<p>I did it differently for all three. With one I used a Visa Buxx card that I put money on weekly. The product we used has been discontinued. She also had a student credit card that she used for books.
With my S his school was a private and all bookstore purchases went on his student account. He lived in an apartment his last two yrs but it was university owned and he still had the meal plan. He never spent much money. For cash we started out that we would send him a check he could cash in the school business office. After a few times of the checks not getting cashed he said I really don’t need much.</p>
<p>With kid 3. She did not have a credit card her first year. She applied and got a Visa this year from the same bank she has her checking account. She used it for books and I paid the bill. She only uses it for pre-authorized uses. She has a car and I wanted it available when she drove for emergency car issues. It was my idea she get the credit card. For food, rent and utilities and a small amount of gas (the car is mainly only supposed to be used to haul her horse not everyday driving) I deposit a few weeks worth of spending money into her account. I would like to transition her to once a month deposit but she feels she isn’t disciplined enough to make it last. She has a horse on campus and those expenses she is suppose to take care of out of her babysitting money. Her school bills health center and equestrian center charges to her student account but they don’t do that for books. That is nice so if she gets sick she can see someone without worry about having money in her account to cover it.</p>
<p>D has “my” credit card and knows what I consider necessities that she can use it for. This started in high school when she wanted to shop for clothing independently. Now that she’s in her 3rd year and living off campus, I have an automatic transfer from a “food” account into her “food” account. (We have checking/savings accounts at a credit union that allows both of us to set up named sub-accounts.) Monthly was her choice – I offered her weekly, monthly, or by semester. She requested that I pay the rent, so I do. Next year, I’ll probably shift that responsibility to her. She has her own (secured, low limit) credit card which is entirely her responsibility.</p>
<p>She has a history of good financial responsibility. I will note that she became rather anxious in the beginning of the year. The initial “stocking of the fridge” was more than she had anticipated and she began getting nervous about whether or not the food allowance was sufficient. She called home several times where she mentioned that she was nervous, though she never explicitly asked for more funding. I just let her vent. Eventually, she decided to look at what was left of the budget and divide by the number of weeks left in the semester. She realized she was in great shape, and I no longer get a blow-by-blow for how much she spends on groceries Our grocery agreement is that she’s allowed to use the food money for groceries and eating out, but not drinking. Any money in the budget that she doesn’t spend, we split 50/50. (I had wanted to say it was all mine, but I wanted her interests aligned with mine.) She’s also motivated to save because she’s going to be responsible for her final year’s expenses. (She changed majors and will need an extra year.)</p>
<p>She works part-time and is expected to pay for her own recreation and gas. Most of the on-campus activities that she wants to attend are free, and as far as I can tell, she is <em>very</em> careful with her spending. This is a welcome improvement from her high school behavior of spending every cent she earned in the store where she was working.</p>
<p>The best way is: savings from SUMMER JOB + part-time job during school year.
Should be plenty for living expenses and quite possibly enough for textbooks, too.</p>
<p>( and studies show that students who work in the range of approximately 8-10 hrs per week during the school yr have better GPAs than students who don’t work. Also, employers like to see previous work experience such as summer jobs.)</p>
<p>There is no “best way”. The “best way” is what works for your family. This spending money thing is personal to each family. What works for one family may not be at all suitable for another. This is an issue that has been discussed ad nauseam on this forum. There are lots of options. Only Your family can choose what works for them.</p>
<p>My kids both have one of my credit cards with their name on it at college with them. However, they know the rules for when to use it. They are responsible for their own spending money and books. There are only a few items they are approved for, but they can text or call me if they want to use it for something else. The sorts of things they can use it for (and they know it) are copays at the school health service or any medical/prescription bills, shuttles to the airport, or meals over breaks if the dining halls are closed. D2 needs some more weather-appropriate clothes for her school, so I have given her permission to buy a few items with it. We also have a joint checking account, and if they need to use the credit card for one of “their” expenses (eg, buying books online, their debit cards do not seem to work at Amazon), they let me know the amount and I just take the money out of our joint account to pay myself back. </p>
<p>I think both know that if they abused the card in any way I would just take it away, and they could deal with the inconvenience of having only a debit card attached to their own account. That has not been an issue at all, they were both very good about it.</p>
<p>There is a lot to be said for having your kids with some skin in the expenses game (they don’t “abuse” it nearly as much when it is their own money). My kids shop for cheap books and rent sometimes, for example. It might be hard to “change the rules” now that you have had one go through college, though. But making our kids responsible for earning their own books & spending money has been a good practice for adult life with all the extra expenses they will face when they graduate. D1 is out in the world now and runs a tight financial ship, which was one of my goals for her. So think of your strategy now as not just a physical way to get them cash for expenses, but also a way to build financial responsibility as well.</p>
Our grocery agreement is that she’s allowed to use the food money for groceries and eating out, but not drinking. Any money in the budget that she doesn’t spend, we split 50/50. (I had wanted to say it was all mine, but I wanted her interests aligned with mine.) She’s also motivated to save because she’s going to be responsible for her final year’s expenses. (She changed majors and will need an extra year.)</p>