<p>I am sure my D wishes she had aunts and uncles like that!!! Very generous indeed!</p>
<p>Take a look at the bottom of this thread- there are at least 5 links to other threads on this topic. </p>
<p>DadII -
Didnt you tell us all that last summer was your son’s last free summer, so you didnt want him to work and instead sent him on an all expense paid 5 week trip, complete with pocket spending money, to the far East?</p>
<p>OP
An allowance is perfectly appropriate. As you will see, the amount seems to vary by individual family circumstance and school location, but learning money management is an important part of one’s college education, IMO. We gave our s’s $250/mo. Put it in an on-line interest-bearing account linked to our account. They pulled out what they needed when they needed it, and the rest they saved, earning interest. Older s also worked (his choice - he tutored and had summer internships) and had quite a nice nestegg when he graduated. Younger s is learning to save quite nicely as well. They each have their own credit cards and checking accounts, and pay them off in full each month. They were also given one of our cards for emergencies only, and had to have permission before using it. We agreed to pay for transportation to/from school as well as books, so that card is/was used for those kinds of purchases.</p>
<p>We are planning on $100 every two weeks for D. She will have a checking and savings accounts, we will have a balance in her savings for an emergency - to be used only with permission. Anything left is hers to keep as an incentive to save.</p>
<p>We will be able to deposit money in her account from our home town without any problem and I will have online access to her account too.</p>
<p>We pay our sophomore D’s cell phone bill (although she just bought a Blackberry and is just worked out a deal with my husband so she will kick in for the monthly tab), half her car insurance, any car repairs, and $150/month for food (she’s not on the meal plan this year). She works as a well-paid babysitter for all other expenses. In her case, babysitting is a career path, because she’s headed to be a teacher, and her experiences are really germane-- one boy has learning/social issues, and she has been invited in the process of getting him diagnosed, and another very young boy has type-1 diabetes, as she does, so she is a huge help to that family.</p>
<p>I worry because she spends every penny she earns, but on the other hand I’m proud that she balances school, work and ECs (she’s a leader in a campus club) and is learning money management. Hopefully the saving thing will kick in later!</p>
<p>I have found it very difficult to handle this one. Our 16 yo is an exchange student in S. America this year. Her host family takes care of her room and board and Rotary gives her an allowance equivalent to $50 per month. We have given her $30 per week because she was a member of the national youth orchestra and was taking cabs to practice 5 days a week. Eventually she figured out how to use the buses to save money. All in all she has had $170 of pocket money a month and has still overdrawn her high school checking repeatedly. Given, there are withdrawal fees and even a $2 fee to check her balance, but she is a very smart kid. There is no reason why she couldn’t keep track of her balance on a piece of paper. - especially when she has known that she would have $30 plus withdrawal fee automatically deposited every week. I have been very aggravated because her checking is linked to a small savings account of mine so I get hit with a $50 transfer, including a $10 overdraft fee every time she overdraws her account. If I had to do over again, I think it would have been better to give her a pre-loaded Visa card that you could reload online. I haven’t decided whether to just shut down her account when she comes home in June. She is going to boarding school for her last two years so she still won’t be at home and will need access to money. I might keep it open to give her another chance to learn money management (with free balance information and no cost withdrawals) before she goes to college. I know I overdrew my college account a couple times when I was a freshman. It would be better to learn how to handle money earlier than later.</p>
<p>Our DD is attending Fordham University this fall. She is our first to leave the nest.</p>
<p>We do not want her to work her Freshman year so we plan to open a checking acct for her at our bank and deposit $100 weekly into the acct. We also had her open a student Visa with a smaller credit limit and this will be used for emergencies and flights home and we will pay this off monthly.</p>
<p>Does this sound like a reasonable plan? </p>
<p>Laundry facilities are no charge so she will not need money for this…included in tuition, I’m sure.</p>
<p>She plans on going into the city for the culture and experience (NewYork is her favorite place in the world) and we do not want her to worry about not having money for these excursions. We are also diehard Yankee fans so she will need money for a few games. LOL!</p>
<p>I guess our son is very unusual in that he probably spent a total of $50 his entire freshman year in extras, and that included presents. Laundry at his school is free, and he was on the meal plan and in campus housing. We paid for transportation to his school two time zones away. He did lots of studying, and his socializing mostly involved free events and no drinking. This is his chosen lifestyle - zero pushing from us. </p>
<p>This year as a sophomore, he has a girlfriend and has spent a bit more money on such things as going out to eat, but he is still very frugal - no fraternity or anything like that. He got a job on campus this year, and whatever he doesn’t spend on extras goes towards the quarterly college bill.</p>
<p>Our kids never got allowances in high school, since we purchased all of what they needed and what we could reasonably afford of what they wanted. </p>
<p>Often you can find a local branch of a bank near you that also has an ATM on your child’s campus. Depositing money into such a bank is easy for you, and is easy withdrawal for your child far away.</p>
<p>suamom–Your plan sounds reasonable. You will be able to judge pretty quickly whether that amount works. NYC is one of the pricier places to live, but she will also learn where to get freel and reduced price tickets quickly. I am still leery about credit cars because DD tends to lose things.</p>
<p>DougBetsy, as a taxpayer, I’m happy to chip in my little contribution to your son’s stipend. One of the very few ways my tax dollars are spent that I support 100%.</p>
<p>Iluvhs: my back went right up with yours on 1 or 2 of these posts. Rest assured that most of us completely understand what you are asking here, and why.</p>
<p>Furthermore, it doesn’t hurt to remind some of the “Let-em-get-jobs-if-they-want-spending-money” crowd that some kids work their tails off to earn and maintain tens of thousands of $ in merit and talent scholarships. That is every bit as difficult and valid work as scooping ice cream down at the Cold Stone Creamery, and way more lucrative.</p>
<p>Now, to answer your original question, I think my daughter will make do with $100 a month because she’s not a big spender. But if she had extra expenses, I’d be happy to cover them. My attitude is, “You keep those scholarships coming…I’ll take care of the shampoo and jeans!”</p>
<p>Best of luck to your daughter!</p>
<p>what she said^^^</p>
<p>I too am more than happy to help out while my two college kids are “working” maintaining merit scholarships. it may be counterintuitive to some, but it has worked for both of my kids to “earn” by focusing on their academics, with limited work study and summer opportunities.</p>
<p>My son is starting college this fall. He will be on an unlimited meal plan. As far as I can see it, the only other incidental expense would be laundry, which can be paid for with a university debit card. We will be paying for his cell phone. He won’t have a car.</p>
<p>Excuse me for my question, But what could he possibly need $200 a month for?</p>
<p>We will supply him with a credit card for the purpose of buying textbooks and other academic needs, but he will be an additional card holder so we can easily keep track. He will also have a student checking account, which we can fund as necessary.</p>
<p>But again, given this, what could he be spending $200 each month on?</p>
<p>
</p>
<p>A movie ticket cost $10, a theater ticket cost at least $25, a concert ticket cost $40 and so on.
Spending time with friends at a cafe/Restaurant or on campus is priceless but for everything else you need CASH.</p>
<p>There are kids who are keeping top grades and working. D1 doesn’t need to work, she gets 200 from us AND she works on campus. That was our deal, because I wanted to make sure her resume wouldn’t be a blank piece of paper when time came for internship. D1 is also very involved on campus and with her dance. It is not a full time job to do well in school, and employers will look at it that way too. </p>
<p>Boys tend to spend less than girls. D1 goes out for sushi or brunch with friends. She probably buys drinks too. I am exactly sure.</p>
<p>yep, momofsongbird and some of those who have on campus jobs also worked their tails off AND obtained merit scholarships/talent scholarhips!!! And she ain’t just scoopin’ icecream for her on campus job!!!
Just remember folks, these “kids” are very soon going to be ADULTS needing to earn $$ on their own!! Best they learn those skills sooner than later…oh, and my daughter earns her room and board expenses over the summer as well…she frankly is amazed by her peers w/parents like many of you above!!</p>
<p>Iluvhs: my kids grew up out of the us so there was no ability for them to work during HS. We have given $300 a month pocket money, out of which comes his phone bill, laundry etc. It is not a lot. Even after working last summer and banking all his earnings we continue to pay the $300, although things may change next year as he is moving off campus. I am inclined to deposit the funds he needs for rent/food/sundries for the semester and let him manage rather than managing from afar. He has a credit card in his own name for emergencies. If he charges plane tickets we pay, or we pay for medical co payments, otherwise he is responsible for anything he charges on that also.</p>
<p>I don’t understand why some think that those who have earned merit scholarships (and must keep good grades to maintain them), can’t work a bit, too? I can understand if the child is having a hard time meeting the required GPA, but what about those who aren’t?</p>
<p>Maybe I’m wrong, but it sounds like there is an assumption that those who work part-time don’t have fabulous grades.</p>
<p>My kids have merit scholarships that they worked very hard to get, and work very hard to maintain (straight As), but they still work 6-9 hours a week - which is not a big deal to them. Both still have plenty of time to study, do homework, and socialize. They both also do volunteer work for the underprivileged elementary students in the area. The paid work just keeps some extra bucks in their pockets, that they feel proud to earn.</p>
<p>I do routinely ask them if they need to cut back their hours, and they say “no.” They manage their time well. They each work 2 -3 afternoons a week. They don’t work evenings or weekends…so PLENTY of time to study and have fun. If they did work night/weekends instead of afternoons, then they would study during the afternoon and their off times at night/weekends. </p>
<p>They know that if there ever was a time that their part-time jobs were threatening their GPAs, we would have them quit instantly. Absolutely!</p>
<p>Most college kids are not in class from 8-5 M-F. Many are only in class a few hours a day. They don’t only have nights to get homework/studying done. So, many do have some time each week to work a few hours without threatening scholarships, etc. </p>
<p>I would say that the biggest threat to scholarships is too much socializing, poor time management, too much staying up late partying…I wouldn’t say the biggest threat is having some tiny part-time job. A demanding part-time job is another story. I don’t think anyone suggesting anything like that. </p>
<p>If you choose not to have your kids work part-time to earn some spending money, then fine. 
You know your child best; you know what he/she is capable of managing. :)</p>
<p>I think the answer to this depends on your philosphy (see various answers above), but it also depends on your kid’s personality. For my son, I found that it has worked (so far) to set up a bank account with a limited amount of money in it, and also to let him have a credit card for which I get the bill. His expenditures have been moderate so far (and with the credit card statement, I can actually see what most of them are). I feel pretty sure this wouldn’t work well for some other kids I know.
As for amounts, I think this varies too. Is this a kid who (like my son) essentially needs to eat a fourth meal each day? Is the kid in a city where any entertainment costs regular real-world prices, or is everything on campus and relatively cheap?</p>
<p>mom2----we agree with each other…my kids are doing exactly what yours are, working handful of work study hours, which occasionally (during exams) are pared down.</p>