<p>You don’t have to decide this now. Set up a student checking account and connect it to yours. Put $500 in it, then replenish as needed by doing a direct transfer from your account. This has worked really well for us. Our D spent a lot less her first year than we thought she would, and all of the big expenses were related to things like piano lessons, choir travel expenses, and a retreat.</p>
<p>If money is no object I don’t see a reason for the question, though. An unlimited line of credit makes more sense. Are the leer jet kids budgeting? I doubt it.</p>
<p>I was about to post what overtheedge said. Perhaps this kid will hang out with what we called the BPs (beautiful people) – kids of celebrities, etc., in which case $1200 might not be enough.</p>
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<p>I had several friends from 8 figure families in college, and one from a “suspected” 9 figure family (they wouldn’t tell me precisely - my other friend who knows a bit about their family said they were probably worth in the low 9 figures), didn’t require spending $1200 a month for crap. You don’t have spend excessively to have friends from rich families. That’s not what they’re impressed by, especially if you can’t actually do it. </p>
<p>Havent read the whole thread, but $1200/mo in discretionary $$? Will you adopt me?? A poster a few yrs back got a hard time for wanting to give $750/mo in the Boston area. Now, in comparison, that is sounding like chicken feed. What would person spend $1200/mo on in in either TX or Tennessee (going by posters UT screenname). Is this a ■■■■■? One post- new poster??</p>
<p>We started our daughter with her childhood savings acct and then told her after that she was on her own to get summer jobs to replenish it.</p>
<p>“Miami…the OP is NOT asking about providing money for living expenses”-
-If you have read my entire post instead of picking on few words, you would have seen that I have used $25k as a starting figure in calculation. Anyway, I do not have any questions, why are you so hung up on my posts. I just gave an answer to OP, they do not need ot use my answer if it is out of line in what they are looking for. How one can separate completely allownace from the food money (as one exmaple). It is not possible. We just have been paying as it goes. We have never estimated ahead, there is no reason and it is not entirely possible. Bill is received, bill is paid. </p>
<p>I have no idea if the original post is real, but there are kids who’d have no trouble getting rid of money like that. Designer clothes and spa days will burn through that in no time. Whether we’re talking about Austin or Knoxville, you can find $300 jeans and $600 dresses in any good college town.</p>
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DS met several BPs in college. He could never catch up with them on the amount of money to spend and the places to go. Usually, after the freshman year, these BPs will not be very close to the rest of the students unless they are suitemates. One of the BPs could have a “get-away” trip on any weekend if he feels like to, flying first class. The other BP owned a high-end apartment in Manhattan and went there quite often. For another one, the apartment he rented (for himself) was over $3000 a month right after graduation. These BPs almost never ask peers to chip in when they throw a party. One reason one of them mentioned he does not like the kind of drink (its quality not good enough for him) others may buy. DS was once luckily invited to a party which includes a limo to pick them up, drive them to a fancy place two hours away, and drop them off after the party is over, at zero cost to any of them.</p>
<p>Just thought of this: DS’s meal plan does not include weekends (maybe also exclude the dinner on Friday.) So he has to eat out unless he cooks on those days.</p>
<p>I may be in the minority here, but I easily could see a kid spending $1,200 a month given the OP’s situation/fact pattern.</p>
<p>That being said, I think $1,200 per month is too much and kids often have a tendnecy to spend what they have (even if they have a budget).</p>
<p>Keep in mind that we are full pay and can afford to give the kids money.</p>
<p>Here is what we did/do. Both S and D go to private schools in cities. We pay fo all tuiton,books,meals (meal plan plus dining dollars) transporation, medical, clothes purchased while at home, phones (they are on our plan), fraternity/Sorority dues and car insurance (for D who has car). We then give each kid $300 per month allowance. S and D can also supplement from any money they earn during the summer. Furthermore D has a credit card that we pay (It is supposed to be used sparingly). I am a co-person on each of their bank accounts so I can see what they spend. I also make them do an exercise of putting together a budget each year and we review it over the summer to compare to what they actually spent.</p>
<p>What we have found is that both kids easily go through the $300 per month and need to supplement from their own money. S spends about $600 per month. D more. They spend the money on restaurants, clothing (especially D with new clothes for Sorority/social events), weekend trips, Downtown excursions, concerts, sporting events, gas for car,coffee and other drinks. I do not think either kid is extravgant but thay tend to spend money to live a lifestyle they are accustomed to at home.</p>
<p>Now I realize that they are able to spend (and we allow them to spend) more then some other kids, but we are comfortable with the level they spend.</p>
<p>The bottom line is that the OP should figure out what lifestyle he is willing for is D to live, figure a budget for that lifestyle and give her the amount he thinks is reasonable given that budget. This amount could vary greatly depending on the family’s financial situation. </p>
<p>“These BPs almost never ask peers to chip in when they throw a party.”</p>
<p>It reminds me of the scandal in 2002 (?) when a couple of middle-class Harvard students embezzled tens of thousands of dollars from a student group in order to join that lifestyle. There was a lot of covering everyone’s bar tab at nice restaurants, etc. Terrible story, especially since they would have been welcome in the dorm common room where the rest of us had pooled our money for pizza and jack-and-cokes.</p>
<p>One BP was good friends with my law school roommate. He would do things like surprise us at our apartment during finals with a whole shopping bag of takeout Indian food from the best place in town. We’d live on that for a week. There are BPs who use their power for good!</p>
<p>LOL. Is this a joke? I agree she’ll have no end of new best friends.</p>
<p>"had several friends from 8 figure families in college, and one from a “suspected” 9 figure family (they wouldn’t tell me precisely - "</p>
<p>Oh good lord. I hope you weren’t actually asking people to tell you what they were worth. </p>
<p>Not a single reply from the OP. How rude.</p>
<p>^^
Suzanne Somers tells that when she was in college, Bob Hope’s D was her roomie. Obviously, she didnt have to ask income…lol…knew super-duper rich. The D had an unlimited budget via her checkbook. It was pretty hard on Suzanne who was an average kid at the time. </p>
<p>We’re looking at $50 a month, maybe $75, but we will cover her phone on our family plan and her FA is covering room, board, and tuition. As you can tell, we are not a 8 figure family 
. She’ll have to come up with the rest of her expenses with her savings, replenished during the summer, and with workstudy. And she’ll have to be patient when she has to tell people that no, she can’t afford to go spend extra money at the mall. That was me, 30 years ago, lol. People weren’t mean to me at all but I did think they were pretty wasteful and clueless! I will warn her to not judge them, and I’m sure she’ll find plenty of friends who won’t judge her. </p>
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I wouldnt fund or support that kind of shopping, especially on a monthly basis. Hardly necessary. A girl rushing mad need a few nice dresses. Can buy several with that $$$.</p>
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<p>I’m not sure if i it’s a generational thing or a regional thing, but it was not unusual for people to tell you/talk about how much your family was worth or how much they made or what they did. Between friends, not “Hi my name is ____, what do your parents do and how much is your family worth.” And when a 21 year old college student drives an $80,000 car and tells you they have the money for an EB-5 sitting in their checking account, that question comes up. </p>
<p>I’ve never heard any conversation where anyone with an ounce of couth asked anyone their family’s worth.</p>
<p>And apologies for typo above. A girl rushing may need a few dresses. $600 can buy a few dresses.</p>
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<p>Gross.</p>