What does he do all summer if he does not work? How does he spend his time?
Now is the time to look for a summer job. Other students have found them already. I wouldn’t have let a student not work the first summer, either, unless there was some courses being taken or some significant amount of training for a sport.
we are in similar circumstances - kid #4 was a surprise - and we will have 2 in college next year; and 2 at home. And, like you all we are paying for is room and board for both college students.
We have come up with the plan that we will pay R&B for 2 years for both kids; starting their 3rd year they will be on the hook for contributing several thousand each year. They know this now.
My 18/19 yr olds both use their summer work savings for year round expenses now; but both know that they will be contributing soon to college and will need to tighten their own belts.
Kids should be able to earn at least $3,500 towards their college costs from summer employment and a 12 hour a week job during the school year, assuming they live at home. Many kids earn more. Kids in rural areas or high unemployment areas may not meet that number, but it applies for many, many kids.
Personally, I like to put kids in charge of earning their own money for personal expenses and books and supplies. If he doesn’t earn the money there is no magic money fairy that gives him bucks for burritos.
Assuming that you don’t want this kid taking up permanent residence in your basement after college, getting him with the plan now is the biggest gift you can give him.
What is he doing if he “does not want” to get a job? In your situation I would require him to get a job, and I wouldn’t have accepted that he not work last year either. Take the money you agreed upon out of his account to pay for his schooling. It sounds like he needs a very firm wake up call. You are not the one who should be feeling guilty. Also, if he does not get work experience soon, he may have difficulty getting a job later.
What the HECK. Take that money from his account, right away and on a regular basis as agreed – you’re not doing him any favors, otherwise. He is taking advantage of you. He may not be doing it consciously. He may be just counting himself lucky that you’re not taking the money, and figures that with the money in his account, it’s his to spend. But you need to protect yourself, your husband, and your other kids, and your son needs to contribute to his education. There’s no excuse for his not working in this case.
In my house, a kid would have needed a note from a physician that he/she was physically unable to work before I’d accept “No Job” summers. This was non-negotiable.
Sometimes the work was lucrative and sometimes not (helping a family member with emergency childcare for example). But a college kid who doesn’t want a summer job? You are doing no favors by letting this slide.
My D’s had to work each summer during college if they wanted spending money for the school year. This was their contribution and they knew they had to get a job for the summer. What did your S do instead of working during the summer?
Stock options do not have to be declared as assets, but are taxed as income at the end of the year if you use them.
No summer job in my house means no spending money for anything!
We believe in the idea of you need to have skin in the game. My younger son is in the middle of training for his summer internship. He will not make a mint, but he will have the spending money he needs to pay for his car insurance since he wants and needs the car at school, fraternity dues and any other things he plans to purchase. We cover books, fees and food. He has a loan for his housing – and it’s in his name, too. He is on a full tuition scholarship. And when he returns to school, he plans to look for a part-time job.
The older son is on his own in law school. He, too, has a full tuition and fees scholarship. His summer job with a law firm will go to pay part of his board next year. We show up once a month or so with leftovers.
So tell your son to stop sleeping in and start looking for a job. He will be better for it.