<p>with on line funds transfers now it is really easy to have 2 accounts. DD has that since there is little overlap in banks between home and school. I can put money in here, she transfers what she needs to there. She has a debit card and got her own credit card when she opened the account there. She has been very responsible in paying off every month and only charging small things or things that had to come through on line orders. Before this we had a card that she could carry but it was in my name. I saw the charges and she had to talk to me before charging anything. I think that helped her get into good habits. </p>
<p>Have to say though. Not the same with the 3 S's. When they got their own accounts they all had trouble with keeping track of debit card, getting credit cards and not being able to pay them off. It was a long slow learn for them. Even though I used the same techniques with them.</p>
<p>My kids do not have their own credit cards. They do have debit cards for their own bank accounts. They have a credit card of ours with their name on it that they are only to use for things we have OK'd (and is also in case of emergency). Each charge must be discussed with us ahead of time. They use the credit card for all books and related class supplies (we pay for all this for them), clothing (our girls have a yearly clothing budget and so each time they use the card it goes against the total they are allowed as I keep a running total), travel home or to visit one another, etc.</p>
<p>My older D tells me that she can use her debit card kinda like a charge card but it really works more like a debit in that she gets no bills. For instance, she had a summer job interview in NYC recently (she is in Providence) and that was one train I won't pay for (I pay for transportation to visit her sister in NYC though and then she uses our charge card which she has) and so she was able to purchase train tickets online using her own debit card apparently.</p>
<p>When my D was a junior in HS, she was doing interstate driving to rehearsals/performances, and I wanted her to have a credit card for gas purchases, etc. Our local credit union gave her a secured credit card in her own name, which required her to maintain a balance in a savings account equal to her credit limit. This had a couple of advantages - she couldn't touch that savings money - it had to remain. AND - in preparation for moving to NYC this month, she went in to see if she could switch it to unsecured (the CU not being available in NYC/logisitics/etc.) They said she would have to apply for a new card - they couldn't just change the status of that one. She found out that after 5.5 years of having their secured card, and paying off the balance every month, she has a WHOPPING credit rating of 795! What a great financial start for her! Even the bank officer was surprised at the number.</p>
<p>I would definitely do this with a bank or credit union with which you already have a relationship. There are online applications for secured cards, and they have a horrible reputation for hitting you up with fees, charges, etc.</p>
<p>I have read that those secured credit cards aer EXCELLENT ways to teach young people to manage money and to establish credit. I have also read that credit unions are the place to get these.</p>
<p>Thanks for the feedback! It turns out that a branch of our bank is less than a mile from the IWU campus so no ATM charges there! We also belong to a credit union so I'll look into those secured credit card options. I just don't quite understand how the student pays off their credit card unless they have a job? </p>
<p>Besides books, fees, etc. does anyone have an estimate of how much money a kid needs to survive on a weekly basis? I'm not sure if I want her to work her first year, maybe it's a good thing, maybe it's not, any advice on this is appreciated as well.</p>
<p>MTDad on a different forum, I posted that we are planning on putting $75.00 per week into her account. If she "needs" more, we figured that she could tap into her savings. That way we would see how badly she needs it (she does not like to touch her savings...). </p>
<p>I do think that some of this depends however on the mealplan you sign up for (if you sign up for a full mealplan, $75.00/week may be a bit excessive), and where your child goes to school.</p>
<p>If you have a good meal plan at IWU and include some "munch money" with her meal plan (can be used at other campus restaurants, coffee shops) she won't need that much for food. (IWU's food is outstanding). Our S probably spends $50/week on personal necessities, a movie, the occasional meal out, junk food runs to Kroger's, etc. He uses the money he made teaching theatre camp last summer as his spending money. We help him out with school related stuff like dance clothes and books. There is no way he could have held a job while doing MT this past year (too many shows, rehearsals, X hours, homeowrk, etc.). As a freshman, we didn't let him work and think it was a good decision. It's a big adjustment and we wanted him to be able to get into campus life in addition to doing well in school. Plus he then had enough time to be in student directed shows, choir and improv comedy and still have time to go to football games, concerts, etc.</p>
<p>I'm going to be working- definitely two jobs, if not three. I have to buy a computer, and those are pretty expensive. I will also definitely be working freshman year... I've never had an allowance in my life and don't plan on asking for one for college. I think it's kind of silly not to work unless you're a trust-fund baby... after all, going from college to the working world is a big adjustment, too, but I wouldn't expect my parents to say to me "oh, don't worry, we'll pay for everything while you get settled, so don't worry about working for the first year of your life out of college."</p>
<p>(I don't mean that to sound snippy, I'm honestly just kind of shocked that some of your kids have never worked or that you're not letting them work in college. I've been steadily employed since I was 14 and my parents lecture me at least biweekly on how I don't work enough and I should get a second job. Although, looking back on some recent conversations, I'm not actually sure if they know I'm employed or if they think I'm lying about having a job so that I can take the car. Haha.)</p>
<p>My D is working at our local video store this summer and has told her new employer she wants as many hours as he can give her. That said, other than babysitting, she has never had a job outside of school. Frankly, there just wasn't time, between her school hours (about 8:10 a.m. to 4:10 p.m. every day) plus homework, dance and voice lessons, plus rehearsals after school and on the weekends when the school did shows, which were a mandatory part of the curriculum. Perhaps we did my D a disservice by not having her go out to work during high school, but I have to admit my parents did the same thing: they taught me that my job, as a teenager, was to do well in high school and prepare for college. I am wondering now if we did the right thing, as she knows very little (frankly) about handling money! :) I am hopeful that she will learn something of that this summer. I am happy to report, however, that despite the non-work history, she is a pretty darned nice kid with a good work ethic.</p>
<p>WOW ChellyBelly, I'm impressed! I'm guilty of not making my S work, and it's because he's been so busy with school, community theater, and summer programs. I can't believe you can fit employment into that sort of schedule. He is working now, and will this summer, but even he would say it's not a "real" job, even though he's getting a paycheck. That's because he's performing. . .</p>
<p>We have been told again and again that there is NO WAY a BFA student will have time to flip hamburgers outside of school. Good luck to you, Chelly!</p>
<p>I can relate to ChellyBelly's point of view, since my parents won't usually pay for summer programs, headshots, or monologue coaching, and I have to work a lot to pay for a lot of it myself...
I was offered a place in a non equity company for a reputable regional theater this summer and had to turn it down so I can work and make enough...I wish I had parents who realized that adding credits to your resume can be more important!</p>
<p>NMR, I think that if a family's finances permit it, your approach makes a lot of sense. Whether it is a high school student or a college freshman, we pile up a lot of expectations and pressures on a student's plate. Take demanding classes, be involved in after school activities, get strong grades - and in the case of aspiring MT high school students, add in hours of dance, voice, and acting classes, school/community shows. Like yours, there is no way my D could have worked a job during the school week in h.s. without jeopardizing her grades or her health. Same deal now that she is in a MT program. Her days are just too packed from 7:30 am to 12:30 am.</p>
<p>That doesn't mean that student will grow up with a sense of entitlement nor without a good work ethic. It also doesn't mean that a student will grow up without the skills to handle money and balance a budget. A parent who provides for their student's needs and a reasonable modicum of fun and frolic can still impart a sense of values and work ethic and provide an opportunity to learn money management skills. As a case in point, we have always told our daughter that her primary job is her education and that we do not want her to work during the school week. That hasn't prevented her from obtaining reasonable weekend employment nor from learning how to balance a budget based on the the allowance we give her as well as the money she earns. In fact, she has done a great job handling her money and her work ethic is second to none.</p>
<p>My parents never made me work in high school either. When I went to my first college I opted not to work since I wanted to get comfortable with school and get involved in theatre/choir and had my studies to worry about. Unfortunately the fact that I never had a job before REALLY affected me when I tried looking for one. If you reach a certain age and have never had a job, then employers automatically assume a lot of things and will not hire you. I'm so thankful that my first job (my current one actually) were willing to take a chance on me.</p>
<p>It's just something to think about and consider, because being good in school will only get you so far when you need that survival job.</p>
<p>ActressToBe - I think you make a couple of good points. Learning how to get a job and keep it is an important skill set that all students need to learn. And you are right that if a student's resume doesn't show some kind of employment history, at some point prospective employers are going to reject applications in favor of students who have a demonstrated work history that reflects experience and a good work ethic.</p>
<p>I think it's important, though, that parents bring a balanced and reasonable approach to these issues, recognizing that each student's circumstances may be different because of the educational/career path they have chosen and further recognizing that in the absence of over-riding and compelling economic necessity, a student's primary job should be that of being a student. That doesn't mean that a student shouldn't be put on a reasonable budget and be expected live within that budget. It also doesn't mean that the student should not be told that if they want to have fun and frolic beyond the parental budget that they will need to supplement with a part time job. However, there is a difference between teaching fiscal responsibility and encouraging a good work ethic on one hand and on the other hand unnecessarily creating financial obstacles to a student pursuing and obtaining those things necessary to be successful in their chosen educational path/career. In my view, the former teaches important life skills while the latter sabotages the student's successes and opportunities.</p>
<p>My D did not work during her four years of college, during the school year. She did work during summers and earned enough to be able to sustain her through the year for her portion of the costs. Honestly, some kids do HAVE to work, for financial reasons but it comes at a cost and they, and parents, have to realize that. If they're working, chances are that something else is going to suffer. It could be their academics, their availability for shows or other work (tech, small student-based productions and scene work, auditions for shows (we've seen this discussed on CC when students have a work commitment and are not available to attend an audition for a school-related show), or other opportunities which present themselves in the normal course of college student life. This may be something as simple as social interaction and activities. We made the decision, and were fortunate enough to be able to do so, not to have our D work during the school year because we knew that it would affect some aspects of her college experience. Not everyone is as fortunate. If there is any way that those of you who are reponsible for a good portion of your college costs can earn more during the summer so that you don't have to work during the year, please try to find a way to do it. You will be extraordinarily busy in a BFA program and something is going to suffer if you also are working an outside job.</p>
<p>It really comes down to whether you NEED to work or not. Definitely don't feel that you are slighting yourself or your studies if you do need to work while in school. Both my wife and I had work study jobs, did multiple shows each quarter, took heavy Gen Ed classes (because that's what happens at Northwestern) and had no problem making it all work. You won't hurt your theatrical studies if you do work study. It all comes down to learning to become a great juggler - which is always a skill you can use later in life anyway. Do what's right for you!</p>
<p>letsfigureitout, I've been very lucky with my jobs. Both of the "real" jobs that I've had have allowed me to have very flexible week-by-week schedules... so I've never had a problem trying to fit everything in. And of course I babysit quite a bit (but I don't consider that a 'job' since I love kids so much). </p>
<p>My mom put herself through college (and at Northeastern, too, not state school or anything) so she's the one who convinced my dad that it was okay to let me go to a $43,000/year college. I'm responsible for half the cost of my education, plus books (and the computer! augh! that's going to eat all of my summer wages) and any spending money for the year. I'm going to be up to my ears in loans, so I just think it's more important- in my case- for me to work a lot /now/ so that I can spend more time auditioning and whatnot after college.</p>
<p>My D who is finishing her sophomore year in HS has just gotten her first summer job and it fits in well with the time she has to devote to work. She is working for a woman (graduated with MT degree) on Saturdays and Sundays doing childrens birthday parties. She will be one of the "Princesses" and is able to make $50 plus tips for a 2 hour party. She submits all of her conflicts 2 weeks in advance then gets scheduled for parties. She does not have to drive more than 20 miles each way and there is another girl that lives by us (going to Northwestern in the fall) who is doing this also and they can help each other out if one of them has a conflict come up. She can continue to keep the job during the school year and only sign up for parties as time permits.</p>
<p>We have not required our D to have a job as school is her number one priority and we do expect her to do her best. That said she is like all of your children in that she has voice and rehearsals and dance classes to fit in during the school year with AP and honors courses. She is also a competitive hunter/jumper horseback rider and rides 3+ days per week. I know that I could not do all the things she does every week when I was 16!</p>
<p>showmom, funny but my D just played Belle at such a party this past week. :D</p>
<p>Actually, I'm laughing to myself that she played Belle at a Broadway themed party for TWO year olds last week and this week is singing with her a cappella group for pay at a party for GQ magazine.....very different crowd and very different music!</p>