How to budget summer earnings

doloresst
Fri, 23 Aug 2019 18:40:22 +0000

DS (now a sophomore) will have made about $8500 in summer money. We talked about how to divvy up this money and I suggested 1/3 each for paying down college loans, long term savings, and spending money. He balked at the spending money amount thinking it is not enough. It is his money to do with what he wants but am I off in my suggestions? Should he just be able to use it all for spending money? We cover ALL of his needs (tuition (except for the small Stafford loans for “skin in the game”), room and board, books, transportation, laundry, toiletries, haircuts, cell phone, insurance, necessary clothing, etc). He would like to work during the school year but he is on a small campus with few/no jobs available for those not on work study and no car for off campus jobs.

edited to add: I posted this in another forum but thought I’d get a better response here