<p>Mtgrlsmom, I think there are <em>plenty</em> of kids at NYU with what seem to be almost unlimited funds, so one lesson that our girls (who don’t have unlimited funds) will learn is how to prioritize. They learn that the money that they save by making sandwiches to take to studio lunches can equal a decent (though not great) seat at a musical or play and so on. I have been impressed so far by how frugal my D is being, but that’s probably largely because she is using money she earned herself working behind the counter at a video store last summer (and hating every minute of it.) I think that we all are less inclined to freely spend money that we earned through our own time and sweat. 
(Lest I sound like a meanie mom, we do pay for certain expenses, including her meal plan and dorm. :))</p>