@STEM2017 – ooh that sounds nice – and the budget!! DS has some personal accumulated funds too (gifts, Regeneron will be $2000, $450 for some research project etc.) – he though tends to be a tightwad about spending his own money - even if it was a gift. So - learning to budget and make wise decisions about spending will be important
@mtrosemom Like the Lego minifigures avatar.
The most important point I will make to him is that if he manages/budgets the money wisely and is able to replenish what he spends with summer jobs/internships, then he should graduate with the same amount that he started with.
Ain’t gonna happen, but its worth a try.
:-@
Re: Luggage. I bought a fairly inexpensive two piece set from Costco. Maybe $100? One large, rolling duffle made of some vinyl-like fabric plus a smaller matching duffle. Small one suffices for fall break weekend and large one for Christmas. Both fit under the bed, AFAIK.
I did not want to spent a lot of money b/c I figured it would be trashed being wheeled from the bus to dorm/apt, etc.
It has held up well for two & a half years, but of course, I have not seen it in Costco since.
Re: saving money. I had older son open a Roth IRA this time last year. He has some money that he did not know about in an account in his name (gifts, minor scholarship–he forgot about the account when he opened a direct deposit checking account for paychecks), so I ‘gave’ some of that money to him to encourage him to fund the Roth. He continues to earn more than he spends, so I am hopeful he will deposit more this winter. Out of sight, out of mind. Otherwise, there are always more concerts to attend, albums to buy, concert tees & sweatshirts, etc.
QOTD – Are you getting a Power of Attorney in place so you can be involved in decision-making if your “adult” (18 yr old) child gets ill or injured? I have been advised to do this.
@CT1417 - Don’t Roth contributions have to come from after tax income?
QOTD - We will be reviewing the issue of Power of Attorney this year. We had one covering D being a minor so will need to update it as we will no longer have any minor in the household after this summer.
Rolling duffle bags - I love them for college kids - especially for driving distance but also works fine for checking-in flights. They are inexpensive, light weight, contain more, and takes little room to store under the bed.
QOTD: I will get a medical Power of Attorney for S. We did that for D15 too before she left for college. I feel this is very inportant, espceially for the kids who are out of state and they don’t have any family in the area of their school. I also got permission to be on their bank account so I could move money if needed. It has helped with emergencies.
@LoveTheBard – yes, he earned quite a bit working three jobs summer before last, so his Roth contribution did not exceed his W-2 income. I ‘gave’ him his own money that was not W-2 income so that he had spending money. I imagine that is not the intent of the program, but hopefully not illegal!
QOTD - Yes.
Luggage: One caution for those buying luggage as a graduation/college-going-away gift: A collapsible duffel is most excellent, but if they’re going to be flying, don’t automatically go for the largest one you can get—the bigger pieces, when filled with even just clothing, will easily tip the scales at over 50 pounds, and it’s nearly always cheaper to check a second bag than a single overweight one.
Prom: He plans to ask a friend, but will go in a big group. Last weekend a girl said to him, “So about the [insert DS school name] prom…” so I guess she is hoping for an invite, LOL. He goes to a private school but will probably get asked to the local HS prom by a friend as well. He’s a pretty social kid and I like his friends.
Graduation: He’ll get a really good laptop as a gift before college (and I’ll get insurance on it). After graduation we’ll have a family meal at a local restaurant of his choice. If he wants a party we can do something in the backyard for friends. Truth is, I like going to other people’s parties but dread all the planning, yard prep and family negotiating that goes into planning my own, so I may offer DS the option of having a party or a contribution to his savings account.
He worked all last summer but spent most of his earnings on food/fun. He has a decent amount saved now, but hopefully he will try to save more (dine out less) this summer so he’ll be able to enjoy college. As with our DD, we pay for food & lodging, but he’ll be responsible for most of his entertainment/uber costs.
Colors: I don’t think he cares. He loves Lehigh and their colors are brown and white (yuck).
Luggage – I’ve had excellent luck with TJMaxx. As long as you’re not extremely selective about color (although they always have the basics) you can get really good quality luggage at a great price.
When D1 was ready to take off for freshman year, I bought myself new luggage and passed mine along to her. ;))
It wasn’t in bad shape, but I knew she’d knock around whatever she had pretty badly in the next four years…
Prom: I am encouraging him to go - he did not go to Jr. Prom - will probably go with a group of friends - he says the girls in his school are too much work and drama.
Graduation Gift/Party: Too busy planning Eagle Scout Ceremony to think about this. Will most likely be a small gathering at our house with local family and a few friends. Last year we hosted a combined party for D16 (HS); S12 (College); Nephew16(HS) and Nephew21(Middle School) that my MIL helped with.
School Colors: These were not a consideration for D16 or S17 - however D16 ended up with Maroon and white which are good colors for her - so she’s fine. S17 likes most colors - so I don’t think it will matter to him.
@payn4ward - we just got home from Golden on Sunday night - both D16 and S17 loved it.
We will get D a laptop for graduation. We may also get her a little something from Tiffany’s.
No grad party here. D does not like to be the center of attention. We will have a nice family dinner(probably 20 people) at her favorite restaurant.
She will do to prom, it will be her 4th. Not sure if she will go with a group of friends or have a date. Time will tell:)
@CT1417, RE: Roth IRA, that is what we did for DS14. He grudgingly put the max amount into his Roth IRA only after we told him that we will match it for his spending money.
@mommdc : Yes, exactly as you described, about how the grandparent 529s are viewed, or as far as i was able to read up on, at least. That’s why I might save it for senior year (after last fafsa done and over), and some also for med. school (well, this is, if my S goes to a private college; in contrast, its not applicable for us, if he stays in state since that’s within our budget, or so says our fafsa with an EFC that’s the same as in-state full public college costs). And, since, med. school is much harder to get financial aid for (and since we don’t think he’ll change his mind) then we’ll likely save it for then.
They are literally giving only reasons not to extend the application deadline:
Southern Methodist…
Warming up the word processor.
Prom: Seniors only prom for our D’s school, so yes, she will go this year, but probably just with friends and no boys. She says (no offense) that if they have to try and make sure the boys are having fun it can be stressful, unless they are truly good friends, and not a friend of a friend’s date, lol.
Grad party: We will go to lunch with family after the graduation ceremony, and like we did for our D13 we will have an open-house style party with food/cupcakes in D17’s hs and college colors, a few weeks after graduation. Will do basic catered items, like pasta, or a fajita bar, or similar.
Grad gift: Probably give her a nice watch.
School colors: Four of the six schools she considered are blue and white. Her top four schools of the six schools she considered are blue and white…so she better be okay with blue and white!