If you recently helped your 18-year-old unpack plastic totes filled with quick-drying towels, $650 worth of textbooks and other “necessities,” you likely also handed them a meal card, gave them a hug and reminded them not to spend all the earnings from their summer job in one place.
But, 18-year-olds being 18-year-olds, they likely have already called to ask about joining a campus group (for only $150 a month) or buying a couple new video games to pass the time they’re not studiously spending in the library.
As a parent, is it still your job to pay for the things your kid wants or needs once they’re living in a dorm and managing to get themselves off to class each morning? (OK, most mornings…)
Some parents will opt to give their child an allowance, so they can enjoy school and not spend all of their time studying and working. Others, will not.
According to Lisa Damour, a clinical psychologist, in a blog post for the Washington Post, whether you are opting to help your child out financially, you should help them manage a budget and set the tone for their future of financial responsibility.
Here are some tips to help your child be financially successful:
- Set them up with a bank account.
- Help them create a budget before they go off to college and adjust after a month or two.
- Let them sweat the small stuff. If they run out of coffee money, they will learn how to budget better for next month.
- Think about what’s best for your child. Each child will have their own individual needs depending on if they are living on or off campus, have a meal plan, play a sport, or even have time for both a job and a full load of classes.
Whether or not your child should get an allowance in college is completely up to you, and what is right for one family may not be for another.
