Average Monthly College Allowance

modestmouse · 05-12-2006, 06:59 PM

I crossposted this in the college life forum, but I wanted parental perspective. My parents gave me $2k at the beginning of first semester to spend on everything besides books for the entire year. I've managed to get by okay, but I think I would prefer a more regimented, monthly allowance instead of lump sum. What is considered a reasonable monthly allowance for a college student? My roommate gets 300/mo, and my bf gets 500/mo. I've searched fin aid guides for recommendations, hoping to find the most conservative amount that still appeals to me, but haven't found any advice there. What do you all suggest?

ohio_mom · 05-12-2006, 07:04 PM

$0.

We pay tuition, room and board, flights to and from school, and cell phone (family plan).

He pays for books, entertainment, incidentals out of summer and (next year) term time earnings.

beachy · 05-12-2006, 07:24 PM

Your roomie and bf must have very generous parents.....we have similar deal to ohio_mom - we pay for billed costs, travel & books - kids pay for all spending $$ and incidentals out of summer work and jobs on campus.

ellemenope · 05-12-2006, 07:42 PM

$500/month??!!!! I think we're pretty generous at $200/month (which is probably pretty close to $2000/year). If you want regimen, physically deposit the whole $2K into your checking accout but only show deposits of $200/month in your checkbook register.

emeraldkity4 · 05-12-2006, 07:58 PM

zero
I pay for her medication when she tells me- that isnt a personal expense I consider that medical and we also pay for her medical ins.
oh we pay for the cell phone
hmm
We usually pay for room and board- but this year- she just had room that we paid for- she was off board & didn't need much money for food - I think we put $200 into her account 2 or 3 times.
$2000 for personal expenses?
working is always good

bobbobbob · 05-12-2006, 08:04 PM

My parents are doing 200-300 a month.

weenie · 05-12-2006, 08:37 PM

You got $2000! Wow! My kid spent $1000 (of his OWN money) the entire year. Maybe you better take the $2K, figure out how to budget it yourself and hope that your parents don't see this post.

QB_Lover3 · 05-12-2006, 10:05 PM

All you parents are way too generous. My parents will basically give me nothing. They expect me to work for all my "extra money" i need. We are going to take out loans, for tuition, room, and board.

emeraldkity4 · 05-12-2006, 10:19 PM

I disagree that we are all too generous
I think it is ridiculous to borrow money for room and board- that is going to add up quick- and if you are borrowing money for tuition on top of that! eek!
graduating with loans of $15-20K is reasonable- more than that and it will narrow your choices after college-
what will also narrow your choices after college, is getting into the habit of spending money without having to earn it.
I realize that some parents feel "going to college" is a job and that you deserve spending money above and beyond what they pay for room.board,tuition, and medical care.
Sure you need a little money to go out once in a while to see "these arms are snakes" and perhaps a new nipple ring

but say you sleep 8 hours a day ( we know you dont) 8 hours for class and studying- that leaves 8 hours for meals- personal hygeine and wait for it............. a job to earn spending money!

mkm56 · 05-12-2006, 10:26 PM

While in a dorm, we paid for tuition and room/board, plus books, school supplies, medicines and gas to come home. Kids paid for all their own extras like eating out, movies, concerts, etc.

momrath · 05-12-2006, 11:13 PM

mouse, does that amount have to cover housing and meals (room and board)? If no, then it's a VERY generous allowance. If yes, then it really depends on the cost of living where your college is located. For example the cost of a shared apartment is considerably higher in Boston, New York or San Francisco than it would be fora non-urban location. Food and entertainment costs can vary quite a bit as well.

Faline2 · 05-13-2006, 12:14 AM

Our S gets zero allowance. Some college communities are expensive and urban costs impinge on the student body more than at his college. We supply all his room, board and tuition and that is a pretty darn tremendous gift. Books and any meds are gladly covered. That means he did not go on every outing that other kids could afford and he had to pick and choose money for special events and evenings out. We don't think he is deprived, but he will not be driving a late model SUV on our dime or heading on to beach weeks without having earned a portion or most of costs. He attends a college famous for fun sports and plenty of money spent on great cultural guest artists and shows and compared to the rest of his family, he lives the life of Riley. Next year his food points will have to be spent with more care as the upperclassmen plan is a la carte and there are no "free seconds." This is sort of like your situation. He will be given a lump sum large credit in food and will have to manage it all year on his own with an eye on cost management and monthly projections.
He spent only money he earned himself this year, including having to cover some overdrafts on food points and all frat dues. I think he got by on 1500 dollars total. We also do not supply a car. We have not asked him to work during the school year until he got well grounded but part time work for spending money is pending. If he presents a resume building reason for need for a car in a year or so..internships, volunteer work of significance..we will do our best to assist in buying an inexpensive car but he will be paying for most of that with summer savings when that day arrives.
Every family has subtle differences about what is "spoiling and indulgence" and what is "normal" for spending. I have lived long enough to observe that I had college classmates with big trust funds who lived very simply and blended in very kindly with students on financial aide, and that some classmates given cars, tons of cash and extras turned out to be highly principled and thoughtful people as adults. Kids with access to high cash flow can turn out very well or turn out to be very entitled..is what I tell my son.
I don't think the amount of monthly allowance is the biggest factor in character is my point, or that my S getting zero allowance means he has a greater perspective than a student with a monthly sum to spend.

In your situation, I think I would suggest that you get more intentional about managing your 2K allowance, and just get more comfortable with monthly budget limits to set for yourself rather than asking for the parent units to send monthly checks. It is a sign of confidence in your judgment that your folks believe you have the foresight to spend with caps from month to month on a lump sum provided to you each August.

overseas · 05-13-2006, 12:22 AM

$0 unless you count, airfare, insurance for medical, and small gifts from time to time. College should be a time between life at home and the world of work. Campuses have many employment opportunities for pocket money and helping out with the costs.

itstoomuch · 05-13-2006, 01:18 AM

Interesting economics problem for you to write about in one of your classes. This problem has been studied when people come into large sums of money such as lottery, life insurance, inheritance, game show winnings.

fendergirl · 05-13-2006, 01:20 AM

0 dollars sounds good to me.