and that's what the card limit will be. It's pre-paid, and when the money's gone, it's gone. That way, you don't have to worry about overdrafts. (Even though they claim you can't overdraw with a debit card, you can! Believe me... )

I know that with Visa Buxx, you can add money and check the spending through their secure website.

 

[Harambe]

Another gift idea - if you don't go with the bank account - is to send her phone cards. At my nephew's college he has a phone line but needs a phone card to call anywhere outside the campus.

I buy them at Stop and Shop because they often have "buy one get one free".


I only have five neices and nephews on my side of the family - so if I start a trend with one, I know I can do it for the others.

DH has over 15 neices and nephews so we think twice before doing anything for one - we'll have to continue with all of them!!!!

Good luck with your decision.

 

[wdwnutze]

The bank account sounds like a good idea. You should find out what bank is located on campus so your niece will have easy access to it and will avoid getting charges for using an ATM that isn't from her bank. My son has a Fleet bank on campus that doesn't charge him a service charge during the summer. I put money in his account weekly so he will have it as he needs it. You are very generous to be helping her out like that.

 

[momsal]

WOW!!!
That is a great gift!!

Do you want to adopt my DS???

 

[emmagata]

Thanks for the feedback. We still have some time to look
into other options.

I like the idea of phone cards but with the Internet/email and IM I don't know how many phone calls she'll make.

I also like the idea of a weekly deposit as opposed to bi-monthly or monthly. That way she won't be able to spend it all at once and have nothing for the rest of the month. She does (hopefully) realize that she will have to get a part time job as well.

 

[CathyCanada]

Your niece is lucky to have such a nice uncle, John.
CC

 

[DisneyHumbug]

You might want to check with the college she will be attending. Both my DS and DD have cards that can only be used on campus (laundry, bookstore, snack machines, etc.) and I can just deposit money on these cards as I see fit.

 

[Evil Princess]

WOW!!!! I'm graduating in two weeks, going to college at the end of the summer....would you like to be my Uncle????

That sounds like a wonderful gift. So are phone cards. Little things like a laundry basket filled with detergent and stuff like that are also useful. Maybe a bath tote filled with flip flops (for the shower), shampoo, a bath puff, etc.

It's so strange, buying things like this for yourself to use for the first time!

 

[emmagata]

Okay, now the question is should we make the entire months funds available at the beginning of each month or should we put money in weekly or bi-monthly?

I've looked at the VISABUXX card and that sounds interesting. I like the idea that other family or friends can go on-line and add money to it.

The only thing I don't like and it may be true for a debit card is that the VISABUXX card can (they say rarely) be overdrawn and that more money needs to be put in. If we do the weekly deposits, any overdraft would be take care of by the next week. Otherwise, it won't happen until the beginning of the next month.

What do y'all think?

 

[hercamore]

I have two kids who would love to have an uncle like you!

Wow.

I have a sophmore in college and one that just graduated. Book expenses are a HUGE amount of $$$ every semester.

My inlaws gave a set amount of money each semester for books and that was really appreicated by my kids.

Each of my kids were given a regular check which they deposited into their checking acct.

herc.

 

[emmagata]

Originally posted by hercamore
I have two kids who would love to have an uncle like you!

Wow.

I have a sophmore in college and one that just graduated. Book expenses are a HUGE amount of $$$ every semester.

Sorry, but we can only afford this one!!!

Anyway, since you have two in college, I'd like to ask a few questions if you don't mind.

How much are books?

Did your kids take a computer with them?

If they did, what did they take, a desktop or laptop?

 

[wdwnutze]

My son is a sophmore in college. I make deposits into his account weekly to avoid him spending everything at once. His books last year ran about $350 or so a semester(they can buy 2nd hand books to help keep costs down). My mother gave my son a laptop for a HS graduation gift so that is what he took to school with him. Space wise, it worked out better for him. There were only 2 desks in his room and 3 boys. His computer was easily stored on a shelf or in his footlocker. If you go the laptop route, make sure you buy a lock for it. It is a high theft item in college. We sent my son with some phone cards but he didn't use them as much as I thought he would. He communicated with the IM and email. Every so often, we would send him out some Dunkin donuts or taco bell gift certificates. These were both on campus. College students really appreciate even $5 in a card. We did send out care packages(especially near the holidays).
Feel free to ask if you have any more questions. I remember trying to prepare to send him off the 1st time and it was overwhelming. Good luck!!

 

[DisneyHumbug]

I have 2 in college right now - one took a desktop computer and one took a laptop. I would definitely recommend the laptop, especially when the dorm room is on the 3rd floor and you have to lug all that stuff up and down whenever they come home (cause they NEED to take their computer home). My third, who will be a h.s. senior in Sept. already said she's taking a laptop.

 

[emmagata]

Thanks DisneyHumbug.

We (the family) already bought her a new Dell desktop because I got a really great deal on it. Maybe after her second year she can think about a laptop. She has plenty of other things to worry about . We were just worried that laptops are much more easily lost or stolen compared to a desktop. We are little concerned that she'll have enough room on her dorm room desk for it.