How much should a parent fund bank account?

bessie
Wed, 23 Jul 2008 12:22:28 +0000

I think it depends on the child and how money has been handled in the past. Ever since my kids were in high school, they got their spending money for the (academic) year in August and then had to make it last until June. I did this because I hated rummaging for cash for lunch money, concert tickets, gifts for parties every day. Usually, they do okay. My college junior had a couple of rough spots his first two years (bike stolen, ipod lost, etc.) and my husband ended up “sneaking” him a hundred dollar bill a couple of times, but the incoming frosh has been told, “This is it. Make it last or get a part time job if you want to spend more money.” I don’t recall the exact amount, but I think we decided that about 75 a week would be more than enough to buy a taco across the street or get his haircut or whatever. I actually want my kids to have to think about whether they can afford to buy something and to have to make choices. I have found that my kids spend “their” money from their account much differently than they do when we are handing out the cash. They have had their own checking accounts and credit cards since they began high school so college wasn’t much different for the oldest while in the dorm. It was more of a challenge when he had to start figuring utility bills, cable, groceries, etc. That budget for next year is evolving. BTW, don’t you all love it that our kids can walk into the USCard office and ask for cash to be put on their bill? Kind of like charging at a country club. Well, at least it is good for emergencies, but I hope the emergency doesn’t turn out to be a concert tickets or anything to do with big, red cups.