My kids have their debit card linked to the checking account. That’s for their spending money they earn at their job. If they need me to transfer money from their savings they tell me.
They also have a credit card they can use for needed supplies and books. If they use it for other things, like concert tickets or such, they usually ask me first, and they pay me back.
My DD knew what her budgetary needs were for her Freshman year - she had a target that she needed to reach and has done so. I don’t monitor her money. She is impulsive and that can be problematic so we purchased the dining plan that will give her 21 meals a week - if she overspends I know she won’t starve 
DD’s account is through our credit union that is part of the same network as the CU that is on her new campus - this was convenient, we didn’t have to change a thing. She does everything online or via her debit card.
Her account is linked to ours in that I can instantly transfer money to either her checking or savings. That is it, I cannot see her balances or activity. We are to the point that she now just sends me an expense report for things she wants me to reimburse her for. This works really well
Both of my kids also have one of my credit cards that is for emergencies only - neither have really used it but its a peace of mind thing for me.
@vistajay I know things can change, but is your DS good about money? My oldest was terrible, and without my knowledge my DH applied for a credit card for her. That escalated rapidly to several that she maxed out and didn’t pay. I would NEVER have gotten her a credit card. Even with her bank account, any federal loans immediately got moved out, as she would have spent it. 
DS, so far, is very good about money…he hardly ever spends any! He has a savings account, checking account, and a credit card. We don’t do debit cards. I had a discussion w/ him about paying the card off every month to avoid interest. Checked his account and he would charge something then pay it off within a few days.
He listens, DD doesn’t, and I’m not sure about youngest just yet.
@laralei , S18 is responsible, but has no significant experience with money.
Back from orientation. Registered for classes, signed up for dining plan and student ID in hand. He did have to make some changes to the classes we had pre-picked out but he did good. Having talked through the plan with him beforehand really helped him make good decisions when he was on his own. That’s what it is all about, right?
DD is at 2-day orientation, a bit sad because she got assigned to a single RA room when she wanted to share a room with another attendee (but I think at least this way she might get some sleep!) The parents and students split up right from the start, and I saw DD in passing one time around 4 when she walked by, smiling with a few other girls she was walking with so I think she’s enjoying it.
Tomorrow they register for classes. We put together a draft schedule so she’d have a bit of a head start, then I realized there’s a requirement for her scholars program which is a 3-hour course only offered at a certain time. That wipes out another class on her draft, but it’s one she might test out of automatically with her upcoming AP scores. I told her just to bring what she has and rely on the advisor’s guidance and suggestions. At least she has a starting point of some classes she’d like to take and times when they are offered.
Also nice that I got to meet up with another CC Mom during the parent lunch break! We’ve been corresponding a bit through CC messages since our kids were admitted, so it was nice to get together in person and chat about our kids and their upcoming programs.
Such a weird feeling. Today was son’s last day of high school.
We will be getting up at 1:00 a.m. to send him off on a graduation trip with 11 of his friends from high school. They will stay four days. Next week they will have prom and graduation. This trip will be the longest we’ve ever been apart- he only ever stayed out one night before, and even that not too often… and that was within ten minutes of us, and now he will be in a different state! This will be a taste of what it will be like when he goes off to college!
It’s awesome that he is now so independent that he can do this. He even planned and organized the trip!
We’re treating this summer as kind of a last hurrah for my D, and she will be traveling all summer on different trips with different family members. She’s worked the last 3 summers either with going to school or a real job, and she’ll be working every summer after this, so I figure it will be OK for her to have this break.
The downside, of course, is she won’t be earning money and I’ll end up paying all her freshman year expenses. So I’m curious for those of you in the same position. How much a month are you planning on giving your kid for spending money?
Last day of school was last Friday, then graduation party Saturday, graduation was Sunday. HS is now officially in the rear view mirror! Graduation could not have been a more special day for him and our family.
After a couple of days of chill time, he has orientation at Louisville Thursday and Friday. Then he leaves Monday for Centre College to start two weeks of Brown Fellows activities. There are 10 recipients from U of L and 10 from Centre, and they all spend a week on each respective campus as a start to the program.
After this hopefully he should have several weeks to escape academics for a while. We have a family cruise vacation planned that will occupy a few days.
@melvin123 good question. I’m really not sure yet. He is fortunate that because his scholarships will exceed the direct charges at Louisville he will get a check that will be used for books and personal expenses. Will wait and see exactly how that washes out. He has opened up a new checking/savings account with a bank that conveniently has a branch that is a short walk from his dorm as well as our home when he comes home to visit.
For a freshman with a meal plan I would start out with a small amount of spending money, and see how it goes.
Our plan is 200 a month. I want her to figure out a budget but not to feel limited that she can even go out with her friends once or twice a month if she wanted. She is on an unlimited plan for meals so it will just be clothing and social money.
@laralei My DS18 saves money like crazy. He has worked a lot and saved this past year, along with years of birthday and Christmas money he has developed quite a substantial savings account. Sometimes I worry that he will be TOO cheap and not enjoy things that require spending any money. Good problem, I guess? DD20 is the opposite–money burns a hole in her pocket. She has her first job this summer and we made her get 50% direct deposited to savings. The other 50% she can spend, along with her babysitting money. Does that girl love to shop!! We have had to have reality checks with her about saving for college or emergencies. We raised them both the same as far as money responsibilities, but it is just their own nature that has determined it the most.
D15 had about $1200 in savings when she started freshman year. We gave her $250 a month spending money to start, though we may have increased it a bit later. She also worked over holiday breaks to earn spending money, and she got a 10-15 hr per week on campus job towards the end of freshmen year. She is in L.A., so it’s expensive to go out.
S18 has his own spending money set up so we will not give him anything, I suspect. But that may change.
DD’18 just returned from her post HS/ pre-college summer trip. She has opened up a bank account at the bank that has an ATM on campus. She finished up all her required immunizations. Just about ready to launch . . .
immunizations … Dreading that one. I am not the family expert, and we have an appointment next week, but I hope there is enough time in the calendar to get whatever additional doses may be required.
We are planning $100 a month, laundry and latte pocket money and Grandma is gifting $100 per month as well.
She has a 21 swipe per week meal plan - we will revisit if needed.
@lifegarding I’ve made a couple of Mom friends here with kids going to same school, I’m looking forward to move-in to meet them in person. Its kinda fun to have someone to share the same school experience with from afar.
I give my kids very little additional money. We pay for their books and meal plans, what else do they really need? a haircut once in a while, some drugstore items? I think we gave them about $50-100 a month. I’d be afraid anything more than that would become beer or drug money. How much does a slice of pizza on saturday night cost?
They each have a credit card which goes to me “just in case” they need something that I would have bought them. They have their savings accounts from high school with a debit card - and the accounts are linked to mine so I can monitor activity. I’ve read waaaaay too many newspaper articles about families who became surprised by their college kids’ heroin/opiod addictions. In every article the parents all say they had no idea. I know I sound nuts, but I want to have an idea if something is going on! From the accounts my HS and college aged kids give me, there is definitely stuff going on around them.
D18 is in Disney celebrating graduation with three friends and D20 is home studying for exams. My husband has an exam this Friday as well so the house has been very quiet this week…and I like it.
My hours have been reduced at work ( hopefully temporarily) but I also have a business I work from home which has been a bit neglected of late with all the senior/college prep time I was spending in D18. I have been able to get more done in the past two days than I have in the last month. I really like that there is total peace in the house…I know I will cry when D18 moves into her dorm but I know she will be very happy and I am excited to spend quality time with D20 for a change.
As far as money I have told D18 the party is over. She has worked every summer and was able to help finance some of her experiences such as an exchange to Italy and participating in Close Up junior year. That said she has drained me financially with all of her activities and just being a busy kid. I told her for the summer I will give $50 a month for gas ( she still drives her sister to a number of places for me). We also will do a shopping trip to Target for all of her toiletries ( shampoo, deodorant, etc) and see what the cost will be ( I am estimating $75) I will then give her $25 a month more and that is her budget. She is in charge of anything over that. She has put all her graduation money (even without a party people were generous) into a savings account and she will be depositing her summer job money into there. I have encouraged her to get babysitting money for summer spending. She also will be getting a work/study job at school. I have even told here I am not flying her home for fall break ( 4 days in October) so she will need to make plans and fund it.
This summer will still be expensive as she went to private school and has no clothes and she will need everything for her dorm room but overall I am looking forward to not financing her every move and I am excited for her to learn how to make it on her own. She has had a checking account since summer before junior year and has not been great at balancing but now she is on her own so I expect a lesson or two will be learned.
I’ve been a little MIA, but I’ve been lighting up the UC parents page on Facebook. :))
Back from orientation, and schedule is set (nursing is very structured) and her one and only elective all four years is … wait for it …ballet basics. After 13 years of ballet, I really hope that’s an easy A lol. I’ve been working through my parent to-do list in terms of setting up accounts, etc.
Spending money? I decided she won’t do work study. So I’m offering her about $100 a month for laundry, pizza and incidentals. She has a full meal plan and can hopefully stock up on stuff when we visit or she comes home. She’s fairly cheap, so I think that will be enough for some basics and some fun.
My big pain in the butt right now is HIPAA. I know it’s a good thing, but it’s a major roadblock when your kid turns 18. I finally ended up going to our family attorney to get bullet proof in terms of paper work we need to help her if she is, God forbid, hit by a bus or something. The university acts like I’m the only parent who ever asked a question about a blanket HIPAA waiver (which is included in the healthcare power of attorney I had drawn up).
@-)
I’ve never had to deal with the HIPPA as a parent towards my kids, thankfully not in an emergency situation. We have had some stupidity (wisdom teeth meds, pharmacist would not discuss the meds with me, DD was home out cold, I figured I could handle the general instructions of basic Vicodin, sheesh)
However, I was my mothers legal guardian for several years and I hit the HIPPA wall more times than I care to count - One time found me at 3 am waking my neighbor who had a fax machine to fax the documents to an ER - this was before smart phones where we carried all that information on our hips.