@Gatormama S19 received $200 in cash for Christmas and spent $180 on Switch games over the course of 5 minutes. I did buy him the Switch for Christmas and only gave him one game so this was probably foreseeable!
He hasn’t had a regular job yet but occasionally earns some money playing gigs or giving a music lesson. That needs to change once AP exams are over with in May.
@JBSeattle Congrats on your D moving in the right direction. My D19 worked like a dog the last two Summers. Now she wants to go to Spain with school right after graduation. We told her she was on the hook for 1/3 the cost. She had that money in her account, but she has been picking up shifts like crazy over break getting more hours. We told her that only 1/3 of her portion could come from her bank account as of Sept’17. She will make it.
D19 is a merit kid and I started to have the conversations about which school to pick. We have a yearly number we will contribute and everything else is on her in loans, etc. She has one offer now that would keep her from having loans. I also started talking to her about how she might not have to work while in college if she gets a few more scholarship $$. I think she is starting to see the light. I am hoping she really starts going after those smaller 1 year scholarships from the HS or local organizations. A handful of $250-$500 awards add up quick and can make freshman year more enjoyable.
Our number we will contribute is $10K per year. If she gets the COA below that we won’t just hand her the difference each year, but we will be more willing to pay for some other stuff while she is at school. For example if Mom and Dad are on the hook for the full $10K then she will get no $$$ towards any entertain items. But if we are below our number and she wants to go on a trip on Spring Break we might contribute some. My kids always have skin in the game when it comes to spending money. Historically if they wanted something my standard answer was I would pay for half.
All that being said she has a Starbucks/Dunkin problem to a degree. She doesn’t spend much on material goods which I am pleased. She pays for her gas and half her car ins. The other half we figure is the fee for her running errands and her sister around.
I would say right now is about a B/B+ with money.
@gpo613
We do it differently then you but similar mindset. My D’s has and car insurance is paid for albeit she does drive her sister to school in the morning.
Our college deal is that my wife and I are paying $27k per year regardless. If my D goes to school somewhere cheaper (she has two possibilities that are cheaper) then she gets the difference when she graduates. If this happens then the first part of this has to go to a full annual ROTH IRA contribution.
If her school costs more than she needs to work. I have said her absolute cap is $40k per year but very hesitant (I know I would need to kick in more $ probably). I think $8k is about the best I could expect with her working summers and 10 hrs per week during school. Her #1 choice as of this moment is $35k coa.
Also part of the $40k thing is that she has applied to Cal Poly. Great school but cost is going to be $40k per. She got into SDSU which is $40k per year but we told her she isn’t going there as she got into Western Washington which is at least equivalent. Western in state is $23k per year plus she got a $1k per year merit scholarship so $22k.
@nanny1 yes, that’s exactly how to send a PM.
@homerdog I think it really depends on the size of the school and the ability or desire for kids to attend those days, as well as how orientation is scheduled. If it was simply a day trip, I could absolutely see doing it but having been to many of these…most are just ads for the school and the real interaction with other students happens in the facebook (or similar) groups and at orientation or at a local event that brings in accepted kids from your area.
None of our 3 kids to go through this so far really “met” any other kids at the accepted student days. If they had been overnights, maybe that would be different. Getting a feel for the “type” of kid also accepted though…maybe. But they also got a feel for the type of parent of the other accepted kids.
@JBSeattle. My DD would pass out if I thought she could earn $8000 in a summer! She would need to work 90 hrs a week! Shows the huge regional differences for teen earnings
DS HS 18 made just over $3k one summer and that was a lot compared to my oldest.
$8,000 is for summer plus 10 hours a week during school year @Longhaul.
She is making $14 an hour plus gets a discount.
She made $4k this last summer
One thing we did not really consider with D17 was that costs go up more than expected each year. We went into her freshman year thinking 3-5% increase per year. That was true but on the full COA, not what we were paying. Her scholarship does not increase with the COA so our costs have increased about 18% since she started. This isn’t a deal breaker for us but something for some on a tight budget to consider. Her roommate on financial aid has also seen an increase as her FA does not cover the full increase.
Next year might help if the girls can find affordable off-campus housing. D19 is required to buy a full meal plan which is a waste for her. Overall, the cost savings will hopefully cover the increase in tuition.
Good insight @Momof3kidz
Nice avatar, @eandesmom !
Checking in. Congratulations to everyone! Very exciting news on all the acceptances!
@OrangeFish thanks! I figured it was time. Sad/not sad to see the Cal Poly Mustang gone.
@Momof3kidz makes a very good point. We factored in 4% across the board increases into our budgeting, and assumed no increase in merit or FA.
@JBSeattle I have to agree with others, 8K saved is a very aggressive target and assumes the student keeps zero for spending money of their own. 3K over the summer is a very reasonable number to save for college, as is covering their own spending money if working while in school but I can’t see either of my kids being able to put away that kind of money into savings between now and when school started. My S17 worked about the same amount his senior year (10-12 hours a week) and saved 60% for college. We didn’t come close to 8k, he made $5400 for the year but I requested he not work his freshman first semester. It would have been higher had he worked but I wanted him to focus on grades and the transition.
Mine have found it hard to get a full 40 hours in summers. It will actually be interesting to see what the W2’s say for total monies this year.
If your D is willing to save 100% of her earnings then that is great. Although with summer being about 13 weeks and some taxes taken out, even at $14 an hour, it wouldn’t quite be 8k assuming she really does get 40 hours.
She is making $14 an hour and saving 75% between now and school starting. My hope is to get slightly more merit aid at her choice so she would only need to work during summer. Anyways, the budget works if she does 10 hours per week and works nearly full time during summer (either I will pay for extra college costs or put more toward school). I hope that at max she just needs to work during summer. Plus, if we are $1 or $2k off then I can handle it.
If you have the time and money, I’d say definitely go to the admitted student’s day. I don’t think it’s a necessity and if you don’t have the money or time, no need to go. If you are going to go, at the very least go to the one at the school your kid is most interested in…
We also attended admitted students events that weren’t at the college, they were held at a local hotel…much easier and convenient…
As for meeting other students at the admitted students event…it really depends I guess. My daughter made most of her friends by joining clubs and taking part in a lot of activities on campus. She also met people in her classes and her dorm. She did get in touch with people on the school’s facebook page and at orientation, but I don’t know if she ever stayed in touch with any of them…
You meet so many more people once you start at a college…
DS19 was just admitted to CofC!!! Top choice!
D19 also admitted to CofC tonight.
Congrats @carolinamom2boys and @DCNatFan!!!