College kids & spending $

[kathy387]

Thanks for the reply on "moving" 4nana! I was afraid of that! It looks like our next 4 years might be spent driving back and forth to Nevada instead of flying to Disney. I wish she was attending somewhere closer to home but she's really looking forward to getting out there and she really has worked hard for it so I guess we'll have to try to afford it for as long as we can! She's in HS 1/2 a day now, Technical college the other 1/2, and holding down a part time job so she's trying hard to be able to go out there!

 

[Breezy_Carol]

One other thing, and please forgive my stupidity here but this is our first one, since she is going to be so far away, when summer rolls around will they let her keep all of her stuff out there or are we going to have to go out there and schlep it all back home again?

At every college we visited, and the one the kids attend, you have to move completely out over the summer. DD had to move out over Christmas break her sophomore year because she was changing dorms. The 2 alternatives are off campus housing with a 12 month lease or get a rental staorage unit at the college town

I put both kids on my credit card and had a card made for them. They have it for an emergency, and that is how they buy and I pay for books. But it is not for their free spending.

 

[Swimnoid]

DDsoph has a checking account and savings account with my name on it too. She had to save her own spending money for school. Right now she has an automatic deposit of $35 every other week from her savings to checking. And thats about all she needs. If she needs more its usually for something related to school like books then she just tells me and I put some in. She has some scholarship money she can use for school things.

At her school, and I assume lots of others, her ID/meal card can also be used as a debit card for on campus stuff like bookstore and various on campus dining facilities. That is a good safe way to have some extra money. They even have a sort of 7/11 type store. I can put money on it at anytime.

Right now she is going through a bit of a crunch because I put money in her account for a deposit on an apartment for fall and a different one for summer. She spent the summer deposit and now has to use her own savings to make her deposit and she is running LOW! Good lesson for her. As we were IMing back and forth I was detecting much eye rolling. "I KNOW, Mom!"

 

[aprilgail2]

Wow don't feel so guilty anymore. My husband pays $1000 in child support every month. His son is 14. We have prepaid tuition and was wondering if in 4 years if the $1000 deposited to his son's account would be enough. Sounds like we could cut that in half and still be in line with what most others pay. I want to be fair to his son but hubby wants to retire in 6 years.

My neighbor has two in college and he puts 500 a month in each of their accounts that they have access to.

 

[LindsayDunn228]

Spending money?? Spending money is what you take on vacation to purchase souveniers. I say if your child wants extra money for CDs, dinners out, whatever, they need to get a part time job. Many colleges have part time jobs right on campus.

I certainly wasn't given spending money and college and survived.

 

[barkley]

some college towns have storage facilities that cater exclusivly to the students. they have very small units just the right size to store the stuff from their dorm rooms (bedding, decorations, etc). i have one friend who invested in a set of 'space bags' for her dd to put her bedding into so it would'nt take up as much space in one of the storage lockers. i've got another who uses one of the campus programs that rent out bedding for the school year just so she does'nt have to deal with storing her kids stuff over the summer.

i think once you have a better idea of how her dorms and meal plan are set up you can get a better handle on how much extra money she will need. with some dorms the kids can have a mini fridge and microwave in the room. so the kids rent these at the begining of the year (share the cost with the roommate) and they set in a supply of non perishables to have on hand (if your dd's going to school near reno or carson you could go to the costco or sams club and get the big packs of top ramen, micro popcorn, instant soups, and beverages). as for personal care items-you can also stock up on those at the store at the begining of the term (if she gets the big containers of detergent and a small plastic container she can just refill with she'll save over buying those little packages in the laundry room).

i would think that just basic spending money would need to include-laundry (rolls of quarters work well for this), transportation (if she's not taking a car find out what the local bus system offers in the way of a student pass), items of personal need (but most of those she could stock up on), occasional hair cuts and such, and if you're willing to support her ski addiction have her wait and figure out which resort meets her needs best and then find out how much a season pass runs (though this year the resorts are hurting because of the lack of snow-so she probably will want to wait and see how the season is each year). once she gets settled and into her routine, depending on where in nevada she is and what kind of transportation she has available she should be able to find allot of employment opportunities. the 24 hour nature of the casinos lends itself to most bsns. operating on the same schedual-so it's not too hard to find something (and if it's waitressing or something with tips-she could limit her hours and do pretty well).

 

[aprilgail2]

Spending money?? Spending money is what you take on vacation to purchase souveniers. I say if your child wants extra money for CDs, dinners out, whatever, they need to get a part time job. Many colleges have part time jobs right on campus.

I certainly wasn't given spending money and college and survived.

I would prefer my child be able to concentrate on their schoolwork, not have to be distracted by having a job while in college other than in the summertime. I don't think giving them a few hundred a month is a terrible thing.

 

[golfgal]

What kind of job is she thinking about? If she is looking at a work/study job through the college as part of a financial aid package, that won't interfere with her studying. If she is looking for a part-time job off campus and can find something where she would only work 15 hours/week or so I say go for it. One thing that most kids find when they head off to college is that they have a lot more free time then they are used to and it is easy to put off studying to do other things. A part-time job would help someone who is used to being busy schedule their time better.

I know the college I attended had limited space for out of state students to store their things. I was going to suggest a storage garage near the college as well. It is a heck of a lot cheaper then flying/driving the stuff back and forth for 4 years or more.

As for the spending money, it was my experience that the kids that got the most spending money from their parents were the ones that partied the most. Most schools are set up that activities don't cost the kids anything-free movies/plays/concerts, etc. all on campus. I know we had a snack bar at school if you wanted to order a pizza and you could use your dining program for that. Most schools also now have a system for laundry where you use your student ID card and you get a 'bill' for your laundry which is REALLY nice not to have to collect quarters!

I think that $500/month is a LOT to give a college student. They don't need that much money for everyday things at school and life is going to be a SHOCK when they graduate and don't have $500 of disposable income. I think you are better off giving less, like $100/month and making them budget. You can always give more if needed but once it is given you can't really take it back.

 

[Tiggeroo]

I don't give my kids spending money unless there is an emergency. I expect them to earn it in the summer and if possible work a few hours a week during the school year. A six hour a week campus job would give them $25. per.
There are exceptions. One son was sick, another had to pay for some expensive summer classes. If summer is passed and she hasn't saved any money have her see if she can get a campus job. If not, I probably wouldn't encourage tons of work during the school year, freshman year. Then I'd send the $25. per

 

[The Mystery Machine]

Our dd is in High School and already has an account with a debit card.

When my dd gets to college I am not sure how much we will be able to give her for "extras". She will probably have to get a part time job for that.
We will try and do what we can.
She turns 16 next month and I have already told her she needs to get a job now and put money away for college for her "extras".
She also has not even applied to any scholarships yet and that certainly will not help.

 

[sue1013]

DS is a sophomore we don't give him spending money. He works in the summer and that is his spending money. We cover tuition, room and board, books. We did the same for DD. I think it teaches them to budget their money. He has a checking account that my name is on also. It's tied to my checking account so I can just transfer into his account as needed for books.

 

[LiteBrite]

I have a college freshman DD, and we don't give her any spending money. She doesn't work a regular job, but she's a musician and gets enough paid gigs to cover what she needs beyond housing and her meal plan.

Her college has a system where the kids have an account (through the university, not a bank) they can access from an ATM right on campus, so if I did want to give her money, I could actually transfer cash to her campus account online from my own account or credit card. Additionally, I got her a Visa card on one of my accounts that has her name on it for emergencies. Hubby and I travel out of the country for our work, so I don't like to leave her without that, but she's never used it for anything yet.

 

[MrsPete]

My parents didn't pay one cent towards my college education -- nothing for tuition, not a single book, not a penny of allowance. Of course, they really weren't in a position to pay much. I worked like a dog. I earned my first degree in five years (couldn't always manage being a full-time student) and my second degree two years later.

For my own children, I've put money aside and I expect to pay all their basics: tuition, meal plan, dorm room. I expect them to work full-time during the summers and part-time during the school year. By the end of the summer they should have a good savings account which'll pay for their textbooks both semesters (and give them a financial cushion), and their during-school work'll be their spending money.

I will probably do as others have suggested: send generous care packages occasionally -- or, perhaps, when they come home for a weekend, I'll have a nice box of goodies ready to go back. I'd imagine these boxes would include laundry detergent, canned sodas, snacks that they like but probably can't afford, a pack of new socks and undies. But those would be GIFTS, given when I feel like doing it -- they should plan for their own necessities.

I remember having literally NO MONEY for weeks at a time in college -- I mean, I remember not being able to buy a soda from a vending machine, I remember not being able to do my laundry, I remember wearing shoes with holes in the soles. While this wasn't pleasant, it did teach me to be VERY FRUGAL with my money; since graduation, I have always managed to avoid debt and stay ahead of the game financially -- I think a large part of that is that I was always forced to live within my means during college -- I had no safety net to provide me with little luxuries. I want my daughters to learn this lesson too, though I hope they can do it without going to the extreme as I did.

Assuming they live in a dorm/suite, they can't really get into trouble without having money. Their tuition'll be paid for the semseter. They'll have a meal plan, so they won't be hungry. At worst, they'll have no clean clothes and will have to say, "Sorry, I can't go out to eat with you all tonight".

 

[barkley]

Well i just wanted her to know what the deal was lol. Not all kiddies drink, and i didnt really do that either. Just on Weds lol.

if she's going to college in nevada once she turns 21 she won't have to worry about buying a drink. she can walk into any casino with a roll of nickles and those hostesses will just keep bringing the free cocktails all night long now if she wants cost effective eating she just needs to hit the non casino cocktail bars. buy one cocktail or soda and eat all the goodies they set out to entice people away from the free cocktails at the casinos (and we are not talking chips and dips-you can get a full meal at several).

 

[daughter_of_amid_chaos]

I go to school about 17 hours from home and I use a checkbook so my dad can track my spending and if he sees i need money he can put some in. We do it by semester depending on what i have that semester.
I live in an apartment and have to buy all of my own food plus books and sorority dues so my semester money this year is a bit higher than it was when I was living in the sorority house.

 

[kathy387]

Now see, this is why I come to the DIS everyday! My husband and I started working right out of HS and never did go to college so this is all new territory for us! Thanks to everyone who replied, it's all been an eye opener!

 

[debaudrn]

My oldest DD is 19. We pay tuition, room & board, books. We told her when she was still in HS that spending money was her responsibility. She occaisionally asks for cash for food (milk, cereal for room) but has never asked us for cash for entertainment. She's in her sophomore year. Her younger sister a junior in HS knows that the same applies to her.
Debbie

 

[MareQ]

MANY MANY moons ago I got $200 a month and about $10 in quarters for laundry - this came in a care package with goodied

I had a car at school with me though so part of that money was for Gas etc

 

[mickeyboat]

I started working at 15, and used my own earnings for spending money from that time on. At school I covered my meal plan and books. My parents would take me shopping for food when I came home for weekends, and they kept me clothed with birthday and Christmas gifts.

It was tough at times, but I did have a job on campus (which can be pretty flexible, and for very few hours if that is what you can handle).

I never had an issue juggling work, school work or lack of funds. The kids who had lots of money had more trouble juggling it all because they used all the money sent by mom and dad to shop and / or party. I'm not saying I didn't party, but partying is pretty limited when you don't have much money.

My roommate had lots and lots of spending money, and her father bought her a ridiculously large meal plan. We could order pizza from local restaurants using out dining card, so she treated A LOT!

Denae

 

[Sandy V.]

Our oldest (DD19) is a freshman at college and we deposit $200 per month into her checking/debit card account.

She uses the money to buy breakfast foods and shampoo, to do laundry, to buy replacement printer cartridges, etc. It's easier for us to put the money into her account than to have to send "stuff" up to her at college. But we still do send care packages along the way filled with "fun" stuff and homemade food! Any expenses above and beyond that come out of her own pocket. The system has worked for us as well.

If you can do it, I suggest getting a debit card for your child before they go to college (provided, of course, that they have the discipline to use it wisely - or maybe this "experiment" will teach them that!). Give them a course of a couple of months to get used to using it, checking balances, depositing money, making withdrawls, etc. It makes the financial transition easier.

We bank with Wells Fargo, which also offers a fairly low-interest, low-balance "regular" credit card for college students. D has one of these with the FIRM admonition to buy one tank of gas on it per month and pay it off immediately to establish a credit payment history and to NOT use it otherwise except for emergencies like car trouble, medical treatment, etc. She's done very well with that.

ETA: I agree about putting the checking account in both your name and your child's. That's how I have online access to both accounts to make transfers.