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My first kid is off to school, and after a week we haven't gotten a "send money" call yet. But I am kind of worried that the money that is supposed to last the year might get spent in the first month or two. Anyone have any good money management tips for kids starting college? If it's not too late already? :-)

By Dave Berry on Thursday, September 06, 2001 - 08:19 am: Edit

Consider yourself fortunate, OD. Maybe your young one is more responsible than you suspect. Then again, maybe s/he is reluctant to call because of the possibility of upsetting you.

This is just my opinion, but one of the best ways to encourage sensible spending is to allocate funds in segments, such as on a monthly schedule. This method is a good preparation for the "real world" because most of us live on a regulated pay schedule of bi-weekly or monthly paychecks.

If you haven't already done so, why not set up a system that deposits X dollars into your child's checking account the first of each month, or every two weeks? Choose the cycle that best meets your needs. Make an agreement with your child that this money is all that you can afford and if s/he blows it ahead of schedule, then that's too bad.

Of course, be prepared to fund an emergency now and then but, for the most part, stick to your guns on the agreement. Financial responsibility has to start somewhere, and college is one of the better places to invoke that lesson. By the way, let us know when you finally get "the call." I'll be curious to see how the money management is going.

By OregonDuck on Saturday, September 08, 2001 - 11:37 am: Edit

Thanks, Dave. My son is actually using his own money (earned while in school and over the summer), so I don't know if he'd be willing to let us dribble it out to him.

That was part of our "deal" - summer earnings would go toward books and living expenses. Plus, if he gets a campus job, he can use that for living expenses, too. We are keeping our fingers crossed... :-)