Allowance in College

jym626
Fri, 30 Dec 2005 09:11:58 +0000

The amount needed per month really depends on what expenses the student has. If your s or d has a full mealplan and no car, expenses will be lower. If they live off campus, expenses will obviously be higher. We calculated an expected monthly allowance based on need (more at the beginning when books, etc are being purchased), and, as gspsiliconvalley said, we transfer it to s’s account electronically on line. He then transfers some of it to an on-line savings account that is currently earning 3.75% interest, and then moves it back to his checking account as he needs it. He’s got a fair amount in his personal savings account, and earnes about $25/mo in interest. (If you want more info about this savings account, PM or email me). We adjust what we transfer electronically each month based on need. This month he had to pay Dec and Jan’s rent at once (he lives off campus) so we gave him more. Next month it’ll be less. The month-to-month variation gives us an opportunity to talk, and to discuss his costs/expenses. He’s really learned a lot about the cost of living, especially with having an out-of town girlfriend. He has to budget his personal $$ for air travel and dinners out, etc. We handle the basic living expenses-- he handles the fluff.